The global fraud detection & prevention market size is anticipated to reach USD 56.56 billion until 2025. It is anticipated to register growth with 18.9% CAGR during the forecasted period, 2018 to 2025. This growth can be attributed to the rising need for providing cyber security prevailing among several organizations to gain the trust of customers and securing their data.
The organizational segment of large enterprises dominated the global market with share of 75.0%, in 2018 due to their ability to spend more and availability of cyber-technical expertise for preventing and detecting the fraud. The SMBs (Small and Medium Businesses) have also started adopting these solutions due to stringent governing policies and mounting looses prevailing among them due to such frauds.
In 2018, the BFSI vertical segment dominated the global market on account of rising operations like mutual funds, insurance, and stock broking across the banking sector. On the other hand, the retail and e-commerce segment is anticipated to register the fastest growth in the upcoming years, due to surging usage of electronic payment options.
North America held the largest share in terms of revenue owing to huge investments being made by several companies to innovate and develop solutions for detecting and preventing fraud and data leakage. Asia Pacific is projected to register the highest CAGR in the forecasted years, 2018 to 2025 due to the surging fraud cases across China and India.
The fraud detection and prevention market include key players such as SAP SE, Total System Services, Inc., Software AG, Fiserv, Inc., IBM, and Oracle. These players are engaged in product development and innovation to gain a competitive advantage over other players. They are also investing hugely in R&Ds to widen their product portfolio.
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Further key findings from the report suggest:
• In 2018, the payment fraud application segment held the largest share of 40% across the global fraud detection & prevention market.
• The large enterprises segment accounted for a share of around 75% across the global market.
• North America held largest share across the global market, in 2018.
• The key players in this market are SAP SE, Total System Services, Inc., Software AG, Fiserv, Inc., IBM and Oracle.
Million Insights has segmented the global fraud detection & prevention market on the basis of component, solutions, services, application, organization, vertical, and region:
Fraud Detection and Prevention Component Outlook (Revenue, USD Million, 2015 - 2025)
Fraud Detection and Prevention Solutions Outlook (Revenue, USD Million, 2015 - 2025)
• Fraud Analytics
• Governance, Risk, and Compliance
Fraud Detection and Prevention Services Outlook (Revenue, USD Million, 2015 - 2025)
• Professional Services
• Managed Services
Fraud Detection and Prevention Application Outlook (Revenue, USD Million, 2015 - 2025)
• Insurance Claims
• Money Laundering
• Payment Fraud
Fraud Detection and Prevention Organization Outlook (Revenue, USD Million, 2015 - 2025)
• Large Enterprise
Fraud Detection and Prevention Vertical Outlook (Revenue, USD Million, 2015 - 2025)
• Government & Defense
• IT & Telecom
• Industrial & Manufacturing
• Retail & E-commerce
Fraud Detection and Prevention Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Latin America