|Status : Published
|Published On : Aug, 2022
|Report Code : VRICT5148
|Industry : ICT & Media
|Available Format :
|Page : 237
The Global Fraud Detection and Prevention Market was valued at USD 29.8 billion in 2023 and is expected to reach USD 92.3 billion by 2030, growing at a CAGR of 16.8% during 2025-2030. 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, the Rise in the demand for cloud services and systems, and the increasing use of transactions through mobile applications.
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 restraint for the fraud detection and prevention market over the forecast period.
Based on the offering, The Global Fraud Detection And Prevention Market is classified into solutions and services. Solution category held a larger share of the market in 2020, due to the up-surging demand for advanced solutions to avoid risks and fraudulent activities. The solutions category is further divided into fraud analytics, authentication, and governance, risk & compliance (GRC). Among these types, fraud analytics is predicted to have a higher growth rate over the forecast period in the fraud and prevention market as it involves a set of analytical techniques that helps in monitoring and analyzing data of the enterprises' database and system to identify fraud so that prevention measures can be taken to secure the companies database and system. The service category is further subdivided into professional service and managed service. Among these, professional services are predicted to have a larger share in the fraud detection and prevention market over the forecast period. The rise in fraudulent activities and the initiatives taken by companies and the government for protecting their data are predicted to give a boost to the professional services in the fraud detection and prevention market over the forecasted period.
By Enterprise Size
The Global Fraud Detection And Prevention Market is segmented into small & medium enterprises and large enterprises on the basis of enterprise. Large enterprises are predicted to grow enormously over the forecast period. Large enterprises deal with a large set of more sensitive data so there are high chances of a data breach. Large enterprises can adopt fraud detection and prevention systems and software which will give a boost to the overall market in the forecast period.
By Deployment Type
On the basis of deployment type, The Global Fraud Detection And Prevention Market is divided into the cloud and on-premises deployment types. The cloud deployment type is predicted to be the faster-growing type over the forecast period. Most of organizations are adopting cloud services and solutions 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 in the most appropriate and secured manner. These all factors comprise to the growth factor of the cloud deployment type in the fraud detection and prevention market is predicted to grow over the forecast period.
By Vertical Type
The Global Fraud Detection And Prevention Market is classified into banking, financial Services, & insurance (BFSI), retail, telecommunication, manufacturing, healthcare and others on the basis of vertical type. The healthcare segment dominated the market as it registered the highest CAGR during the forecast period. Medical and pharmaceutical OEMs, health insurance firms, and private & public healthcare organizations are considered in the healthcare vertical. It possesses data related to doctors, patients, staff, and administrators, which is personal and highly confidential. Owing to this vertical's sensitive information, this industry is becoming one of the prime targets for fraudsters. In recent times, as collateral and monetary losses have been increasing, spending in the global healthcare vertical has also been grown.
By Fraud Type
The Global Fraud Detection And Prevention Market is bifurcated into internal fraud and external fraud based on fraud type. The internal category dominated the market in 2023 and is also predicted to witness faster growth during the forecast period (2025 – 2030). This is due to the growing frequency of internal frauds within organizations, especially in large enterprise firms, where the business complexities are huge and the chance for fraudsters to target is high.
By Threat Type
By Threat Type, The Global Fraud Detection And Prevention Market is classified to account takeover and scanning, digital Ad frauds, content Integrity scamming, wire and automated clearing house [ACH] frauds & card cracking, price scraping, new account frauds, phone Call frauds, acquirer and merchant frauds.
Based on application, The Global Fraud Detection And Prevention Market is categorized into identity theft payment fraud, money laundering, and others. Of all, the money laundering category is expected to register the fastest growth rate during the forecast period (2025–2030). The payment fraud application accounted for the maximum revenue share and is expected to grow at a steady CAGR over the forecast period. The growing demand for cashless payment modes and e-wallets among consumers has created opportunity for fraudsters. The loopholes in these applications can provide easy access to banking and financial reserves. Thus, detecting such frauds in real-time within the applications is contributing to the segment growth.
Global Fraud Detection and Prevention Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. 29.8 Billion
Revenue Forecast in 2030
U.S.D. 92.3 Billion
Segments Covered in the Report
By Offering, By Enterprise Size, By Deployment Type, By Vertical, By Fraud Type, By Threat Type, and By Application
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
Rise in the cyber-attacks across all verticals and increasing fraudulent attacks due to the increase in the use of electronic transactions is predicted to be the major driving factor for the fraud detection and prevention market.
Increasing Instances of Fraud: The proliferation of digital transactions and the interconnectedness of systems have resulted in a significant rise in fraud incidents across industries. This has led to a heightened need for advanced fraud detection and prevention solutions.
Stringent Regulatory Requirements: Governments and regulatory bodies are imposing stricter regulations to combat fraud, money laundering, and other financial crimes. Organizations are compelled to implement robust fraud prevention measures to comply with these regulations.
Technological Advancements: Rapid advancements in technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, and blockchain have empowered organizations to develop sophisticated fraud detection and prevention solutions. These technologies can detect patterns, anomalies, and suspicious activities in real time.
Shift to Digital Payments: The increasing adoption of online and mobile payment methods has created new opportunities for fraudsters. As digital payment volumes grow, organizations are seeking comprehensive fraud prevention solutions to protect customer transactions and prevent unauthorized access.
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 cyber-attacks are considered to be the biggest restraints for the fraud detection and prevention market over the forecast period.
North America is predicted to have the largest share in the global fraud detection and prevention market by 2030. The region is predicted to grow due to the rising fraudulent activities, increase in the adoption of 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.
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.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, 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 behavior.
The Fraud Detection and Prevention Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research