Fraud Detection and Prevention Market to Gain $252.7 Billion by 2032, Rising at 24.3% CAGR |Allied Market Research
The fraud detection and prevention market is expected to see striking growth owing to the rise in mobile payment and the introduction of big data analytics and cloud computing services.
Wilmington, DE, Nov. 08, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Global Fraud Detection and Prevention Market by Component (Solution & Service), Organizational Size (Large Enterprises and Small & Medium Enterprises), Deployment Mode (On-premise and Cloud), Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Government & Defense, Manufacturing, Transportation & Logistics, and Others): Opportunity Analysis and Industry Forecast, 2022-2032”. As per the report, the fraud detection and prevention industry is expected to reach $252.7 Billion by 2032. The market garnered $29.5 Billion in 2022 and is envisioned to manifest a stunning CAGR of 24.3% during the estimated period from 2023 to 2032.
Dynamics of the market:
The global fraud detection and prevention market is driven due to the increase in mobile payment across the globe and the introduction of big data analytics and cloud computing services. On the contrary, rapid technological advancements are expected to create wide growth opportunities in the industry in the coming years. However, the high cost of fraud detection and prevention solutions may hinder the growth of the market.
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Report coverage & details:
|Market Size in 2022||$29.5 Billion|
|Market Size in 2032||$252.7 Billion|
|No. of Pages in Report||415|
|Segments covered||Component, Deployment Mode, Organization Size, and Region.|
|Drivers||The introduction of big data analytics and cloud computing services
Upsurge in mobile payment
|Opportunities||Continuous technological advancements|
|Restraints||High cost of fraud detection and prevention solution|
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The solution segment to hold the lion’s share over the forecast timeframe
By component, the solution segment generated the highest market share in terms of revenue in 2022, contributing to nearly two-thirds of the fraud detection and prevention market share, and is predicted to maintain its dominance over the analysis period. Moreover, the increasing cases of security breaches and cyber-attacks are predicted to augment the market’s growth. On the other hand, the service segment is projected to hold the highest CAGR of 28.0% from 2023 to 2032. This is mainly because fraud detection and prevention services minimize the time and costs associated with optimizing systems in the starting phase of deployment.
The on-premises segment to hold the maximum market share during the analysis period
By deployment mode, the on-premises segment held the largest share in 2022, generating more than three-fifths of the global fraud detection and prevention market share. This is mainly because of the numerous benefits of on-premises applications such as greater flexibility, security, and customization. On the other hand, the cloud segment is projected to exhibit the fastest CAGR of 28.0% from 2023 to 2032 and continue steady growth during the estimated period. Moreover, the rising adoption of cloud-based fraud detection and prevention solutions among large and medium-sized enterprises is predicted to fuel the market segment.
The large enterprises segment to dominate the market throughout the estimated period
By organization size, the large enterprises segment generated the highest market share in 2022, contributing nearly two-thirds of the fraud detection and prevention market share, and is predicted to rule the roost during the forecast period. This is mainly due to the growing adoption of fraud detection and prevention in large enterprises due to the growing cyber risks, threats, and complexity in several business processes, creating high competition across industries. On the contrary, the small and medium-sized enterprises segment is predicted to grow at a stunning CAGR of 28.6% from 2023 to 2032. In addition, an increasing need for implementing cost-effective security solutions such as encryption, incident management, and risk & compliance is expected to increase the adoption of fraud detection and prevention solutions in SME’s.
The BFSI segment to hold the highest market share throughout the forecast period
By industry vertical, the BFSI segment accounted for the greatest market share in 2022, contributing to more than one-fourth of the fraud detection and prevention market revenue, and is predicted to experience accelerating growth over the forecast period. This is mainly due to the increasing adoption of fraud detection and prevention solutions in the BFSI sector owing to the rise in cyber-attacks such as SMS phishing, card skimming, viruses & Trojans, spyware & adware, social engineering, identity thefts, cyberstalking, and website cloning. On the other hand, the retail segment is projected to rise at a fascinating CAGR of 32.7% from 2023 to 2032. The surge in penetration of mobiles and the internet across the retail sector is expected to amplify the adoption of fraud detection and prevention solutions, enhancing the market’s growth.
North America region to hold the biggest market share by 2032
By region, North America garnered the highest market share in terms of revenue in 2022, contributing to more than one-third of the global fraud detection and prevention market share. This is mainly due to the growing usage of fraud detection and prevention solutions in businesses across the region to enhance customer experiences. On the contrary, the Asia-Pacific region is projected to grow at a noteworthy CAGR of 28.8% from 2023 to 2032 and is expected to continue steady growth during the forecast period. The rise in the usage of mobile data for various applications such as social media and mobile banking is predicted to increase the adoption of fraud detection & prevention solutions across the region.
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Prominent market players:
- ACI Worldwide
- SAS Institute, Inc.
- BAE Systems
- SAP SE
- International Business Machines Corporation
- Oracle Corporation
- Precisely Holding LLC
- NCR Corporation
- Fair Isaac Corporation (FICO)
Key Industry Development
July 2023: Mastercard Inc. collaborated with nine British banks to combat consumer fraud with the help of new artificial intelligence (AI) based “Consumer Fraud Risk” solution that can detect scams in real-time and protect customers before money leaves the victim’s accounts.
April 2023: Darwinium launched the “Continuous Customer Protection platform”, an evolutionary next step for security and fraud prevention for all digital businesses concerned about customer experience and security. The company’s disruptive approach delivers security and fraud prevention at the edge, where businesses serve digital content closer to customers’ browsers and mobile devices.
February 2023: Mastercard partnered with Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA), to address fraud, declines and chargebacks to reduce costs and risk for acquirers. Through the partnership, Network will launch Mastercard’s Brighterion AI-based technology across the region, providing transaction fraud screening and merchant monitoring to acquirers and businesses.
May 2022: LexisNexis Risk Solutions acquired BehavioSec, which provides a highly predictive behavioral biometrics solution that uses behavior analysis for continuous authentication to establish identity trust and help to prevent fraud. Through this acquisition, LexisNexis will strengthen its position across platforms.
May 2022: FullContact, the industry leader in identity resolution as a service, launched a new identity product “Verify”, that empowers identity verification (IDV) and fraud prevention. Verify provides data and intelligence to optimize IDV and fraud prevention models, allowing platforms to enhance solution security while also reducing friction in the customer experience.
April 2022: SAP SE partnered with Kyndryl. This partnership will leverage SAP’s Business Technology Platform (SAP BTP) and Kyndryl’s deep expertise in artificial intelligence (AI), data and cyber resiliency services to accelerate and enable a cost-effective path to the cloud for customers.
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