Fraud Detection & Prevention Market - 2018-2026
Pune, Maharashtra -- (SBWIRE) -- 12/13/2019 --
Fraud Detection & Prevention Market - 2018-2026
Fraud Detection & Prevention Industry:
Fraud Detection and Prevention (FDP) systems are software that give analytical solutions to the detection and prevention of frauds. It basically examines the patterns and abnormalities in transactions from different data sources. Developing technological headways, for example, data mining, machine learning, and statistical modeling have supplanted the traditional techniques for FDP, along these lines expanding the market for the new improved FDP. The regular frauds experienced by the vast majority of the undertakings are information theft, provider and obtainment frauds, asset theft, and internal financial theft.
The reception of fraud detection at the underlying stage is essential to avoid further damage to the business. The FDP framework recognizes the plausible risk and reports doubtful transactions and situations to the particular organization. The Blockchain innovation has decentralized ledger that stores and offers information which is being utilized by the organizations to identify frauds, as it empowers transparency in transactions.
The fundamental shift from physical cards, checks, and currency to digital payments, continues to transform the way consumers and businesses transfer value. Identity, security, and trust are fundamental requirements for payments, commerce, and finance, especially in a digitized economy.
For consumers, data breaches typically mean identity theft. Once compromised, fraudsters can make fraudulent purchases, manipulate listing information, create fake reviews, or change account information, to divert payouts to their own bank accounts. According to the 'Internet Organized Crime Threat Assessment' by the European Cybercrime Centre, non-cash payments are constantly at risk, as fraudsters perceive the online transactions space as a goldmine.
For successful implementation, any fraud prevention mechanism has to be well integrated with various verticals (such as banking, insurance, retail, healthcare, transportation, IT, and others) and easily unified to the fraud detection solutions of multiple vendors.
The global fraud detection and prevention (FDP) market is relied upon to reach US$ 40,580 million by 2023, developing at a high CAGR during the conjecture time frame. Fraud detection and prevention systems are software applications and are being utilized in giving analytical solutions against fraudulent occurrences. It additionally helps in recognizing or avoiding future events.
With the rise of big data analytics and cloud computing, the market is relied upon to experience quickened development during the gauge time frame. The cloud infrastructure enables different organizations to meet cloud security compliance requirement for encryption and access control of protected data. In addition, the development in the generation of big business data and its multifaceted nature, high industry-explicit requirements, and an expansion in the occurrence of frauds will further expand the development of the fraud detection and prevention market.
Free Sample Report PDF >>
Top Key Players Of Fraud Detection & Prevention Industry:
BRIDGEi2i Analytics Solutions
Scope of the Report
Fraud Detection System is a Web-based security solution that can signal the threat of fraud before customers fall prey to the perpetrators. The system analyzes suspicious behavior and produces reports for security and risk mitigation purposes. Unlike network security solutions, the system reports suspicious activity before it escalates into fraud, identity theft or other crimes.
This FDP market report covers a top to bottom examination of the market including statistical and subjective data points, alongside the key market drivers and opportunities and restraints that have positive or negative consequences for the general global market. A select inclusion has been accommodated market drivers and challenges and opportunities for a nation level market in the separate provincial portions. The report involves a competitive investigation of the key players working in the market and covers top to bottom data identified with the competitive landscape of the market and the ongoing methodologies and items that will help or influence the market sooner rather than later.
The fraud detection and prevention market is fragmented based on component type, application, deployment mode, organization size, end-use industry, and by geography. The end-use industry incorporates BFSI, healthcare, retail, government sector, and others. Among these, the selection of FDP in the BFSI sector is required to develop fundamentally, attributable to the acknowledgment of cashless payment modes and digitization, and the developing interest for technological progression. Notwithstanding these, the healthcare portion is required to build its market share in FDP because of expanding wellbeing concerns and online accessibility of wellbeing records of patients.
Identity theft portion to develop at the most astounding CAGR during the gauge time frame
The fraud detection and prevention (FDP) solutions fundamentally help organizations to work proficiently by sparing cost, which help quicken the development of the FDP market. In light of the application, the FDP market has been fragmented as identity theft, payment fraud, money laundering, and others. The identity theft fragment was seeing noteworthy development in the year 2018 and is required to develop with the most astounding CAGR during the figure time frame. Identity theft is abusing an individual's identity or qualifications for fraudulent transactions or crimes. The stolen identity is principally utilized by digital hoodlums for making fraudulent buys or transactions for their own additions.
Complete Industry Report "
Key Market Trends | Growth | Share | Sale | Revenue | Manufactures | Technology Component
SEGMENTATION – BY END-USER INDUSTRIES - BFSI
The growing technological penetration, coupled with the digital channels, such as internet banking, mobile banking, becoming the prominent choices of customers for banking services, there is a greater need for banks to leverage fraud prevention solutions-Fraud prevention and detection represents the biggest area for concerns for the financial institutions and is likely to become one the prominent drivers for IT spending.
The potential risk of fraud is one of the greatest in online payments, which is expected to grow in tandem with the availability of digital customer relationships, as more companies telcos, e-commerce, banks are now offering online payments.
Out of all industries, BFSI is most prone to insiders/employees when fraudulent activities are considered. There have been various instances where employees have been accused of fraud (PNB fraud in India, 2018). To prevent these, the industry needs robust fraud detection and prevention solutions.
Sophisticated online attacks, such as data breaches and malware are expected to augment the demand for fraud detection solutions.
In 2017, authentication solution provider HYPR Corp. received an investment from Mastercard to expand its technology to Mastercard's ecosystem, as well as major banks and financial institutions. Thus, further such initiatives led by major players in the industry are expected to drive innovation in the authentication solutions.
However, BFSI players are facing challenges regarding fraud detection, such as disparate transaction systems, slower fraud detection systems, and high operational costs, which are expected to hamper the market growth.
SEGMENTATION - BY GEOGRAPHY - NORTH AMERICA
In North America, digital transaction, coupled with the use of online banking, is increasing at a remarkable rate, thus, increasing the chances of fraud
The fraud detection and prevention solution can help prevent any online breach of sensitive data and transactions. Increasing cases of fraudulent is expected to propel the market growth in the region over the forecast period.
In May 2017, Bell Canada, one of the largest telecommunication company, globally, reported that an anonymous hacker illegally accessed data of about 1.9 million customers. Following this, in January 2018, the company reported that data of 100,000 customers was accessed illegally, during a security breach.
Cybercrime, such as credit card identity theft, email hacking, account stealing, ransomware, phishing, and DDoS attacks, in the United States and Canada is increasing at an alarming rate, thus, causing monetary losses for enterprises. According to the White House Council of Economic Advisers, about USD 57 billion to USD 109 billion per year is compromised in the US economy, due to malicious cyber activities. As a result, organizations are expected to adopt fraud detection and preventive solutions to mitigate such losses, thereby, driving the market studied, in the region, over the next six years.
North America to overwhelm the global FDP market in 2018
North America is overwhelming the FDP market, trailed by Asia-Pacific, Europe, Middle East and Africa and Latin America. There is an expanding reception of online business and web based administrations in North America that raises the requirement for retailers to embrace FDP measures to decrease financial losses. APAC is the quickest developing area with the expanding consciousness of FDP crosswise over SMEs and developing episodes of frauds, which thusly, quicken the market development. Notwithstanding these, Europe FDP market is seeing development because of the developing assembling industry that expands the odds of frauds, in this manner raising the interest for FDP. For example, in 2015 BMW, a vehicle assembling organization in Germany was defrauded by the assailant for $ 7.7 million that made makers to decide on fraud prevention.
The key players working in the market incorporate IBM, FICO, SAS Institute, BAE Systems, DXC Technology, SAP, ACI Worldwide, Fiserv, NICE Systems, and others. The global fraud detection and prevention market is a profoundly competitive market because of the nearness of different worldwide, territorial, and neighborhood sellers. The interest for fraud detection and prevention is required to drive over the coming a very long time because of rising interests in R&D by key players, for example, IBM, SAP, and others. To extend the market, lion's share of the merchants are embracing new innovations and item dispatches to increase competitive bit of leeway in the global market. The InsurTech market is to a great extent driven by the new item dispatches and obtaining.
The challenge in the global fraud detection and prevention market is exceptional as different worldwide and territorial merchants are giving the new innovation to different end-use enterprises for the development of the market. The fraud detection and prevention merchants are stressing on putting resources into R&D offices to build innovation improvement. The key players and developing sellers have improved their items to have a competitive edge over others. Besides, organizations are engaged with acquisitions and development to improve their item contributions and increment the creation procedure. Industry players have created associations and coordinated efforts with the main innovation suppliers for tending to the interest and reinforce their essence over the globe.
The market studied comprises several global and regional players, vying for attention in a fairly-contested market space. Although the market studied poses high barriers to entry for new players, several new entrants have been able to gain traction, in the market.
The firm concentration ratio is expected to record robust growth, over the forecast period. This can be partly attributed to the lucrative opportunity of consolidation of several software firms. Some of the key players are IBM, SAS, Oracle.
Some of the key developments in Fraud Detection and Prevention Market are as follows:
Maersk and IBM partnered to form a Joint Venture related to Blockchain to improve global trade and digitize supply chains. The new company will aim to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem.
ACI Worldwide collaborated with Nextpayway, a specialist payment platform solution for the gaming industry, for implementing ACI's UP eCommerce Payments solution to deliver next-generation payments and fraud prevention.
The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics Supply and demand
Market size Current trends/opportunities/challenges
Value chain and stakeholder analysis
With the given market data, We offers customizations as per the company's specific needs. The following customization options are available for the report:
Product Analysis: Product matrix, which gives a detailed comparison of the product portfolios of each company
Geographic Analysis: Further breakdown of the European, Asia Pacific, and the Rest of the World segments into their respective countries for this market
Company Information: Detailed analysis and profiling of additional market players (up to 5)
Volume Data: Customization options for volume data (number of units sold) and customization options for volume data (number of tests)
Opportunities Assessment: A detailed report underlining the various growth opportunities presented in the market
The report includes six parts, dealing with:
1.) Basic Information
2.) The Asia Fraud Detection & Prevention Speaker Market
3.) The North American Fraud Detection & Prevention Speaker Market
4.) The European Fraud Detection & Prevention Speaker Market
5.) Market Entry And Investment Feasibility
6.) The Report Conclusion
Table of Content: Fraud Detection & Prevention Market 2026
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
The key insights of The Report Research:
1.The report Research provides key statistics on the market status of the Fraud Detection & Prevention manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report Research provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report Research presents the company profile, product specifications, capacity, production value, and 2018-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report Research estimates 2018-2026 market development trends of Fraud Detection & Prevention industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report Research makes some important proposals for a new project of Fraud Detection & Prevention Industry before evaluating its feasibility.
Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
Download Report Copy >>
"Wise Guy Reports Is Part of the Wise Guy Consultants Pvt. Ltd. And Offers Premium Progressive Statistical Surveying, Market Research Reports, Analysis & Forecast Data for Industries and Governments Around the Globe. Wise Guy Reports Features an Exhaustive List of Market Research Reports from Hundreds of Publishers Worldwide. We Boast a Database Spanning Virtually Every Market Category and an Even More Comprehensive Collection of Market Research Reports Under These Categories and Sub-Categories".