The global fraud detection and prevention market is driven by the usage of artificial intelligence (AI) and machine learning (ML) for curbing fraudulent activities, primarily mobile frauds, and those in the banking, financial services, and insurance (BFSI) sector. The market was valued at $20,614.4 million in 2018, and is predicted to advance at a CAGR of 15.1% during the forecast period (2019–2024). The key elements in the process are to identify the fraud risk, assess the likelihood of the risks, and take measures before any significant damage is done.
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Under the application segment, the fraud detection and prevention market is categorized into identity theft, payment frauds, money laundering, and others. Among these, the payment frauds category dominated the market in 2018, and it is expected to continue on this path during the forecast period. This is mainly due to the increase in the volume of electronic payments, which is resulting in a rise in the fraudulent activities in the payment sector. A key driver for the market is itself the rising need to protect web-based payment transactions.
On the basis of enterprise size, the fraud detection and prevention market is bifurcated into large enterprises and small and medium enterprises (SMEs). Among the two, the large enterprises bifurcation held the larger market share in 2018, and it is also expected to dominate it in the forecast period. Large enterprises are quickly adopting such software to protect their massive business data and information from any misconduct. Additionally, they have higher budgets, which gives them more purchasing power.
The need for protecting online financial platforms from fraudulent activities and inherent risks is mainly due to the rapid digitalization. Payment frauds are mostly unauthorized transactions processed by a cyber-criminal. It is challenging to eliminate the threat in the e-commerce domain; however, updating the software and network security systems can help in this regard. The fraud detection and prevention market is burgeoning on account of the rising electronic payment rate across the globe. Thus, with the need to curb web-based payment frauds, this application category is expected to dominate the market during the forecast period.
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The fraud detection and prevention market is divided, based on platform, into web-based and mobile-based. The demand for mobile-based software was higher in the market in 2018, and this division is expected to progress faster in the forecast period. The main driver for the growth of this division is the concerns toward mobile frauds. Perpetrators are targeting mobile users by hacking, taking over account details, making unauthorized transactions, and stealing their identity. The constantly evolving fraudulent activities impact mobile transactions heavily; hence, the demand for fraud detection and prevention solutions is flourishing.
Globally, North America held the largest share in the fraud detection and prevention market in 2018 and is projected to maintain its lead during the forecast period. The Asia-Pacific (APAC) region is expected to advance the most quickly during the forecast period, due to the rapid economic growth, establishment of large enterprises, and expanding IT domain in the region. The leading regional market players offering such solutions are IBM Corporation, Experian plc, RELX Group, Oracle Corporation, and BAE Systems plc.
Therefore, on account of the dire need to protect sensitive information from perpetrators, the market is predicted to witness considerable progress during the forecast period.
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