Sellbyville, DE -- (SBWIRE) -- 11/22/2018 -- Fraud Detection and Prevention Market size is expected to grow rapidly as there is a need to restrict the rising fraud globally. Companies are more prone to fraudulent incidents, which result in huge financial losses. As the size of the enterprise increases, the amount of data also increases and its analysis becomes a complex task, which increases the risk of fraudulent activities. Hence, the demand for fraud detection and prevention market is growing at a fast rate as it assists in preventing this critical data from attacks.

Various occupational frauds experienced by the enterprises include physical asset theft, information theft, internal financial theft, and supplier or procurement frauds. The BFSI sector is the main area of focus of the fraudsters as they are engaged in huge monetary transactions and card payments. This makes the adoption of fraud detection and prevention market more important, preventing frauds by spotting them at an initial stage.

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Fraud detection and prevention systems avert unauthorized access by verifying user identity and data integrity and thus preventing fraud accidents. Furthermore, with a rise in solutions, such as increased use of digital data mode, high usage of internet enabled devices, and cloud services, the vulnerability of enterprises toward fraud has increased rapidly, further fueling the fraud detection and prevention market demand.
Based on services, the fraud detection and prevention market can be segmented into professional services and managed services. The professional services can further be sub-segmented into consulting services, training and maintenance service and support services. The professional services are dominating the industry share owing to the improvement of operations, the rise in business productivity, and safe financial management.

Based on industry vertical, the fraud detection and prevention market can be segmented on the basis of retail, telecommunication, BFSI, government and public sector, healthcare, energy, and travel and transport. The BFSI sector has the highest market share owing to the increasing fraud and money laundering cases in this industry. Increase in online transactions, insurance-related frauds, and card-related frauds are driving the industry growth.

The healthcare department is also growing rapidly owing to the increasing demand for advanced medical service, growing health concern, adoption of online health records, and remote patient monitoring.

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North America is dominating the fraud detection and prevention market due to the presence of a large number of vendors operating in this region and the increasing adoption of e-tailing and other online-based services.
Asia Pacific is anticipated to grow at a fast rate over the forecast time span owing to factors such as fast-growing economies and rise in the awareness of small and medium scale enterprises. Countries, such as India and China, are deploying these fraud detection and prevention systems, which are mainly due to the growth in fraudulent incidents in this region owing to the rise in online payments and transactions.

The main players operating in the fraud detection and prevention market include IBM Corporation, FICO, SAS Institute, Computer Sciences Corporation, SAP SE, BAE Systems, Fiserv, Inc., Oracle Corporation, ACI Worldwide, and BAE Systems. The fraud detection and prevention market provide competitive benchmarking of leading players providing product offerings and key strategies such as mergers & acquisitions and partnerships.

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