The fraud detection and prevention global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Fraud Detection and Prevention Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The fraud detection and prevention market size has grown exponentially in recent years. It will grow from $42.42 billion in 2023 to $53.28 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to increased digitization of financial transactions, rise in online banking and e-commerce, growing sophistication of fraud techniques, regulatory compliance requirements, expansion of mobile and online payment systems.
The fraud detection and prevention market size is expected to see exponential growth in the next few years. It will grow to $133.66 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to growing need to protect smes from fraud, improved operational efficiency and enhanced customer experience, need to effectively manage huge volumes of identities by organizations, increasing adoption of advanced analytics techniques, expansion of real-time monitoring capabilities.. Major trends in the forecast period include integration of artificial intelligence in fraud detection, emergence of blockchain technology for secure transactions, collaboration between industry stakeholders for information sharing, integration of cybersecurity and fraud prevention solutions, continuous evolution of fraud techniques, requiring dynamic solutions.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
An increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market. The International Criminal Police Organization’s judgement of the impact of COVID-19 on cybercrime has demonstrated an important target shift from individuals and small businesses to major corporations. For instance, in October 2023, according to a report issued by AAG, a UK-based information technology (IT) service provider, there was a 125% increase in cyberattacks worldwide, and in 2022, the threat created by these attacks to individuals and organizations further grew. Therefore, the increase in the frequency of cyberattacks and frauds is driving the growth of the fraud detection and prevention market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The fraud detection and prevention market covered in this report is segmented –
1) By Fraud Type: Check Fraud, Identity Fraud, Internet /Online Fraud, Investment Fraud, Payment Frauds, Insurance Fraud, Other Fraud Types
2) By Deployment Mode: Cloud, On-premises
3) By Solution: Fraud Analytics, Authentication, Reporting, Visualisation, Other Solutions
4) By Application: Insurance claims, Money laundering, Electronic Payment
5) By End User: Small and Medium Enterprises (SMEs), Large Enterprises
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Regional Insights –
North America was the largest region in the fraud detection and prevention market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fraud detection and prevention market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the fraud detection and prevention market report are IBM Corporation, Fair Isaac Corporation, Oracle Corporation, SAS Institute Inc., BAE Systems plc, DXC Technology Company, SAP SE, ACI Worldwide Inc., Fiserv Inc., ThreatMetrix company, NICE Systems Ltd., F5 Networks Inc., Equifax Inc., Cybersource Corporation, Global Payments Inc., Experian Information Solutions Inc., TransUnion LLC, RSA Security LLC, LexisNexis Risk Solutions, Kount Inc., Feedzai Inc., Featurespace Inc., Pindrop Security Inc., Simility Inc., Signifyd Inc., Forte India Enterprises Private Limited, Sift Science Inc., Idology Inc., Software AG, Total System Services Inc.
Table of Contents
1. Executive Summary
2. Fraud Detection and Prevention Market Report Structure
3. Fraud Detection and Prevention Market Trends And Strategies
4. Fraud Detection and Prevention Market – Macro Economic Scenario
5. Fraud Detection and Prevention Market Size And Growth
…..
27. Fraud Detection and Prevention Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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