Fraud Detection and Prevention Market Forecast up to 2024

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Overview

Globally, the fraud detection & prevention solutions and services are witnessing a healthy growth in recent years due to the increased use of transactional data surveillance, identity, and access applications, and growing cybersecurity concerns among the enterprises. The enterprises are increasing their spending on security technologies to reduce organizational security breaches, secure the perimeter, data security, content protection & controls, maintain privacy, IP, and APIs among other factors. Hence, the adoption of fraud detection & prevention has been rising in SMEs and large enterprises. Furthermore, the increasing adoption of digital technologies such as IoT, analytics, and mobility technologies is supporting the growth of fraud detection & prevention across various industry sectors.

The enterprises are investing in security technologies for the protection of their organizational assets and customer data due to the rising concern among organizations for the security of their virtualized infrastructure and business information. The vendors are required to put in an effort to promote the benefits of the solutions as there is low awareness among the companies about the available solutions. In addition, there is a lack of industry standards, which is in the development phase. In the digitally connected world, the fraud detection & prevention market has reported a significant growth and is presenting ample opportunities for the industry players. The fraud detection & prevention solutions and services are used by organizations of all sizes (small, medium, and large) across various verticals such as manufacturing, telecom & IT, healthcare, government & public sectors, banking, financial services, and insurance (BFSI), and others.

Market Analysis

According to Infoholic Research, the global fraud detection & prevention market will witness a CAGR of 12.4% during the forecast period 2018–2024. The growth in population, urbanization, globalization, technological advancements, and governmental measures are increasing the need for global security to deal with all kinds of physical information and technological breaches. Besides, the growth in data volumes for businesses and the need to keep the data secure for prospects are further giving an impetus to the growth of data security.

Market Segmentation Analysis

The study covers and analyzes fraud detection & prevention market by components, by solutions, by services, by applications, by organization sizes, by deployment modes, by industry verticals, and regions. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and make informed decisions. The regions coverage includes North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The revenue is generated mainly from North America, Europe, and Asia Pacific. North America is leading the market followed by Europe with Asia Pacific emerging in fraud detection and prevention market.

Regions and Vendors Analysis

The report contains an in-depth analysis of the vendor profiles, which includes financial health, business units, key business priorities, SWOT, strategy and views, and competitive landscape. The key and the prominent vendors covered in the report include SAP SE, IBM Corporation, Microsoft Corporation, SAS, and ACI Worldwide among various others. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.

Benefits

The report encompasses the study of different fraud detection and prevention solutions such as authentication, fraud analytics, governance, risk, and compliance (GRC), reporting and visualization; by services such as consulting services, managed services, support and maintenance services, and others; by applications — money laundering, electronic payment, insurance claim, mobile payment, and others. The fraud detection and prevention market include a major delivery model that is used to deliver deception technology suites including on-premise and on-cloud models. The growth of fraud detection and prevention market is driven by the growing usage of internet among the population, increased usage of cloud-based technology by banking service companies, use of mobile-based applications along with cross-industry partnerships, and significant increase in venture capital investments. The evolution of technologies such as cloud computing, cognitive computing, and machine learning are paving the way for growth of fraud detection and prevention. Furthermore, the report provides details about the major challenges impacting the market growth.

 

1     Industry Outlook 

1.1        Industry Overview

1.2        Industry Trends

1.3        PEST Analysis

2     Report Outline 

2.1        Report Scope

2.2        Report Summary

2.3        Research Methodology

2.4        Report Assumptions

3     Market Snapshot

3.1        Total Addressable Market (TAM)

3.2        Segmented Addressable Market (SAM)

3.3        Related Markets

3.3.1     Artificial Intelligence

3.3.2     Cognitive Analytics

4     Market Outlook 

4.1        Overview

4.2        Market Trends

4.3        Market Definition

4.4        Porter 5 (Five) Forces

5     Market Characteristics

5.1        Market Dynamics

5.1.1     Drivers

5.1.1.1    Increasing need for remote monitoring solutions

5.1.1.2    Increased focus on core business to improve scalability

5.1.1.3    Requirement of regulatory compliance and security

5.1.2     Restraints

5.1.2.1    Shifting of workloads

5.1.2.2    Low awareness about the technology

5.1.3     Opportunities

5.1.3.1    Increasing investments in cybersecurity

5.1.3.2    High adoption of third IT platforms

5.1.3.3    Demand from emerging economies

5.1.4     DRO – Impact Analysis

5.2        Market Segmentation

5.3        Key Stakeholders

6     Components

6.1        Overview

6.2        Solutions

6.2.1     Market Size and Analysis

6.3        Services

6.3.1     Market Size and Analysis

7     Solutions

7.1        Overview

7.2        Authentication

7.2.1     Market Size and Analysis

7.2.2     Single-Factor Authentication (SFA)

7.2.3     Market Size and Analysis

7.2.4     Multi-Factor Authentication

7.2.5     Market Size and Analysis

7.3        Fraud Analytics

7.3.1     Market Size and Analysis

7.4        Governance, Risk, and Compliance (GRC) Solutions

7.4.1     Market Size and Analysis

7.5        Reporting and Visualization

7.5.1     Market Size and Analysis

8     Services

8.1        Overview

8.2        Consulting Services

8.2.1     Market Size and Analysis

8.3        Managed Services

8.3.1     Market Size and Analysis

8.4        Support and Maintenance Services

8.4.1     Market Size and Analysis

8.5        Others

8.5.1     Market Size and Analysis

9     Applications

9.1        Overview

9.2        Money Laundering

9.2.1     Market Size and Analysis

9.3        Electronic Payment

9.3.1     Market Size and Analysis

9.4        Insurance Claim

9.4.1     Market Size and Analysis

9.5        Mobile Payment

9.5.1     Market Size and Analysis

9.6        Others

9.6.1     Market Size and Analysis

10   Deployment Modes

10.1     Overview

10.2     On-premises

10.2.1  Market Size and Analysis

10.3     On-cloud

10.3.1  Market Size and Analysis

11   End-users

11.1     Overview

11.2     Small and Medium-Sized Enterprises (SMES)

11.2.1  Market Size and Analysis

11.3     Large Enterprises

11.3.1  Market Size and Analysis

12   Industry Verticals

12.1     Overview

12.2     Banking Financial Services and Insurance (BFSI)

12.2.1  Market Size and Analysis

12.3     IT and Telecom

12.3.1  Market Size and Analysis

12.4     Healthcare

12.4.1  Market Size and Analysis

12.5     Government & Public Sectors

12.5.1  Market Size and Analysis

12.6     Others

12.6.1  Market Size and Analysis

13   Regions

13.1     Overview

13.2     North America

13.2.1  Market Size and Analysis

13.2.2  DRO for North America

13.3     Europe

13.3.1  Market Size and Analysis

13.3.2  DRO for Europe

13.4     APAC

13.4.1  Market Size and Analysis

13.4.2  DRO for Asia-Pacific

13.5     LAMEA

13.5.1  Market Size and Analysis

13.5.2  DRO for LAMEA

14   Vendor Profiles

14.1     SAP SE

14.1.1  Overview

14.1.2  Business segments

14.1.3  Business Focus

14.1.4  SWOT Analysis

14.1.5  Business Strategy

14.2     IBM Corporation

14.2.1  Overview

14.2.2  Business segments

14.2.3  Geographic Revenue

14.2.4  Business Focus

14.2.5  SWOT Analysis

14.2.6  Business Strategy

14.3     Microsoft

14.3.1  Overview

14.3.2  Business Segments

14.3.3  Geographic Revenue

14.3.4  Business Focus

14.3.5  SWOT Analysis

14.3.6  Business Strategy

14.4     SAS Institute

14.4.1  Overview

14.4.2  Business Focus

14.4.3  SWOT Analysis

14.4.4  Business Strategy

14.5     ACI Worldwide Inc.

14.5.1  Overview

14.5.2  Business Segments

14.5.3  Business Focus

14.5.4  SWOT Analysis

14.5.5  Business Strategy

15   Companies to Watch For

15.1     Coursera, Inc.

15.1.1  Overview

15.2     Udacity, Inc.

15.2.1  Overview

15.3     Feedzai Inc.

15.3.1  Overview

15.4     Fair Isaac Corporation

15.4.1  Overview

15.5     LexisNexis Group Inc.

15.5.1  Overview

Annexure 

Ø             Abbreviations

Infoholic research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:

  • Data Collation (Primary & Secondary)
  • In-house Estimation (Based on proprietary data bases and Models)
  • Market Triangulation
  • Forecasting

infoholic Research Methodology

Market related information is congregated from both primary and secondary sources.

Primary sources involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.

Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.