North America Increasing Global Dominance in Fraud Detection & Prevention Market
The global fraud detection & prevention market is expected to witness a CAGR of 12.4% to reach $30.74 billion by 2024
Bangalore, India, December 6, 2018: With its recently published study “Fraud Detection & Prevention Market – Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global market for fraud detection & prevention will continue to grow, owing to the increasing number of application areas in both developed and emerging economies. In the present scenario, advancements in the cyber-security technology and rise in the use of surveillance, identity, and access applications are few of the primary drivers for the growth of the market. The fraud detection and prevention solutions and services are being used by organizations of all sizes (small, medium, and large) across various verticals such as manufacturing, telecom & IT, healthcare, retail, banking, financial services, and insurance (BFSI), and others. With increasing global competition and raising awareness about fraud detection and prevention solutions across the globe.
The fraud detection & prevention market is estimated to be $15.2 billion in 2018 and is expected to reach $30.74 billion by 2024, growing at a CAGR of 12.4% during the forecast period 2018–2024. The increasing usage of m-commerce, mobile applications, cloud computing, digital banking services, and innovation in online payment are supporting the market growth for fraud detection & prevention.
North America has the largest market share for fraud detection & prevention. Major banking and financial institutions and enterprises in the US and Canada have been shifting their traditional legacy security systems and processes to cloud-based fraud detection & prevention solutions and services. The government is also focusing on the emerging FDP technology and is facilitating huge investments in the region. The dominance of North America will continue during the forecast period, while underdeveloped countries and emerging economies are expected to witness a higher adoption rate, thereby boosting the fraud detection & prevention market.
“The market is witnessing growth due to the adoption of cloud-based fraud detection and prevention solutions and services by the telecom & IT sector and health centers with mass movement towards digital transformation. Furthermore, financial institutions and banking organizations are heading towards enhancing their fraud detection and management portfolio and are entering partnership with technology providers to cater to the increasing needs of securing organization assets, data, and information,” said Pradeep Singh, Sr. Research Analyst, Infoholic Research.
Key insights of the report include:
- Components - Solutions and Services
- Solutions - Authentication, Fraud Analytics, Governance, Risk, and Compliance (GRC) Solutions, and Reporting and Visualization
- Services - Consulting Services, Managed Services, Support and Maintenance Services, and Others
- Applications - Money Laundering, Electronic Payment, Insurance Claim, Mobile Payment, and Others
- Deployment Modes - On-premises and On-cloud
- Organization Sizes - Small and Medium-Sized Enterprises (SMES) and Large Enterprises
- Industry Verticals - BFSI, IT and Telecom, Healthcare, Government & Public Sectors, and Others
- Regions - North America, Europe, Asia Pacific, Latin America, Middle East & Africa (LAMEA)
- Industry outlook: Market trends, drivers, restraints, and opportunities