Global Fraud Analytics Market 2015-5019
About Fraud Analytics
Fraud can be defined as an illegal activity that is intentional and uses misrepresentation to produce a financial gain to an individual or an organization. Fraud is on the rise and has become a boardroom issue these days. Fraud happens in different parts of the world, and fraudsters use very sophisticated and technology-enabled techniques. Fraud can be of various types, such as fraudulent transactions (both online and offline), inaccurate credit applications, identity thefts, and false insurance claims. Some of the major victims of fraud are credit card companies, insurance companies, retail merchants, telecom service providers, and business-to-business suppliers. Fraud analytics helps in analyzing various forms of stored data and gathered information and in converting them to actionable insights, thereby to detect fraud and take necessary actions required.
Technavio's analysts forecast the global fraud analytics market to grow at a CAGR of 24.04% over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the global fraud analytics market for the period 2015-2019. To calculate the market size, the report considers the revenue generated through the following:
Technavio Announces the Publication of its Research Report – Global Fraud Analytics Market 2015-2019
Technavio recognizes the following companies as the key players in the global fraud analytics market: Computer Sciences, EMC, Fair Issac, SAP and SAS Institute
Other Prominent Vendors in the market are: ACI Worldwide, Aquilan Technologies, BAE Systems, Bosch Software Innovations, CustomerXPs, Experian, Fiserv, IBM, Oracle, Paladion and ValidSoft
Commenting on the report, an analyst from Technavio’s team said: “Fraud analytics solutions support the growth of a company by streamlining business processes and improving operational efficiency. These solutions are important for SMEs as they identify potential risk areas and detect fraud. In the past, SMEs had limited options when adopting a system that would ensure optimal business performance. This was because they did not require, or could not afford, all the features of enterprise-class software systems. In the past few years, many SMEs have become increasingly aware of the significance of complete visibility of their operational performance and its impact on their businesses.”
According to the report, Data volume is growing exponentially because of the explosion of data records, web log files, sensor data, and social networks. Hence, organizations require fraud analytics solutions to detect, analyze, and prevent fraud and improper payments to keep track of the corporate data generated and use them effectively. The high volumes of enterprise data make it difficult to identify faulty transactions. It is practically impossible to analyze all data manually. Fraud analytics solutions provide transparent information on financial instruments and help enterprises optimize their business decisions and make investment decisions for future use.
Further, the report states that the high cost of implementation hampers the growth of the market.
Computer Sciences, EMC, Fair Issac, SAP, SAS Institute, ACI Worldwide, Aquilan Technologies, BAE Systems, Bosch Software Innovations, CustomerXPs, Experian, Fiserv, IBM, Oracle, Paladion, ValidSoft
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