Fraud Detection and Prevention Market

Fraud Detection and Prevention Market Worth USD 63.1
Billion By 2025
RISE IN INNOVATION LEADS TO GROWTH OF FRAUD DETECTION AND
PREVENTION MARKET
The global fraud detection and prevention market is expected to surpass USD
63.1 billion by 2025, which presents ample opportunities to the industry players.
These players shift their focus to differentiate their technology and demonstrate
their technical skills through innovative fraud detection and prevention
development techniques. Established market players such as IBM, SAS Institute,
and FICO are innovating new software tools by using advanced analytics
technologies such as machine learning and artificial intelligence. These
technologies are widely adopted by several cybersecurity firms as it detects fraud
from complex big data in minimum time. Companies, such as Ravelin have a high
focus on using machine learning technology to detect and prevent fraud using
logistic regression, decision tree approach.
These solutions are important pertaining to the augmented public awareness
coupled with technological advancements in the fraud detection and prevention
market. Rise in e-commerce market with extensively low fraud detection and
prevention awareness in some emerging economies, such as India and South
Africa, the introduction of novel solutions, and software tools to detect fraud, and
government support for cybersecurity are the major factors expected to propel
the demand.
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North America to remain dominant in fraud detection and prevention market
over the forecast period
Geographically, North America is considered the largest market for fraud
detection and prevention accounted for the largest share in 2017. The increase in
cybercrime among the organizations in the region, due to the adoption of
advanced payment technology has fueled the growth of the fraud detection and
prevention market. The USA is expected to witness an exponential growth rate
over the forecast period, due to the well-established sectors such as healthcare,
financial institutions, and retail industries; this contributed to the highest share in
the fraud detection and prevention market. Mexico is considered the second
largest country followed by Canada, which is anticipated to show a below average
growth rate.
However, Asia-Pacific is expected to witness the highest growth rate from 2018 to
2025. This region experienced the highest rate of cybercrime and money
laundering issues within the companies, due to the increased use of IP-based
service.
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Fraud analytics segment to lead fraud detection and prevention market by 2025
The fraud detection and prevention market by the solution is segmented into
fraud analytics, authentication, governance, risk, and compliance (GRC) solution,
and others. The fraud analytics is further classified into subsegments such as
predictive, customer, social media, big data, and behavioral. Similarly, the
authentication segment is also further bifurcated into two subsegments, such as
single-factor and multi-factor authentication.
Fraud analytics solution is considered to be the largest segment due to the
demand for big data analytics among the organizations to detect fraud insights in
minimum time. The use of various fraud analytics solutions such as big data,
predictive, and others are expected to obstruct fraudulent activities and provide
cognitive solutions to the end users. Big data analytics is a type of fraud analytics
solutions, which are mostly used by the vendors of fraud detection and
prevention market; as a result, the growth is fueled rapidly. Globally, the high
growth for fraud analytics is mainly from the Asia-Pacific region, followed by
ROW.
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However, authentication solutions are anticipated to witness an exponential
growth rate on the backdrop of stringent cybersecurity regulations. These
solutions involve a lower cost of development and manufacture, which allows for
a lesser selling cost compared to fraud analytics solutions. SMEs are among the
major buyers of authentication solutions. Single-factor authentication (SFA) and
multi-factor authentication (MFA) are the two subsegments of the authentication
solution in the fraud detection and prevention market. North America is projected
to account for the largest market share throughout the forecast period, followed
by Asia-Pacific.
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The global fraud detection and prevention market is expected to surpass USD 63.1 billion by 2025

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