Global Fraud Detection and Prevention Market 2019-2023
About this market
The use of blockchain technology in fraud detection and prevention is identified as one of the key trends that will gain traction in the market for the next four years. The implementation of blockchain can prevent fraud during financial transactions that involve multiple processes and require human intervention. Technavio’s analysts have predicted that the fraud detection and prevention market will register a CAGR of over 20% by 2023.Market Overview
Increase in data theft across the globe
The incidents of cyber thefts by cybercriminals and hackers is increasing at an alarming rate. FDP solutions support enterprises in verifying users as well as managing their access to enterprise resources.
High cost of the FDP solutions restricts their usage among SMBs
Firms that adopt FDP solutions must pay for the applications they use and consume. But the cost increases as these firms are also required to provide additional services like security, back up, resilience, encryption, and hosting to their end-customers.
For the detailed list of factors that will drive and challenge the growth of the fraud detection and prevention market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies and the competitive environment is quite intense. Factors such as the use of blockchain technology in fraud detection and prevention and increase in data theft across the globe, will provide considerable growth opportunities to fraud detection and prevention market manufactures. Fiserv, IBM, Oracle, SAP, and SAS Institute are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Fraud Detection and Prevention Market 2019-2023
Technavio recognizes the following companies as the key players in the global fraud detection and prevention market: Fiserv, IBM, Oracle, SAP, and SAS Institute
Commenting on the report, an analyst from Technavio’s team said: “One trend affecting this market is the growing adoption of identity-as-a-service solutions.”
According to the report, one driver influencing this market is the growing use of IoT.
Further, the report states that one challenge affecting this market is the networking and connectivity issues in cloud-based FDP.