The fraud detection and prevention market is garnering significant traction across the globe. Fraud detection and prevention systems are used to analyze the data accumulated from various data sources. The market rise attributes to the increasing adoption of these software applications to gain analytical insights to detect and prevent fraud within an organization.
Besides, the growing needs to tackle increasing revenue losses due to fraudulent attacks drive the growth of the fraud detection and prevention industry. Moreover, rising usages of electronic transactions across end-use verticals escalate market growth. According to Market Research Future (MRFR), the global Fraud Detection And Prevention Market is poised to create a valuation of USD 139,853.2 MN by 2027, growing at 25.2% CAGR throughout the forecast period (2017-2027).
Technological advancements and stringent government regulations fuel the market demand, promoting the uptake of fraud prevention and detection systems. Rising adoption of fraud detection & prevention systems by eCommerce companies to integrate 3D protection layers security technologies and plug-in to their 3dcart dashboard influence the market growth. Also, increasing cybercrime attacks boost the growth of the market.
Moreover, the growing demand for threat intelligence technology integrated with security solutions to counter cyber threats across different networking and threat intelligence platforms substantiate market growth. Conversely, the high cost of these solutions is a major factor projected to impede market growth. Similarly, the lack of awareness about the advantages of fraud detection and prevention systems restrains the market growth.
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iovation Inc., IBM Corporation, Oracle Corporation, PayPal Holdings Inc., CardinalCommerce Corporation (Visa Inc. Class A), Distil Networks, Inc., LexisNexis Risk Solutions Company, Experian PLS, Accertify Inc. (American Express Company), F5 Networks Inc., Kaalbi Technologies Pvt. Ltd, Signifyd Inc., Guardian Analytics Inc., Kount Inc., Clearsale SA, Pindrop Security Inc., ACI Worldwide Inc., BioCatch Ltd.
The report is segmented into six dynamics;
- By Solution: Fraud Detection, Authentication, Data Synthesis, and others.
- By Service: Professional and Managed Services.
- By Application: Insurance Claims, Money Laundering, Electronic Payment, and others.
- By Organization Size: SMEs and Large Enterprises.
- By Vertical: BFSI, Retail, Telecommunication, Government, Healthcare, Real Estate, Energy & Power, Manufacturing, Travel & Transportation, Media & Entertainment, and others.
North America dominates the global fraud detection and prevention market. The largest market share attributes to the early adoption of digital technologies, such as AI, IoT, and machine learning for fraud detection. Besides, the market growth is driven by increasing investments made by businesses to control rising fraudulent attacks on organizations causing huge revenue losses.
Moreover, the strong presence of notable industry players, system integrators, distributors, and resellers in the region and well-established technology development centers contribute to the growth of the market. The increasing adoption of cloud-based solutions in organizations and increasing uptake of advanced detection technologies drive the regional market growth. The North American fraud detection & prevention market is projected to retain its dominance throughout the forecast period.
Europe stands second in the global fraud detection and prevention market. The region witnesses huge market demand due to the presence of several well-established technology development sectors and regulatory support. Additionally, the substantial market increase is attributed to the resurging economy in the region and increased funding to mitigate security management concerns.
Furthermore, the largest banking and financial services sectors that are more prone to cyberattacks boost the fraud detection and prevention industry. Most IT companies in the region have shifted their existing businesses to the cloud, which increases the chances of data vulnerability and data breaches. The European fraud detection and prevention market is projected to grow at 23.4% CAGR during the assessment period.
The Asia Pacific fraud detection & prevention market is growing briskly. Factors such as the rising fraudulent activities across retail, e-commerce, and banking sectors and the availability of cost-competitive, yet futuristic detection technologies influence the regional market growth.
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