Fraud Detection and Prevention Market 2023 | Size, Share, Scope And Forecast 2028

IMARC Group, a leading market research company, has recently released a report titled “Fraud Detection and Prevention Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global fraud detection and prevention market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What Are The Growth Prospects Of The Fraud Detection and Prevention Industry?

According to the report, The global fraud detection and prevention market size reached US$ 28.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 98.5 Billion by 2028, exhibiting a growth rate (CAGR) of 23.1% during 2023-2028.

What is Fraud Detection and Prevention?

Fraud detection and prevention includes various automated solutions that enable organizations to detect as well as assist in taking required measures to prevent fraudulent activities. These strategies heavily rely on statistical data analysis techniques and artificial intelligence (AI) to minimize fraud detection time and process transactions in a fast manner. These solutions are also widely integrated with various state-of-the-art technologies to procure illegally stolen resources and effectively reduce the repercussions of scams. They are, therefore, widely deployed in numerous organizations to improve operational efficiency while ensuring proper security of their financial and network solutions.

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What are the growth prospects and trends in the fraud detection and prevention industry?

The global market is primarily driven by the rising concerns regarding digital frauds. With the growing adoption of digitization across numerous industry verticals, there has been a rise in the incidences of cybercrimes and cyber frauds across the globe. This has impelled numerous companies to integrate their systems with fraud detection and prevention solutions, which is providing an impetus to the market growth. Moreover, there has been a growing preference for online banking solutions among the masses. Along with this, digital payment apps and cross-border transactions are also gaining widespread prominence on the global level, which has contributed to the rising number of fraudulent cases that involve data breaches, payment frauds and identity thefts. This has encouraged organizations to deploy these solutions to assist them in predicting conventional fraud tactics and constantly deciphering sophisticated schemes. Furthermore, the increasing popularity of e-commerce portals has also facilitated the growing demand for customer-centric fraud prevention techniques that are crucial to business security strategy. Their use aids in bridging the gap between enhanced payment experience and security, thereby creating a positive outlook for the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Solutions
Services

Breakup by Application:

Identity Theft
Money Laundering
Payment Fraud
Others

Breakup by Organization Size:

Small and Medium Enterprises
Large Enterprises

Breakup by Vertical:

BFSI
Government and Defense
Healthcare
IT and Telecom
Manufacturing
Retail and E-Commerce
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

ACI Worldwide Inc.
BAE Systems
Cybersource Corporation (Visa Inc.)
DXC Technology Company
Experian plc
Fiserv Inc.
Global Payments Inc.
International Business Machines Corporation
Oracle Corporation
SAP SE
SAS Institute Inc.
Software AG
Total System Services Inc.

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