Report Scope & Overview:
The Fraud Detection and Prevention Market size was valued at USD 30.52 Bn in 2022 and is expected to reach USD 137.25 Bn by 2030, and grow at a CAGR of 20.67% over the forecast period 2023-2030.
Over time, fraud detection and prevention have progressed from relying on past data to detecting and preventing fraud before it occurs. Previously, fraud detection and prevention systems looked at historical data and searched through a large number of records to spot potentially fraudulent behavior, but with the advancement of technology, automated fraud management solutions have enabled businesses and organizations to identify unusual patterns and freeze the transaction before it is completed. The main difficulty that these fraud detection and prevention technologies confront is that they must handle a large amount of data. Due to the vast volume of data, fraud monitoring may become ineffective in detecting possible fraudulent transactions at times, necessitating the use of advanced fraud detection and prevention technologies to successfully identify and halt fraudulent transactions.
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MARKET DYNAMICS:
KEY DRIVERS:
The implementation of digitalization and IoT enhanced the rate of fraud detection and prevention system adoption.
Increasing revenue loss as a result of fraud.
RESTRAINTS:
The sophistication of scams is increasing.
Investing heavily in building in-house fraud detection tools.
OPPORTUNITY:
Increased usage of AI and ML in the banking sector to enhance the market for fraud detection and prevention
In SMEs, there is an increasing demand for fraud detection and prevention solutions.
CHALLENGES:
Inadequate availability of trained security personnel.
IMPACT OF COVID-19:
The current prediction for 2028 is higher than pre-COVID-19 expectations. Because of the epidemic, every organization and business has shifted its operations to a remote work environment. Furthermore, several industries, like retail and healthcare, have implemented IoT-connected technology that are vulnerable to cyber-attacks and fraud. As a result, the need for fraud detection and prevention solutions is likely to rise, in order to offer the appropriate security layer and protection against fraudulent transactions. Furthermore, as a result of WFH rules, the demand for cloud-based solutions and the SaaS-based paradigm surged dramatically during the COVID. This has had a favorable influence on market growth.
MARKET ESTIMATION:
In 2021, the solutions category had the highest revenue share. The increasing prevalence of Account Take Overs (ATO) and phishing emails has prompted businesses to implement advanced tools and solutions to detect abnormal patterns of fraud at an early stage. The services sector is expected to grow at the quickest rate throughout the projection period. Organizations in emerging economies are progressively putting strong fraud prevention procedures in place. Organizations require integration, consultation, training, and support services from fraud protection service providers in order to establish a strong framework.
In 2021, the big enterprise category had the highest revenue share. Fraudulent activities such as phishing and money laundering, as well as distributed denial-of-service assaults, are common among large organizations, and such attacks can have a detrimental influence on corporate profit. As a result, huge corporations must implement preventative solutions and services. The rising number of fraud cases in these firms is responsible for the segment's rise. Cyber-attacks occur as a result of SMEs' increasing reliance on digital solutions and a lack of effective security measures.
The on-premises deployment option is a classic strategy in which solutions are built and managed on the in-house servers of clients. On-premises solutions provide businesses complete control over their platforms, apps, systems, and data, which can be handled and maintained by their IT team. The on-premises deployment method is more popular in businesses where user credentials are crucial for business operations since it allows control of systems from the enterprise's physical or owned location.
In 2021, the BFSI segment had the biggest revenue share. Because of the rapid digitization and electronification of activities, incumbents in the banking and financial services business have become a favorite target for hackers. Furthermore, the rising popularity of goods like mutual funds, stockbroking, and insurance among customers to digitally access these solutions across many touchpoints drives organizations to implement preventative technologies to detect fraud and its activities. The retail & e-commerce vertical category is expected to grow at the quickest rate over the projection period. Retail and e-commerce businesses rely on electronic devices and digital platforms to improve client experience.
KEY MARKET SEGMENTS:
On The Basis of Component
Solution
Services
On The Basis of Organization Size
Large Enterprises
Small and Medium-sized Enterprises
On The Basis of Deployment Model
On-Premises
Cloud
On The Basis of Industry Vertical
BFSI
Government and Defense
Retail
IT and Telecom
Healthcare
Manufacturing
Travel and Transportation
Others
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REGIONAL ANALYSIS:
In terms of market size, North America is predicted to be the major contributor in the FDP industry. It is one of the most afflicted regions in the world by money laundering and terrorist funding crimes, and as a result, it has the most FDP providers. Banks, governments, and financial institutions in this area confront ever-increasing fraud issues, prompting them to use innovative technical approaches to fraud management. As the world moves toward interconnectivity and digitalization, protecting enterprise-critical infrastructures and sensitive data has become one of the primary issues. North America, a technologically advanced area, leads the world in terms of cybersecurity vendor presence.
REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
KEY PLAYERS:
The major key players are Total System Services, Inc., Software AG, SAS Institute, Inc., SAP SE, Oracle, IBM, Fiserv, Inc., Experian plc, Equifax, Inc., BAE Systems & Other Players
SAS Institute Inc - Company Financial View
| Report Attributes | Details |
| Market Size in 2022 | US$ 30.52 Bn |
| Market Size by 2030 | US$ 137.25 Bn |
| CAGR | CAGR of 20.67% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Solution and Services) • By Organization Size (Large Enterprises and Small and Medium-sized Enterprises) • By Deployment Model (On-Premises and Cloud) • By Industry Vertical (BFSI, Government and Defense, Retail, IT and Telecom, Healthcare, Manufacturing, Travel and Transportation, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Total System Services, Inc., Software AG, SAS Institute, Inc., SAP SE, Oracle, IBM, Fiserv, Inc., Experian plc, Equifax, Inc., BAE Systems |
| Key Drivers | • The implementation of digitalization and IoT enhanced the rate of fraud detection and prevention system adoption • Increasing revenue loss as a result of fraud |
| Market Opportunity | • Increased usage of AI and ML in the banking sector to enhance the market for fraud detection and prevention • In SMEs, there is an increasing demand for fraud detection and prevention solutions |
Ans: - The Fraud Detection and Prevention Market size was valued at USD 25.3 Bn in 2021.
Ans: - The sophistication of scams is increasing and investing heavily in building in-house fraud detection tools.
Ans: - The segments covered in the Fraud Detection and Prevention Market report for study are On the Basis of Component, Organization Size, Deployment Model, Industry Vertical.
Ans: - The primary growth tactics of Fraud Detection and Prevention market participants include merger and acquisition, business expansion, and product launch.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Fraud Detection and Prevention Market Segmentation, by Component
8.1 Solution
8.2 Services
9. Fraud Detection and Prevention Market Segmentation, by Organization Size
9.1 Large Enterprises
9.2 Small and Medium-sized Enterprises
10. Fraud Detection and Prevention Market Segmentation, by Deployment Model
10.1 On-Premises
10.2 Cloud
11. Fraud Detection and Prevention Market Segmentation, by Industry Vertical
11.1 BFSI
11.2 Government and Defense
11.3 Retail
11.4 IT and Telecom
11.5 Healthcare
11.6 Manufacturing
11.7 Travel and Transportation
11.8 Others.
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Total System Services, Inc.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Software AG
13.3 SAS Institute, Inc.
13.4 SAP SE
13.5 Oracle
13.6 IBM
13.7 Fiserv, Inc
13.8 Experian plc
13.9 Equifax, Inc.
13.10BAE Systems
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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