New York, USA, June 22, 2020 (GLOBE NEWSWIRE) -- The newest research report on the Coronavirus impact on global fraud detection & prevention market published by Research Dive deliberates the impact of COVID-19 pandemic on the current and upcoming growth of the market. This report is a comprehensive research formulated by considering all the vital aspects such as regional market conditions, market drivers and decliners, opportunities, and size & scope of the market.
Key Highlights of the Report:
The COVID-19 crisis has affected the global market for fraud detection & prevention in a positive way. According to the report, the global fraud detection & prevention market was accounted for $18.8 billion in 2018 and is expected to garner $145.7 billion by growing at a healthy growth rate of 29.6% by 2026. In the present situation, the market has garnered $31.5 billion owing to the growing cases of cybercrimes and frauds during COVID-19 crisis.
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Factors Driving the Market Growth amidst Covid-19 Pandemic:
The global fraud detection & prevention market is expected to observe remarkable growth owing to rising cases of cyber-attacks, financial frauds or crimes, and data breaching activities in the course of the COVID-19 pandemic. Moreover, developments in fraud detection & prevention software such as pre-defined scenarios for historical and real-time alerts and flexible browser-based interfaces are augmenting the growth of the market.
Current Face of the Market Due to COVID-19:
Some of the top players in this market are focused on developing more advanced fraud detection and prevention solutions that can help businesses to identify and respond to any unusual behavior of online traffic and prevent breaching of data. For example, Software AG, a front-runner in fraud detection & prevention software has introduced fraud detection and prevention apps that are built using the Complex Event Processing (CEP) engine.
During the COVID-19 pandemic, experts have observed a significant rise in the number of fraud-attacks, cybercrimes, data breaching, etc. The attempts for credit and debit card fraud attacks are accelerating as consumers’ are suffering from the COVID-19 pandemic and ensuing stagnation. Hence, there is an increase in the demand for fraud detection & prevention solutions during this disastrous situation.
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Future Scope of the Market:
According to the report, the global fraud detection & prevention market is anticipated to undergo continuous growth post-COVID-19 pandemic. New entrants and some of the leading players including Total System Services Inc., Equifax Inc., ACI Worldwide Inc., Orcale Ltd., Dell Inc., Fiserv Inc., SAS Institute Inc., Experian plc., SAP SE, INM Limited., and others are expected to come up with novel advances and bring in rewarding opportunities for the market growth in the next few years.