Fraud Detection and Prevention Market Report Scope & Overview:

The Fraud Detection and Prevention Market size was valued at USD 27.5 Billion in 2023 and is expected to reach USD 112.8 Billion by 2031 and grow at a CAGR of 19.3% over the forecast period 2024-2031.

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.

Fraud Detection and Prevention Market Revenue Analysis

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  • The implementation of digitalization and IoT enhanced the rate of fraud detection and prevention system adoption.

  • Increasing revenue loss as a result of fraud.


  • The sophistication of scams is increasing.

  • Investing heavily in building in-house fraud detection tools.


  • 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.


  • Inadequate availability of trained security personnel.


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.


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.


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


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.

Fraud Detection and Prevention Market By Region

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  • 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


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 Analysis

Company Landscape Analysis

Fraud Detection and Prevention Market Report Scope:
Report Attributes Details
 Market Size in 2023  US$ 27.5 Bn
 Market Size by 2031  US$ 112.8 Bn
 CAGR   CAGR of 19.3% From 2024 to 2031
 Base Year  2023
 Forecast Period  2024-2031
 Historical Data  2020-2022
 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


Frequently Asked Questions

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 US Canada Germany France United Kingdom China Japan South Korea 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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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

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Primary Research

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Data Bank Validation

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