Newark, Sept. 12, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 36 billion in 2023 global fraud detection and prevention market will reach USD 213.8 billion in 2033. Fraud manifests in various forms, such as identity theft, embezzlement, money laundering, tax evasion, counterfeiting, mortgage fraud, and credit card fraud. Broadly defined, fraud involves intentionally deceiving a victim, misrepresenting facts, or lying for financial or other gains. This deception can lead to the loss of money, property, legal rights, or even personal identity. Fraud also includes omitting essential facts, failing to fulfil promises, or using fabricated documents and actions to trick the victim, all of which are considered legal fraud.
Request The Sample PDF Of This Report: https://www.thebrainyinsights.com/enquiry/sample-request/13635
The increasing automation and digitization of the global economy have contributed to a rise in fraud cases, as these technologies offer easier access to potential victims through the Internet. Fraud detection and prevention involve identifying these threats through data analysis, artificial intelligence (AI), and machine learning (ML) to protect users and prevent fraudulent activities. With the advent of novel technologies, market players and stakeholders can analyse large volumes of data in real-time, detecting patterns and trends associated with fraud to prevent losses of sensitive information, money, property, and legal rights. Fraud detection and prevention measures are employed across various sectors, including banking, insurance, military, and aerospace. These systems, such as ongoing risk evaluations, fraud reporting systems, data mining and analysis, and manual checks, help maintain customer trust and protect the brand reputation of organizations. By implementing these solutions, companies can safeguard themselves from significant financial losses.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 36 Billion |
| Market Size in 2033 | $ 213.8 Billion |
| CAGR | 19.5% |
| No. of Pages in Report | 231 |
| Segments Covered | Product Type, Enterprise Type, Industry Vertical and Deployment Type |
| Drivers | The increasing automation and digitization of economies |
| Opportunity | Technological innovations in AI and ML |
| Restraints | The lack of professionals |
Key Insight of the Global Fraud detection and prevention Market
North America will dominate the market during the forecast period.
In 2023, North America emerged as the largest market for fraud detection and prevention, capturing a 41% share of the global market revenue. The region's dominance is attributed to the presence of major market players offering a wide range of solutions and services to its extensive digital economy. The consumer market for these services is also large, encompassing significant banking, finance, insurance firms, defence manufacturers, retail, and e-commerce sectors. The rise in cyber-attacks in North America has driven regulatory authorities to improve fraud detection and prevention solutions, further supporting market growth.
In 2023, the solutions segment dominated the market with the largest market share of 53% and revenue of 19.08 billion.
The product type segment is divided into solutions and services. In 2023, the solutions segment dominated the market with the largest market share of 53% and revenue of 19.08 billion.
In 2023, the large enterprises segment dominated the market with the largest market share of 56% and revenue of 20.16 billion.
The enterprise type segment is divided into small and medium enterprises and large enterprises. In 2023, the large enterprises segment dominated the market with the largest market share of 56% and revenue of 20.16 billion.
In 2023, the BFSI segment dominated the market with the largest market share of 27% and revenue of 9.72 billion.
The industry vertical segment is divided into BFSI, government, manufacturing, real estate, retail and e-commerce, healthcare, travel and transportation, telecommunications and others. In 2023, the BFSI segment dominated the market with the largest market share of 27% and revenue of 9.72 billion.
In 2023, the cloud segment dominated the market with the largest market share of 52% and revenue of 18.72 billion.
The deployment type segment is divided into cloud and on-premises. In 2023, the cloud segment dominated the market with the largest market share of 52% and revenue of 18.72 billion.
Advancement in market
In May 2023, Moonsense, a leader in fraud protection, secured $4.2 million in early funding to promote its user behavioral and network intelligence solution. This platform aims to future-proof businesses' fraud detection and prevention efforts, with industries like financial services, FinTech, online retail, and gaming actively using Moonsense's technology. The platform uses digital body language and source data to tailor fraud control strategies to specific business needs.
Procure Complete Report (388 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.thebrainyinsights.com/report/fraud-detection-and-prevention-market-13635
Market Dynamics
Driver: The increasing automation and digitization of economies.
The increasing automation and digitization of economies, particularly with the rise of Industry 4.0, are driving the demand for fraud detection and prevention solutions. The growing use of Internet banking, digital payments, and mobile app-based banking services in the BFSI sector, along with the booming e-commerce industry, has led to a surge in cyber fraud cases, such as identity theft, phishing, counterfeiting, and credit card fraud. The rapid pace of digitalization, combined with the lack of comprehensive regulatory frameworks to protect individual users, has necessitated the adoption of fraud detection and prevention measures by businesses.
Restraints: The lack of qualified professionals.
The lack of qualified professionals is a significant challenge for the fraud detection and prevention market. The dynamic nature of digital fraud requires constant adaptation and proactive identification of emerging threats. However, there is a shortage of skilled analysts and experts in the field, partly due to the lack of awareness about these job roles, insufficient training programs, and inadequate infrastructure. The high level of expertise required for these positions further exacerbates the talent shortage, hindering the market's growth.
Opportunities: Advances in AI and ML.
Advances in AI and ML present significant opportunities for the fraud detection and prevention market. These technologies form the foundation of modern fraud prevention solutions, enabling real-time analysis of large data sets to provide insights that protect businesses and consumers. AI and ML offer accuracy, speed, reliability, and real-time monitoring capabilities, helping economies safeguard citizens and national security interests. Ongoing innovations in AI and ML will continue to enhance fraud detection and prevention solutions, allowing them to stay ahead of emerging threats and create new opportunities in the global market.
Challenges: the absence of international laws and policies.
The global community has benefited from the digital economy. Along with new opportunities, globalisation has also brought with it new risks. Nation-state boundaries do not prevent scammers from targeting people worldwide. Users' vulnerability in the digital sphere has increased as a result of the growing usage of smart connected devices, growing internet penetration, and more integration of the global economy. In order to create a complete legislative framework that addresses digital crime detection, prevention, monitoring, and accountability, cross-border crimes require international cooperation and coordination. The users are vulnerable to attacks and losses due to the lack of worldwide agreement on a comprehensive structure. Therefore, the market's expansion will be hampered by the absence of a global regulatory and policy framework.
Inquiry Before Buying @ https://www.thebrainyinsights.com/enquiry/buying-inquiry/13635
Some of the major players operating in the global fraud detection and prevention market are:
• ACI Worldwide
• BAE Systems PLC.
• Fair Isaac Corporation (FICO)
• FIS Global
• Fiserv, Inc.
• International Business Machines Corporation
• LexisNexis
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
Key Segments covered in the market:
By Product Type
• Solutions
• Services
By Enterprise Type
• Small and Medium Enterprises
• Large Enterprises
By Industry Vertical
• BFSI
• Government
• Manufacturing
• Real Estate
• Retail and Ecommerce
• Healthcare
• Travel and Transportation
• Telecommunications
• Others
By Deployment Type
• Cloud
• On-Premises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
