According to the report published by Allied Market Research, the global fraud detection & prevention market generated $29.80 billion in 2021, and is estimated to reach $241.23 billion by 2031, witnessing a CAGR of 23.8% from 2022 to 2031.
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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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.
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.
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Some of the notable trends in market include:
- Emphasis on real-time detection and prevention: As fraudsters become more sophisticated and attacks become more frequent, there is a growing need for real-time fraud detection and prevention. This can help to minimize the impact of fraudulent activities and reduce losses for businesses and organizations.
- Use of artificial intelligence and machine learning: Artificial intelligence (AI) and machine learning (ML) are being used to improve the accuracy and efficiency of fraud detection and prevention systems. These technologies can analyze large amounts of data in real-time and detect anomalies and patterns that may indicate fraudulent activity.
- Integration with other security technologies: Fraud detection and prevention solutions are being integrated with other security technologies, such as identity and access management (IAM) and security information and event management (SIEM) systems. This can help to provide a more comprehensive approach to security and improve the overall effectiveness of fraud prevention efforts.
- Focus on customer experience: While fraud prevention is essential, businesses and organizations are also mindful of the need to provide a positive customer experience. As such, there is a growing emphasis on balancing fraud prevention with user experience, to minimize false positives and ensure that legitimate transactions are not blocked.
- Expansion into new industries and regions: The demand for fraud detection and prevention solutions is expanding beyond traditional industries such as finance and banking, to other sectors such as healthcare, retail, and e-commerce. There is also a growing demand for these solutions in emerging markets, as businesses seek to address the increasing threat of fraud in these regions.
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Based on region, North America contributed to the highest share in 2021, accounting for more than two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 26.1% during the forecast period.
Leading players of the global fraud detection & prevention market analyzed in the research include IBM Corporation, SAS Institute Inc., Oracle Corporation, SAP SE, Fair Isaac Corporation, ACI Worldwide, BAE Systems, Experian PLC, NCR Limited, Precisely, and LexisNexis.
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