The Fraud Detection and Prevention by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fraud Detection and Prevention , 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.
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.
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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
Technological advancement is a key trend gaining popularity in the fraud detection and prevention market. Technological advancement is the discovery of knowledge that advances the understanding of technology. For instance, in October 2022, DG Financial Technology Inc. (DGFT), a Japan-based service provider company, partnered with Scudetto Corporation, a Japan-based company specializing in online fraud prevention, and launched Sift Digital Trust & Safety Suite (Sift), an artificial intelligence (AI)-built fraud detection solution. Sift is a fraud detection and prevention solution that uses artificial intelligence to detect fraud and abuse in the e-commerce space and online, including credit card fraud and account takeover, to reduce the damage from chargebacks and other fraudulent activities by streamlining fraud prevention operations and increasing revenue.
The fraud detection and prevention market report table of contents includes:
1. Executive Summary
2. Fraud Detection and Prevention Market Characteristics
3. Fraud Detection and Prevention Market Trends And Strategies
4. Fraud Detection and Prevention Market – Macro Economic Scenario
5. Global Fraud Detection and Prevention Market Size and Growth
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26. South America Fraud Detection and Prevention Market
27. Brazil Fraud Detection and Prevention Market
28. Middle East Fraud Detection and Prevention Market
29. Africa Fraud Detection and Prevention Market
30. Fraud Detection and Prevention Market Competitive Landscape And Company Profiles
Top Major Players:
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