Global Fraud Detection and Prevention Market Insights
The Global Fraud Detection and Prevention market size is expected to reach USD 132,661.23 Million by 2027, from USD 25,534.44 Million in 2021, at a CAGR of 22.9% during the forecast period (2021 - 2027).
The adoption of digitalization and IoT increased the adoption rate of fraud detection and prevention systems. however, increased revenue loss due to fraud is the major factor expected to drive the growth of the FDP market. Several opportunities exist in the FDP market, including an increase in the use of AI and ML in the banking sector to boost the fraud detection and prevention market, as well as an increase in demand for fraud detection and prevention solutions in SMEs.
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Global Fraud Detection and Prevention Market Segmental Analysis
The Global Fraud Detection and Prevention market is segmented based on Component, Application, Deployment, Enterprise’s size, Industry and Region. Based on Component is Categorized into Solutions and Services, Based on Application Area is Categorized into Insurance Claims, Money Laundering, Electronic Payment, and others, Based on Deployment Cloud and On-Premise, Based on Enterprise Size is Categorized into Large Enterprises and Small & Medium Enterprises (SMEs), Based on Industry is Categorized into BFSI, IT and Telecom, Retail and Consumer Packaged Goods, Government, Construction and Real Estate, Energy and Utilities, Travel and Transportation, Manufacturing, Healthcare and Life Sciences, Media and Entertainment and Other. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Top Players Company Profiles
IBM Corporation (US)
Experian Information Solutions, Inc. (Brazil)
Gemalto - Thales Group (France)
ACI Worldwide, Inc. (US)
BAE Systems (US)
Fair Isaac Corporation (US)
Fidelity National Information Services, Inc. (US)
NICE Actimize Ltd. (Israel)
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In February 2021, ClearSale LLC launched an e-commerce podcast to detect and mitigate fraud. During the ongoing COVID-19 pandemic, the solution was created to discuss the challenges and emerging trends in fraud across e-commerce and social media platforms.
In October 2020, during a pandemic, Thales Group and Gemalto launched an identity verification suite. By digitally checking IDs, the solution helps to reduce ID fraud. Such proactive initiatives are expected to drive the growth of the fraud detection and prevention market in the coming years.
In July 2020, NICE Actimize improved SURVEIL-X, a comprehensive trade surveillance solution. SURVEIL-X has been enhanced with self-service analytics for customs risk detection. Financial Services Organizations (FSOs) can use SURVEIL-X Studio to quickly create, test, and deploy custom analytics risk detection models to close regulatory and operational risk gaps.