Fraud Detection and Prevention Market by Solution (Fraud Analytics and Authentication), Service, Application Area (Insurance Claim, Money Laundering, Electronic Payment, and Mobile Payment), Organization Size, Vertical, and Region - Global Forecast to 2022
The increasing fraudulent activities in various industries and the increase in reputation loss and revenue loss for organizations is expected to drive the Fraud Detection and Prevention (FDP) market
The FDP market size is expected to grow from USD 16.62 billion in 2017 to USD 41.59 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.1%. The FDP market is driven by factors, such as the increasing fraudulent activities in various industries, the increasing reputation loss and revenue loss for organizations, and the increasing online transactions over mobile and web applications. However, the lack of integration capabilities is still a concern for the organizations. Furthermore, the low levels of awareness of fraud possibilities in Small and Medium-sized Enterprises (SMEs) is the biggest challenge for organizations.
The solution segment is expected to grow at the highest CAGR during the forecast period
The solution segment is expected to have the largest market size in 2017. The solutions are classified includes predictive analytics, customer analytics, social media analytics, big data analytics, and behavioral analytics. These solutions help minimize the fraudulent activates associated with online payments, insurance claims, and in identifying thefts by spotting the frauds before they occur, and keeping the organization safe from data breaches and frauds. The authentication solution is expected to have the largest market size. This solution is deployed to prevent and protect an organization from data breaches and online frauds.
Mobile payment application area is expected to grow at highest CAGR during the forecast period
The increasing use of mobile devices has increased the mobile threat landscape as well. Individuals are moving toward mobile banking. Thus, organizations are deploying FDP solutions to stay secured from various frauds. The mobile payment application area is expected to grow at the highest CAGR during the forecast period. However, the electronic payment application area is expected to have largest market size in 2017.
Large enterprises segment is expected to have largest market size in 2017
With the increasing organization size and business complexities, the large enterprises have started investing in FDP solutions to combat against fraudulent activities and maintain security of their financial firms, banking sectors, insurance sectors, and eCommerce. The large enterprises segment is expected to have the largest market size in 2017. Moreover, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period.
Asia Pacific (APAC) is expected to have the highest growth rate during the forecast period
APAC includes emerging economies, such as India and China, which are rapidly deploying FDP solutions. This is mainly due to growth in fraudulent activities in organizations, and banking and financial institutes with the growing volume of online payment transactions. APAC is expected to grow at the highest CAGR during the forecast period. Furthermore, North America is expected to have the largest market size in 2017.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the FDP market place.
By Company Type: Tier 1: 27%, Tier 2: 48%, and Tier 3: 25%
By Designation: C-Level: 30%, Director Level: 25%, and Others: 45%
By Region: North America: 57%, Europe: 16%, APAC: 15%, and RoW: 12%
The report includes the study of key players offering FDP solutions, such as IBM (US), FICO (US), Oracle (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), ThreatMetrix (US), NICE Systems (Israel), Experian (US), and LexisNexis (US). The report includes in-depth competitive analysis of these key players in the FDP market, with their company profiles, recent developments, and key market strategies.
The report covers the FDP solutions and services across different segments. It aims at estimating the market size and the future growth potential of this market, across different segments, such as solutions, services, application areas, deployment modes, organization sizes, verticals, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall FDP market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.