The fraud detection and prevention systems are the software applications utilized to deliver the analytical solutions for against the fraud incidents and aid to identify or safeguard future occurrences. Whereas, the fraud detection and prevention solution assists associations operate more efficiently while saving the costs, which has been the major factor for the market growth. Not only has this, the identity theft application field sector is anticipated to account the growth at the uppermost CAGR in the FDP market throughout the reviewed period. However, the identity theft or identity fraud is mistreating a person’s identity or credentials by some other person for the fraudulent businesses/transactions or criminal activities. The stole identity is utilized by the cyber criminals for generating the fraudulent procurements or the transactions for their personal gains.
Additionally, in the present era, the potential enterprises are more susceptible to incidents of frauds that may result in financial losses due to the creation of the massive amounts of enterprise data and effective growth in the technological advancements. According to the report analysis, ‘GLOBAL FRAUD DETECTION AND PREVENTION MARKET SIZE STUDY, BY COMPONENT (SOLUTION AND SERVICES), BY APPLICATION AREA (IDENTITY THEFT, PAYMENT FRAUD, MONEY LAUNDERING AND OTHERS), BY DEPLOYMENT MODE (CLOUD AND ON-PREMISES), BY ORGANIZATION SIZE (SMALL AND MEDIUM-SIZED ENTERPRISES AND LARGE ENTERPRISES) AND BY VERTICAL (BANKING, FINANCIAL SERVICES, AND INSURANCE, RETAIL, TELECOMMUNICATION, GOVERNMENT/PUBLIC SECTOR, HEALTHCARE, REAL ESTATE, ENERGY AND POWER AND MANUFACTURING )AND REGIONAL FORECASTS 2018-2025’ states that there are several key players which are presently functioning in this sector more actively for leading the fastest market growth and dominating the handsome value of market share around the globe in the coming years more positively while developing the working techniques and adopting the expansion policies more enormously for augmenting the application of decreasing and detecting frauds and generating the handsome value of revenue throughout the reviewed period includes Fico, IBM, Fiserv, FIS Global, ACI Worldwide, Bae Systems, Experian, Lexisnexis Risk Solutions, Iovation, Friss, Nice, DXC Technology, Dell Technologies, SAS Institute, SAP and several others.
The Global Fraud Detection and Prevention Market is valued at around USD 19.2 billion in 2017 and is predicted to increase with a healthy growth rate of more than 26.5% over the forecast period of 2018-2025. The significant increase in the frauds and its related loss is anticipated to fuel the market growth more positively. According to report of National Audit Office (NAO) United Kingdom, in 2016 approximately 1.9 million cyber associated fraud incidents was found in United Kingdom that results into loss of nearly USD 11.35 billion. Thus, the growth in the cases of fraud and its cost is predicted to drive the fraud detection and prevention market over the review period.
Additionally, the establishment of the big data analytics and cloud computing services, and speedy growth in the mobile banking are the other foremost factor that drive the growth of the fraud detection & prevention market more significantly across the globe. The Cloud infrastructure enables the organizations to encounter the cloud security compliance demands for the encryption, separation of the duties, and admittance control of endangered data. In addition, the growth in the generation of enterprise data and its complication, extraordinary industry-specific requirements, and augment in the incidence of fraud further enhancement the fraud detection & prevention market growth.
Therefore, in the coming years, it is anticipated that the market of fraud detection and prevention will increase around the globe more positively over the forecasted period.
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Ankur Gupta, Head Marketing & Communications