The financial fraud detection software market size is expected to see rapid growth in the next few years. It will grow to $28.95 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to increasing volume and complexity of financial transactions, expansion of mobile banking and online transactions, growing adoption of digital payment methods, demand for real-time fraud detection capabilities. Major trends in the forecast period include advanced data visualization, collaboration between financial institutions, integration with anti-money laundering systems, integration with enterprise risk management systems, integration with enterprise risk management systems, partnership with law enforcement agencies.
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Segmentation & Regional Insights
The financial fraud detection software market covered in this report is segmented –
1) By Component: Solution, Service
2) By Fraud Type: Money Laundering, Identity Theft, Debit And Credit Card Frauds, Claim Frauds, Transfer Frauds, Other Fraud Types
3) By Deployment Mode: On-premise, Cloud
4) By End User: Banking, Financial Services And Insurance (BFSI), Healthcare, Information Technology (IT) And Telecommunication, Manufacturing, Educational Institutions, Government, Others End Users
North America was the largest region in the financial fraud detection software market in 2023. The regions covered in the financial fraud detection software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing volume of digital financial transactions is expected to propel the growth of the financial fraud detection software market going forward. Digital financial transactions refer to monetary exchanges and activities conducted electronically, typically through online platforms, mobile devices, or other digital channels. Digital financial transactions are increasing due to the proliferation of digital banking services, fostering greater convenience, accessibility, and efficiency in monetary exchanges. Financial fraud detection software enhances the security of digital financial transactions by employing advanced algorithms to identify and prevent fraudulent activities. For instance, in October 2022, according to the International Monetary Fund, a US-based international organization, between 2019 and 2021, the value of mobile money transactions increased from approximately 40% of GDP to 70% in low-income countries, while the value of mobile and internet banking transactions increased from 225% of GDP to 324% in middle-income countries. Therefore, the increasing volume of digital financial transactions is driving the growth of the financial fraud detection software market.
Key Industry Players
Major companies operating in the financial fraud detection software market are International Business Machines Corporation, American Express Company, Oracle Corporation, Thales Group, Fiserv Inc., SAP SE, Experian Information Solutions Inc., TransUnion LLC, SAS Institute Inc., Verisk Analytics Inc., NICE Ltd., ACI Worldwide Inc., Fair Isaac Corporation, Software AG, Cyxtera Technologies Inc., RSA Security LLC, BAE Systems Applied Intelligence, Bottomline Technologies Inc., Riskified Ltd., Signifyd Inc., Featurespace Limited, Guardian Analytics Inc., Feedzai Inc.
The financial fraud detection software market report table of contents includes:
1. Executive Summary
2. Financial Fraud Detection Software Market Characteristics
3. Financial Fraud Detection Software Market Trends And Strategies
4. Financial Fraud Detection Software Market – Macro Economic Scenario
5. Global Financial Fraud Detection Software Market Size and Growth
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31. Financial Fraud Detection Software Market Other Major And Innovative Companies
32. Global Financial Fraud Detection Software Market Competitive Benchmarking
33. Global Financial Fraud Detection Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Financial Fraud Detection Software Market
35. Financial Fraud Detection Software Market Future Outlook and Potential Analysis
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