Northbrook, IL 60062 -- (SBWIRE) -- 12/07/2022 -- The global Fraud Detection and Prevention Market size is expected to grow from an estimated value of USD 24.8 billion in 2022 to 65.8 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 21.5% from 2022 to 2027. Some factors driving the FDP market growth include need for safeguarding the privacy of critical data from fraudulent activities and the increasing cases of money laundering cases across various verticals. However, the huge costs associated with deploying FDP solutions, the dearth of skilled security professionals to deal with fraudulent activities, and the lack of integration capabilities with the legacy systems are hindering the growth of the FDP market.

Browse 493 market data Tables and 46 Figures spread through 381 Pages and in-depth TOC on "Fraud Detection and Prevention Market by Solution (Fraud Analytics, Authentication, and GRC), Service (Managed and Professional), Vertical (BFSI, Retail and eCommerce, and Travel and Transportation), Deployment Mode and Region - Global Forecast to 2026"

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1312

By Fraud Type, Identity Fraud segment to hold the largest market size during the forecast period

Identity theft or identity fraud is the misuse of a person's identity or credentials by some other person for fraudulent transactions or criminal activities. Cybercriminals use the stolen identity for making fraudulent purchases or transactions for their gain. Account takeover, new account opening fraud, application fraud, first-party fraud, and synthetic fraud are considered in the identity fraud segment. Enterprises actively implement FDP solutions to prevent theft of identities for financial crimes. According to FTC, around 1.4 million complaints related to identity theft in 2020 were reported. Due to the COVID-19 pandemic, consumer penetration on digital platforms for banking and official purposes has increased significantly. Digital penetration eases the process for end-users and has paved the way for fraudsters to steal crucial identity-related information easily. To combat identity fraud, FDP solutions such as fraud analytics, authentication, and GRC are gaining popularity amongst BFSI, retail, government, and healthcare verticals.

By Solution Type, Authentication segment to grow at the highest CAGR during the forecast period

Authentication technology refers to the process of verifying the identity of users, devices, or systems. Authentication plays a crucial role in the FDP market and protects customer identity from fraudsters. While fraud analytics helps detect fraudulent activities and the possibility of fraud incidents happening in the future, fraud authentication is more inclined toward the prevention of such cases. Fraud authentication helps enterprises maintain the authenticity of transactions/information by blocking unauthorized access to the information and identifying false inputs from users. Based on the use cases and complexity, authentication solutions can be categorized as single-factor authentication (SFA), MFA, and risk-based authentication (RBA).
Request Sample Copy @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=1312

By Vertical, Retail and eCommerce segment to grow at a significant CAGR during the forecast period

The retail industries sell consumer products and services to clients through multiple channels, and it is one of the largest and most demanding verticals. The retail vertical has always been a target for fraudsters because of the many monetary transactions being carried out via VISA, MasterCard, and other payment processing networks in this vertical. 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 face several issues, including fraudulent transactions, which is one of the major issues. Retailers are losing goods from their supply chain and money from their bank accounts as fraudsters and criminals gain access to eCommerce websites using false identities and information. Hence, retail organizations should secure network points that include POS terminals, eCommerce websites, third-party vendors, employees' access points, and increasing IoT-based devices, such as printers and security cameras. FDP solutions are helping the retail industry to identify fraud patterns and trends in customer behavior and alert them when deviations or irregularities are observed.

Key Players

Major vendors in the global FDP market include BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), ACI Worldwide(US), Experian(Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS(Netherland), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US), PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit MarketsandMarkets or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/fraud-detection-prevention-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/fraud-detection-prevention.asp