Emergence of big data analytics and cloud computing services along with rise in mobile payments drive the growth of the global Fraud Detection & Prevention Market. However, high cost of fraud detection & prevention solutions restrains the market growth. On the other hand, technological advancements and rise in adoption of anti-fraud management system solutions in developed and developing regions create new opportunities in the coming years.
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The report offers detailed segmentation of the global fraud detection & prevention market based on component, organization size, deployment, industry vertical, and region.Based on industry vertical, the BFSI segment held the largest share in 2021, accounting for more than one-fifth of the global fraud detection & prevention industry. However, the retail segment is estimated to witness the largest CAGR of 26.6% from 2022 to 2031.
Based on component, the solution segment accounted for the highest share in 2021, holding nearly two-thirds of the total market share, and is estimated to maintain its dominance by 2031. However, the services segment is estimated to manifest the highest CAGR of 25.3% from 2022 to 2031.
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Covid-19 Scenario:
- Owing to outbreak of the Covid-19 pandemic, business operations moved toward a remote working environment. Many organizations adopted work from home and remote working cultures. This led to vulnerabilities in security of data and information. This improved the need for fraud detection & prevention solutions.
- In addition, many verticals such as retail and healthcare adopted IoT connected technologies. Also, the digital payments surged considerably. Therefore, the requirement for fraud detection & prevention solutions surged to offer necessary security layers and protection from fraudulent activities.
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