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Fraud Detection and Prevention - Global Market Trajectory & Analytics

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    Report

  • 509 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 4804869

Global Fraud Detection and Prevention Market to Reach $46.4 Billion by 2026


The global fraud detection and prevention market is heading for impressive gains on account of rising incident and sophistication of frauds coupled with continuing focus on the use of latest technology to timely detect the fraud activity. A fraud represents an illegal act intended to obtain consumer data or credential for specific gains, mainly monetary. Fraud detection and prevention solutions are software applications that offer sophisticated analytical tools to detect and prevent fraud in real-time. These tools analyze data from different sources to identify anomalous patterns by detecting doubtful trends, transactions and situations. Fraud detection and prevention tools verify user identity, maintain data integrity and prevent unauthorized access to data. These platforms have gained considerable attention in the recent years due to increasing digitalization, popularity of online or Internet banking, advent of cloud services, and growing sophistication of frauds. Rising concerns pertaining to high incident of frauds and associated considerable loss of revenue for organizations are creating new avenues for fraud detection and prevention solutions.

Amid the COVID-19 crisis, the global market for Fraud Detection and Prevention estimated at US$28.3 Billion in the year 2022, is projected to reach a revised size of US$46.4 Billion by 2026, growing at a CAGR of 14.8% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 13.8% CAGR to reach US$30.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 16.4% CAGR for the next 7-year period. This segment currently accounts for a 36.5% share of the global Fraud Detection and Prevention market. The market growth is favored by financial crimes, cyber-attacks and digital frauds that are making it extremely challenging for businesses to grow while maintaining consumer trust. The popularity of digital payments, e-banking, e-commerce and cross-border transactions has led to increasing cases of identity theft, payment frauds and data breaches, prompting organizations to invest in fraud detection and prevention solutions.

The U.S. Market is Estimated at $9.5 Billion in 2022, While China is Forecast to Reach $8.4 Billion by 2026


The Fraud Detection and Prevention market in the U.S. is estimated at US$9.5 Billion in the year 2022. The country currently accounts for a 34.22% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$8.4 Billion in the year 2026 trailing a CAGR of 18.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.5% and 13.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.5% CAGR while Rest of European market (as defined in the study) will reach US$9.5 Billion by the close of the analysis period.

The market is predicted to gain from rising adoption of emerging technologies such as ongoing shift towards cloud-based fraud detection platforms. Cloud-based approach is rapidly emerging as a prominent trend owing to its ability to ensure access over the Internet, storage space, enhanced processing power, and fast tracking of online cyber-attacks. The market is also benefitting from growing implementation of IoT devices, with the number of IoT-connected devices exceeding 23 million by the year 2020. Fraud prevention in inbuilt devices and IoT analytics platforms is finding increasing acceptance across industries and organizations. Increasing use of AI and ML techniques for fraudulent activities detection is another prominent trend in the market for fraud detection and prevention solutions. ML has proven to be effective in identifying patterns of fraud attacks. Big data and ML are being integrated with AI enabled technologies for reducing risk of known as well as unknown bank transaction frauds.

Select Competitors (Total 80 Featured):

  • ACI Worldwide Inc.
  • BAE Systems plc
  • Cacco Inc.
  • Cybersource Corporation
  • DXC Technology Company
  • Equifax Inc.
  • Experian plc
  • Fair Isaac Corporation
  • Feedzai Inc.
  • Fiserv, Inc.
  • Global Payments Inc.
  • IBM Corporation
  • LexisNexis Risk Solutions Group
  • NICE Ltd.
  • Oracle Corporaton
  • RSA Security LLC
  • SAP SE
  • SAS Institute Inc.
  • Software AG

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Impact of COVID-19 on Cybersecurity
  • Global Cybersecurity Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Steep Rise in Fraud Attacks amid COVID-19 Predicament Marks Opportunity for Fraud Detection & Prevention Market
  • Financial Lossses in the US Due to Internet Crime in US$ Million: 2012-2020
  • Influencer Market Insights
  • Fraud Detection and Prevention - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Combating Fraud in the Digital Era Becomes Important. Here’s Why
  • Number of Identity & Fraud Threats in the United States for the Years 2017, 2019, & 2022
  • Fraud: Definition, Scope & Types
  • Fraud Detection and Prevention: An Overview
  • Outlook
  • Fraud Analytics & Professional Services Command Fraud Detection & Prevention Market
  • Geographic Market Analysis
  • Sophisticated Frauds & Short Supply of Professionals to Inhibit Growth
  • Recent Market Activity
  • Select New Products
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Digital Transformation of Businesses and Need to Ensure Security of Sensitive Data to Spur Market Demand
  • Global Digital Data Created (In Zettabytes) for the Years 2015, 2020, 2025, and 2030
  • Digital Transformation Accelerates Demand for Tools to Safeguard Enterprise Data: Global Digital Transformation Spending (In US$ Billion) for 2017-2023
  • Rise in Moneylaundering Cases Drives the Uptake of Fraud Detection and Prevention Solutions
  • Rising Incidences of ATOs & Phishing Emails Augment Fraud Detection Demand
  • Booming e-Commerce Industry Aggravates the Risk of Fraud
  • Global e-Commerce Opportunity (In US$ Billion) for Years 2018, 2020, 2022 & 2024
  • Types of E-Commerce Frauds
  • COVID-19 Pandemic Elevates Opportunities
  • Global B2C eCommerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
  • Global eCommerce Market as a % of Retail Sales for the Period 2017, 2019, 2021 and 2023
  • Rise of Digital Banking Brings Out BFSI as the Largest Spender on Fraud Prevention
  • Global Digital Banking Opportunity (In US$ Billion) for Years 2018, 2020, 2022 and 2024
  • Global Digital Transaction Value (In US$ Billion) for Years 2018, 2020, 2022 and 2024
  • Global Internet Users in Billion for the Years 2014 through 2020
  • Risk Analysis in Real-Time to Thwart Frauds in Banking Sector
  • Increase in the Use of Artificial Intelligence and Machine Learning in Banking Sector to Boost Fraud Detection and Prevention Market
  • Anomaly Detection: An Overview
  • Cumulative Global Online Fraud (In US$ Billion) Between 2020 to 2024 by Region
  • Growing Global IoT Ecosystems Pushes Up the Risk of Fraud
  • Global Number of IoT Connected Devices (In Billion) for the Years 2016, 2018, 2020, 2022 & 2025
  • Opportunity Indicator: Global Spending (In US$ Billion) on IoT for the Years 2019, 2020, 2021, 2022 & 2024
  • IoT Enabled Fraud, a Major Concern for Merchants in the Current Scenario
  • Data Analytics & AI Helps Crack Down on Fraud Detection
  • Blockchain for Fraud Prevention: A New & Potent Weapon in the Making
  • Blockchain’s Powerful Fraud Prevention Features
  • AI Set to Raise the Bar in Fraud Detection
  • Businesses Increasingly Adopt Customer-centric Fraud Prevention Techniques
  • Increasing Volume of Non-cash Payment/Transaction Volumes Drive Uptake of Fraud Detection and Prevention Market
  • Is COVID-19 Scenario Making Payment Space to Bid Adieu to Cash Payments?
  • More Payment Options
  • Rise in Application of Hybrid Analytical Approaches
  • Healthcare Networks Confront Growing Threat of Cyberattacks
  • Fraud Protection Software for eCommerce Businesses and the Travel Industry
  • Role of Machine Learning in Fraud Detection Gaining Prominence
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
CANADA
JAPAN
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
EUROPE
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
FRANCE
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
BRAZILREST OF LATIN AMERICA
MIDDLE EAST
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
AFRICA
  • Fraud Detection and Prevention Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 80

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ACI Worldwide Inc.
  • BAE Systems plc
  • Cacco Inc.
  • Cybersource Corporation
  • DXC Technology Company
  • Equifax Inc.
  • Experian plc
  • Fair Isaac Corporation
  • Feedzai Inc.
  • Fiserv, Inc.
  • Global Payments Inc.
  • IBM Corporation
  • LexisNexis Risk Solutions Group
  • NICE Ltd.
  • Oracle Corporaton
  • RSA Security LLC
  • SAP SE
  • SAS Institute Inc.
  • Software AG