Over the next five years, the global fraud detection and prevention market is expected to grow at a nearly 20% clip to hit a market size of over $42 billion.
Fraud detection and prevention (FDP) solutions have thus become more important in the current scenario than it has ever been. Traditional methods of fraud detection have been replaced by sophisticated techniques involving statistical modelling and simulation, machine learning and data mining techniques. Emergence of e-banking and e-commerce, high adoption of IP-Based services, growth in online transactions and increasing revenue losses due to fraudulent activities are some of the factors augmenting the demand for fraud detection and prevention solutions across the globe.
According to a 2017 report by Orbis Research, online fraud is now the “the fastest emerging threats to all types of organizations” as the rise of the internet and its associated information delivery technologies have exposed almost every financial sector to the “threat of organized and automated crimes.”
Global Market Insights predicts:
North America is dominating the fraud detection and prevention market due to the presence of a large number of vendors operating in this region and the increasing adoption of e-tailing and other online-based services.
Asia Pacific is anticipated to grow at a fast rate over the forecast time span owing to factors such as fast-growing economies and rise in the awareness of small and medium scale enterprises. Countries, such as India and China, are deploying these fraud detection and prevention systems, which are mainly due to the growth in fraudulent incidents in this region owing to the rise in online payments and transactions.
The main players operating in the fraud detection and prevention market include IBM Corporation, FICO, SAS Institute, Computer Sciences Corporation, SAP SE, BAE Systems, Fiserv, Inc., Oracle Corporation, ACI Worldwide, and BAE Systems. The fraud detection and prevention market provides competitive benchmarking of leading players providing product offerings and key strategies such as mergers & acquisitions and partnerships.