Growing online shopping customers across the world has led to retailers selecting cashless payment solutions. In 2017, the global e-commerce retail sales were at USD 2.3 Trillion as compared to USD 1.8 Trillion in 2016. This number is projected to rise owing to the trend of online mobile shopping. Further, the adoption of artificial intelligence (AI) by various retailers in their business activities is also fueling the market demand. Amazon.com, Inc. announced its plans to use AI in its new “Amazon Go” grocery stores. Bearing in mind these advancements, the annual number of frauds that online retailers have witnessed is increasing. In 2017, the “National Retail Federation” conducted a survey in which the U.S. retail return fraud for all merchants was around USD 15 Billion. This has led to retailers opting for solutions that can help them in preventing scams and reduce losses. Thus, the upsurge of anti-fraud management system market is imminent over the forecast timespan.
Governments of numerous countries are encouraging the usage of technology that will streamline various processes. Some of the common scams that the U.S. government has to cope with are tax and social security fraud, investment frauds, immigration fraud, and many more. Companies such as SAS Institute Inc. are offering solutions that are specifically designed for government agencies. However, lack of knowledge about the benefits of these systems is proving to be a major hurdle for the market growth. It is expected that increasing adoption of internet of things (IoT) in the manufacturing sector will open new avenues for the market in near future.
Anti-fraud management system market is segmented on the basis of component, end user, industry vertical, and region. On the basis of industry vertical, the market is further divided into BFSI, retail, healthcare, IT & telecom, energy and power, government sector, manufacturing, and others. The retail segment is projected to hold a substantial chunk of the market considering the growth of e-commerce. The BFSI sector is anticipated to grow at a noteworthy rate. This growth is attributed to the adoption of cashless payments and digitalization of data.
Asia Pacific region will grow at a substantial rate in the global anti-fraud management system market till 2025. China and India are projected to witness huge demand for the market in this region. Adoption of technology in various sectors and considerable economic growth will fuel the demand for these solutions over the coming years. Europe will maintain its share in the market between 2019 and 2025 due to the growing demand in manufacturing sector.
Prominent players in anti-fraud management system market are Oracle Corporation, SAP SE, SAS Institute Inc., BAE Systems plc, IBM Corporation, ACI Worldwide Inc., Fair Isaac Corporation, Fiserv, Inc., Capgemini, and Computer Sciences Corporation among others. Major organizations such as SAP SE, Oracle Corporation, and IBM Corporation are focusing on developing customized solutions with additional features for the BFSI sector. Additional features offered in their solutions include real-time monitoring, cognitive computing, and helping organizations to in doing business with forbidden companies by screening them with the list provided by government and international organizations.
The report segment of global anti-fraud management system market as follows:
Global Anti-Fraud Management System Market: Component Segment Analysis
Global Anti-Fraud Management System Market: End User Segment Analysis
Global Anti-Fraud Management System Market: Industry Vertical Segment Analysis
Global Anti-Fraud Management System Market: Regional Segment Analysis