Northbrook, IL -- (SBWIRE) -- 01/11/2019 -- According to a new market research report "Fraud Detection and Prevention (FDP) Market by Solution (Fraud Analytics, Authentication, and Governance), Service, Application Area (Identity Theft, Payment Frauds, and Money Laundering), Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the FDP market size is expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.6%.

Growth factors for the FDP market include increasing revenue losses faced by the organizations due to growing frequency and sophistication of cyber frauds and attacks and rapid growth in electronic transactions.

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Organizations growing need to tackle increasing revenue losses due to the rising fraudulent attacks is a major growth factor for the fraud detection and prevention market. Also, the increasing use of electronic transactions across verticals would drive the overall market.

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Identity theft application area segment to grow at the highest CAGR from 2018 to 2023

FDP solutions help organizations operate efficiently while saving costs, which has been the key factor for the market growth. The FDP market by application area has identity theft, payment fraud (electronic payment fraud, mobile payment fraud, and credit card or debit card frauds), money laundering, and others (including banking transactions and fund transfers) segments. The identity theft application area segment is expected to register growth at the highest CAGR in the FDP market during the forecast period. Identity theft or identity fraud is misusing a person's identity or credentials by some other person for fraudulent transactions or criminal activities. The stolen identity is used by cyber criminals for making fraudulent purchases or transactions for their personal gains.

Increase in the frequency and sophistication of cyber frauds and attacks to drive the FDP market during 2018–2023

The FDP market by vertical covers Banking, Financial Services, Insurance (BFSI), retail, telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, and other verticals. Among them, the retail vertical is expected to grow at the highest CAGR from 2018 to 2023. The vertical has always been a target for fraudsters, because of several monetary transactions been carried out via VISA, MasterCard, and other payment processing networks. Moreover, it is always on the top in terms of cost-cutting, revenue margins, and the adoption of the latest technologies.

With the growth in eCommerce, retailers are facing several issues, including fraudulent transactions. The banking vertical is estimated to hold the largest market size in 2018, due to the increased adoption of FDP solutions. The BFSI vertical is also a major target for cyber criminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Moreover, due to its amount of transactions (both monetary and data centric), number of transactions, technological advancements, and digitalization of financial sector, the possibility of frauds in the BFSI vertical is increasing significantly.

North America to dominate the global FDP market in 2018

North America is estimated to hold the largest market size in the FDP market by region in 2018, as the region is a mature and well-established market with a healthy risk appetite and inclination toward technological innovations. The FDP market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2018 and 2023. Major growth factors for the APAC market include increasing technology adoption, significant opportunities across industry verticals, and strict directives for data privacy in APAC countries, especially India and China.

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The report covers different growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by major players to increase their market share. Major technology vendors in the global FDP market include IBM (US), FICO (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), NICE Systems (Israel), Experian (US), LexisNexis Risk solutions (US), iovation (US), Friss (Netherlands), Dell Technologies (US), First Data (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), Distil Networks (US), Guardian Analytics (US), Securonix (US), MaxMind (US), Kount (US), and Simility (US).

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