| Status : Published | Published On : Aug, 2021 | Report Code : VRICT5148 | Industry : ICT & Media | Available Format :
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Page : 237 |
Global Fraud Detection and Prevention Market - Analysis and Forecast (2021-2027)
Industry Insights by Offering (Solution [Fraud Analytics, Authentication, Governance, Risk, & Compliance {GRC}), Service [Professional Service, Managed Service]), by Enterprise Size (Small & Medium Enterprises, Large Enterprises), by Deployment Type (Cloud, On-Premises), By Vertical (BFSI, Retail, Telecommunication, Manufacturing, Healthcare, Others), by Fraud Type (Internal, External), by Threat Type (Account Takeover and Scanning, Digital Ad Frauds, Content Integrity Scamming, Wire and Automated Clearing House [ACH] Frauds and Card Cracking, Price Scraping, New Account Frauds, Phone Call Frauds, Acquirer and Merchant Frauds), by Application (Identity Theft, Payment Frauds, Money Laundering, Others)
Industry Overview
The Global Fraud Detection and Prevention Market was valued at USD 29.8 billion in 2020 and is expected to reach USD 92.3 billion by 2027, growing at a CAGR of 16.8% during 2021-2027. The fraud detection and prevention market is predicted to grow significantly due to the rise in the demand for artificial intelligence and machine learning with the help of big data analytics, Rise in the demand for the cloud services and systems and increasing use of transactions through the mobile application.
The high cost involved in the installation of fraud detection and prevention solutions is predicted to hamper the growth of the market. Also, the lack of skilled professionals across all the verticals is considered to be the biggest restraints for the fraud detection and prevention market over the forecast period.
Market Segmentation
By Offering
Based on offering, the global fraud detection and prevention market is segmented into solution and service. Between these, solution category held larger share in the market in 2020. This is due to the up-surging demand for advanced solutions to avoid risks and fraudulent activities.
Solution category is further divided into fraud analytics, authentication, and governance, risk, & compliance (GRC). Among these types, fraud analytics is predicted to have the higher growth rate over the forecast period in the fraud and prevention market. The fraud analytics involves a set of analytical techniques that helps in monitoring and analyzing data of the enterprises' database and system to identify the fraud so that the prevention measures can be taken to secure the companies database and system.
Service category is further sub-divided into professional service, and managed service. Between these, professional services are predicted to have the larger share in the fraud detection and prevention market over the forecast period. The rise in the fraudulent activities and the initiatives taken by the companies and the government for protecting their data is predicted to give a boost to the professional services in the fraud detection and prevention market over the forecasted period.
By Enterprise Size
Based on the enterprise size, global fraud detection and prevention market is segmented into small and medium enterprises and large enterprises. Large enterprises are predicted to grow enormously over the forecast period. Large enterprises deal with the large set of more sensitive data so there are high chances of a data breach so to protect these data’s the large enterprises can adopt the fraud detection and prevention system and software which will give a boost to the overall market in the forecast period.
By Deployment Type
Based on the deployment type, the global fraud detection and prevention market is segmented into the cloud and on-premises deployment type. The cloud deployment type is predicted to be the faster-growing type in the fraud detection and prevention market over the forecast period. Most of the organizations are adopting cloud services and solution which helps them to cut the cost related to storage, software and many more related to the data. Besides, cloud deployment also helps the organization to track the operation in real-time with the most appropriate manner in the most secure way, Due to the above-mentioned reasons the cloud deployment type in fraud detection and prevention market is predicted to grow over the forecast period.
By Fraud Type
Based on fraud type, the global fraud detection and prevention market is bifurcated into internal fraud and external fraud. Between these, the internal category held larger share in the global fraud detection and prevention market in 2019, and is also predicted to witness faster growth during the forecast period (2020 – 2027). This is due to the growing frequency of internal frauds within organizations, especially in large enterprises firms, where the business complexities are huge and chance for fraudsters to target is high.
By Application
Based on application, the global fraud detection and prevention market is categorized into identity theft, payment frauds, money laundering, and others. Of all, the money laundering category is expected to register the fastest growth rate during the forecast period (2021–2027).
Industry Dynamics
Growth Drivers
Rise in the cyber-attacks across all the verticals and increasing fraudulent attacks due to increase use of electronic transactions is predicted to be the major driving factor for the fraud detection and prevention market.
Challenges
The availability of skilled labor to deal with all the fraudulent activities is predicted to hamper the growth of the fraud detection and prevention market. The present professionals in many verticals are unable to identify the frauds and the cyber-attacks are considered to be the biggest restraints for the fraud detection and prevention market over the forecast period.
Geographic Overview
North America is predicted to have the largest share in the global fraud detection and prevention market by 2027. The region is predicted to grow due to the rising fraudulent activities, increase in the adoption of the artificial intelligence and machine learning and IoT for fraud detection in the organization is predicted to give a boost to the North America region market in the forecast period.
APAC is predicted to grow significantly due to the adoption of fraud detection and prevention software and system across various verticals is predicted to boost the region for fraud detection and prevention market over the forecast period.
Competitive Insight
Some of the key players in the global fraud detection and prevention market are FICO, Fiserv, FIS Global, Oracle Corporation, IBM Corporation, SAP SE, Lavastorm, ACI Worldwide, SAS Institute Inc., and NCR Limited.
Forecast Parameters
- - Identifying variables and establishing market impact.
- - Establishing market trends regionally.
- - Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- - Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- - Understanding adoption, production, export, import and regulatory framework.
Data Validation
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
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Source: VynZ Research
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Source: VynZ Research
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Fraud Detection and Prevention Market