Growing proliferation of E-Tailing and E-Banking globally (47.5 % of people are using desktop/laptop for making online transactions as compared to smartphone and tablet users, who accounted for 39.2% and 10.5% share respectively, in 2013) has led transaction web to become more complex; tracking and monitoring of the data flow more challenging leading to increasing numbers of frauds across different industries.
Fraud detection and prevention (FDP) solutions have thus become more important in the current scenario than it has ever been. Traditional methods of fraud detection have been replaced by sophisticated techniques involving statistical modelling and simulation, machine learning and data mining techniques.
Emergence of e-banking and e-commerce, high adoption of IP-Based services, growth in online transactions and increasing revenue losses due to fraudulent activities are some of the factors augmenting the demand for fraud detection and prevention solutions across the globe. Whereas, Lack of integration capability with all verticals is one of the key impediments hindering the growth of the market.
Rapid technological developments and the large numbers of consumers present/operating online have led fraud to be one of the fastest emerging threats to all types of organizations. Over the last five years, information technology and the internet has gained foothold across different industry verticals; increasing vulnerability of every sector to the threat of organized and automated crimes, and misappropriations.
Addressing FDP encompasses a set of activities including creation of a controlled environment, fraud risk assessment, monitoring customer transaction and activities, detection of fraud and inconsistencies, sharing of information, communication and strategic consulting, in order to address specific loopholes.
The global fraud detection and prevention (FDP) market has been broadly segmented by solution, fraud type, Nature of fraud, scale of end-user and verticals. As per solution the market has been segregated into fraud analytics, authentication (single factor and multi factor), governance, risk and compliance (GRC) solutions, reporting and visualization. Whereas as per fraud type it has been segmented into internal fraud and external fraud. By nature of fraud the market has been segmented into suspicious activities reports, alerts, illegal activity, money laundering, terrorism financing and data anomalies, error and omissions.
The application of FDP encompasses multiple sectors, such as BFSI, manufacturing, retail, communication, healthcare, government, real estate, media and entertainment, energy and power, travel and transportation, professional services and others. The manufacturing sector, however, contributed to 17% of the global fraud detection and prevention market in 2014, followed closely by BFSI. However, healthcare is poised to have highest compound annual growth rate of 25.13% over the forecast period, owing to growing health concern, increasing demand for Medicare benefits along with emergent adoption of online health records and remote patient care.
The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. North America held the largest market share of 34.26% in 2014, followed by Europe, mainly attributed to growing E-retailing due to high rate of internet penetration and concentration of business enterprises.
Asia-Pacific followed by Latin America region is projected to witness highest growth rate over the next six years, due to several factors such as presence of some of the fastest growing economies and increasing number of small and medium scale enterprises.
Some of the major players in the market are IBM, Oracle, LexisNexis, Equifax, Inc. FICO, CSC, FICO, Equifax, Inc., EMC Corporation and Bosch Software Innovations Gmbh.
Key Deliverables in the Study
- Market analysis for the global fraud detection and prevention (FDP) market, with region specific assessments and competition analysis on global and regional scales
- Market definition along with the identification of key drivers and restraints
- Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
- Extensively researched competitive landscape section with profiles of major companies along with their market shares
- Identification and analysis of the macro and micro factors that affect the fraud detection and prevention (FDP) market on both global and regional scales
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
- Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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2. Executive Summary
3.1.1 Cyber Crimes
220.127.116.11.1 Trojan Horse
18.104.22.168.4 Key Logger
3.2 Techniques of FDP
3.2.1 Machine learning and Data Mining
22.214.171.124 Supervised Learning
126.96.36.199 Unsupervised Learning
3.2.2 Others Statistical Techniques
3.3 Purpose of FDP
3.3.1 Operational Effectiveness
3.3.2 Reduces Fraud Losses
3.3.3 Reduces Loss of Reputation
3.4 Addressing fraud
3.4.1 Creating a Control Environment
3.4.2 Perform fraud Risk Assessment
3.4.4 Detecting Fraud or Inconsistencies
3.4.5 Sharing Information and Communication
3.4.6 Strategic Consulting
4. Market Overview
4.2 Industry Value Chain Analysis
4.3 Porter's Five Industry Forces Analysis
4.3.1 Threat from new entrants
4.3.2 Threat from substitute products
4.3.3 Bargaining Power of Suppliers
4.3.4 Bargaining Power of Consumers
4.3.5 Competitive Rivalry
5. Market Dynamics
5.1.1 Rise in online transactions
5.1.2 Emergence of e-banking and e-commerce
5.1.3 High Adoption of IP-Based Services
5.1.4 Emergence of Big Data Platforms
5.2.1 Lack of integration capability with all verticals
5.3.1 Customer-centric fraud prevention
5.3.2 Emerging Economies
6. Market Segmentation
6.1 By Solution
6.1.1 Fraud Analytics
188.8.131.52 Single Factor
184.108.40.206 Multi factor
6.1.3 Governance, risk and compliance (GRC) Solutions
6.2 By Fraud Type
6.2.1 Internal Fraud
6.2.2 External Fraud
6.3 By Nature of Fraud
6.3.1 Suspicious Activities reports
6.3.3 Illegal activity
6.3.4 Money laundering
6.3.5 Terrorism Financing
6.3.6 Data anomalies, error and omissions
6.4 By Scale of End-User
6.4.1 Small scale
6.4.2 Medium scale
6.4.3 Large scale
6.5 By Vertical
6.5.6 Real Estate
6.5.7 Media and Entertainment
6.5.8 Energy and Power
6.5.10 Travel and Transportation
6.5.11 Professional services
6.6 By Geography
6.6.1 North America
6.6.3 Asia Pacific
6.6.4 Latin America
6.6.5 Middle East
7. Company Profiles
7.2 SAS Financial Management
7.7 EMC Corporation
7.9 Equifax, Inc.
7.10 Easy Solutions, Inc.
7.11 BAE Systems Detica
7.12 ACI Worldwide Inc.
7.14 Bosch Software Innovations Gmbh
7.15 Equifax, Inc.
8. Market Road Map 2020
8.1 Mergers and Acquisitions
8.2 Investment Opportunities
SAS Financial Management
Easy Solutions, Inc.
BAE Systems Detica
ACI Worldwide Inc.
Bosch Software Innovations Gmbh