Global Fraud Detection and Prevention Market By Component (Services & Solutions), By Fraud Type (Internal & External), By Deployment Type (On-premise & Cloud), By Organization Size (Large Enterprise & SME), By End User Industry (BFSI, Government & Others), By Region, Competition, Forecast & Opportunities, 2024
Global fraud detection and prevention market was valued at $ 18874.3 million in 2018 and is expected to grow at a CAGR of 18.4% to reach $ 47279.7 million by 2024 owing to upsurge in electronic transactions and increasing instances of cyber-attacks and frauds. Thus, there is growing need for restricting these frauds as these activities incur huge financial losses to companies. Enterprises are now implementing advanced techniques such as data mining and machine learning techniques which is anticipated to positively influence global fraud detection and prevention market during forecast period.
Global fraud detection and prevention market can be segmented based on the component, fraud type, deployment type, organization size, end user industry and region. Based on component, global fraud detection and prevention market is segmented into service and solution, of which the latter is further categorized into fraud analytics, authentication and others. Among solutions, authentication segment is the dominating segment in the market and the trend is likely to continue during forecast period as well it is used by various end user industries in order to strengthen their authentication process. Based on the service, the market can be segmented into professional and managed services. Due to rise in productivity and safe financial management, professional services segment accounts for dominant share in global fraud detection and prevention market. Fraud detection and prevention solutions can be deployed on-premise and cloud. Enterprises are readily adopting cloud services and solutions as they help to cut costs related to software, storage and administration staff, owing to which cloud segment is anticipated to witness the fastest growth during forecast period.
Regionally, fraud detection and prevention market is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. In 2018, North America led global fraud detection and prevention market on account of early adoption of online based services and e-tailing in countries like US and Canada. Moreover, presence of leading vendors in the region is expected to positively influence North America fraud detection and prevention market during forecast period.
Major players operating in global fraud detection and prevention market include SAP SE, Oracle Corporation, Fiserv Inc., IBM Corporation, Fair Isaac Corporation, ACI Worldwide, Inc., Actimize Inc., SAS Institute Inc., BAE Systems PLC, Experian PLC, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2018, Fiserv started offering step-up authentication and identity verification so as to reduce fraudulent activities.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of global fraud detection and prevention market.
- To classify and forecast global fraud detection and prevention market based on component, fraud type, deployment type, organization size, end user industry and regional distribution.
- To identify drivers and challenges for global fraud detection and prevention market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global fraud detection and prevention market.
- To identify and analyze the profile of leading players operating in global fraud detection and prevention market.
Some of the leading players in global fraud detection and prevention market include SAP SE, Oracle Corporation, Fiserv Inc., IBM Corporation, Fair Isaac Corporation, ACI Worldwide, Inc., Actimize Inc., SAS Institute Inc., BAE Systems PLC, Experian PLC, etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major service providers across the globe.
TechSci Research calculated the market size of global fraud detection and prevention market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Financial service providers
- Security and intelligence service providers
- Research organizations and consulting companies
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to fraud detection and prevention
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global fraud detection and prevention market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Component:
- Fraud Analytics
- Market, By Fraud Type:
- Market, By Deployment Type:
- Market, By Organization Size:
- Small & Medium Sized Enterprises
- Large Enterprises
- Market, By End User Industry:
- Market, By Region:
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
- South America
- Rest of South America
Company Profiles: Detailed analysis of the major companies present in global fraud detection and prevention market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
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