Fraud detection and prevention (FDP) systems are software systems which provide analytical solutions for detection & prevention of fraud within an organization. FDP applications analyze data from extensive range of data sources for possible inaccuracies. It analyzes anomalies, patterns, and trends in the transactions. It recognizes the outliers and reports the same in case of uncertain situations and transactions. It prevents unauthorized access for preventing fraud incidents. It also authenticates user identity and maintains data integrity.
According to study, “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” The key companies operating in the global fraud detection and prevention market are Lexisnexis Risk Solutions, Friss, Fico, ACI Worldwide Inc., IBM Corp., FIS Global, Fiserv Inc., Dell Technologies, BAE Systems Plc., Nice Ltd., Experian Plc., Oracle Corp., DXC Technology Company, Iovation, SAP SE, SAS Institute Inc., First Data, Guardian Analytics, Wirecard, Easy Solutions, Software AG, Distil Networks, Kount, Maxmind, Securonix, Simility, Equifax Inc., Fair Isaac Corporation, Global Payments Inc., Cybersource Corporation, Feedzai Inc.
Based on type, fraud detection and prevention market is segmented into internal and external. Based on component type, market is segmented into services and solutions. Solution segment is further sub-segmented into authentication (single-factor authentication, multi-factor authentication and risk-based authentication), fraud analytics (descriptive analytics, big data analytics, predictive analytics and social media analytics), government, risk & compliance and others. Fraud analytics is predictable to witness higher CAGR owing to rise in demand among end-use to detect fraud at the earliest during the forecast period. Based on application area, market is segmented into payment fraud, identity theft, money laundering and others. Payment fraud includes mobile payment fraud, electronic payment fraud and credit & debit card fraud. In addition, based on end-use industries, market is segmented into Banking, Financial Services, and Insurance (BFSI), government or public sector, healthcare, retail, telecommunication, real estate, energy & power and manufacturing industries.
The fraud detection and prevention market is driven by rapid increase in mobile banking, followed by surge in deployment of artificial intelligence (AI) & big data analytics, rise in the frequency of cyber-attacks and frauds, increase in revenue losses due to frauds and rise in demand for cloud-based security solutions. However, rapid increase in mobile banking, limited presence of skilled professionals and lack of integration capabilities may impact the market. Moreover, rise in need for strong authentication methods is a key opportunity for market.
Based on geography, the North-America is the leading market region for fraud detection and prevention market owing to increase in loss due to fraudulent activities in organization, change in technological landscape, and presence of prominent market players in the region. The European and Asian-Pacific regions are projected to witness higher growth rate due to stringent government regulations related to money laundering, data protection, and other fraudulent activities over the forecast period. It is anticipated that future of the market will be optimistic on account of increase in proliferation of smart devices, and rise in inconsistent applications of changing regulations & compliance policies during the forecast period. It is predicted that the market will be reached at US $99.5 billion by 2025.
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Ankur Gupta, Head Marketing & Communications