Global Financial Fraud Detection Software Market: Overview
Fraud is a crime that involves claiming of the valuable thing. Many industries such as government, financial service, and the corporate sectors are affected by the financial frauds. Hence, these financial institutions require an automated system that can handle their real-time data. The use of the traditional methods to handle the increased data analytics is not wise as they are inaccurate and is time-consuming.
Global Financial Fraud Detection Software Market: Segmentation
The financial fraud detection software market is globally fragmented into end user and deployment type. Depending on the end user, the market is segregated into educational institutions, government, financial enterprises, healthcare, and manufacturing sectors. Depending on the deployment type, the market is categorized into identity theft, wire transfer fraud, claim frauds, money laundering, subscription frauds, and credit/debit card fraud.
Global Financial Fraud Detection Software Market: Growth Factors
The technological developments that were made in the recent years have increased the scope of the criminals to commit crime and fraud. The development of the new technologies was made in order to ease down the manual work in the organizations. The use of the solutions provided by the cloud services has become the choice of the organizations to a handle huge amount of digital data. But, then it has also increased the chances of fraud as access to the digital data is made possible. This factor has, therefore, become the key factor for the development of the financial fraud detection software. The main reason why these types of frauds are committed is for the monetary benefits, which results in the fall of the organization’s revenue. To resolve these types of issues the financial fraud detection software is used widely. There are some factors that are restraining the growth of the market which includes the high investment that is required for the infrastructure prior to the installation of this software and the lack of awareness about the software.
Global Financial Fraud Detection Software Market: Regional Analysis
Regionally, the market for financial fraud detection software can be diversified into Eastern Europe, North America, Western Europe, the Middle East & Africa, Latin America, and Asia Pacific. North America is the leader in the financial fraud detection software market and the factor that accounts for this growth is the presence of the large healthcare and financial enterprises in the developed nations such as the U.S. and Canada. The other factor that contributes to the market growth is the presence of the major financial fraud detection software providers in the U.S. In Europe, countries such as U.K., France, and Greece are expanding their financial fraud detection software market owing to the increased rate of crimes such as identity and card fraud. The market in Asia Pacific region will grow at a good speed owing to the increased corruption in the government organizations and corporate fraud.
Global Financial Fraud Detection Software Market: Competitive Players
The key market players that are involved in the financial fraud detection software market include AimBrain, Digital Resolve, Experian Information Solutions, Inc., Gemalto NV, Kount Inc., SAS, Signifyd Inc., Actico GmbH., CipherCloud, Easy Solutions, Inc., FraudLabs Pro, Global Vision Systems, Riskified Ltd., ValidSoft, Oracle, and SEKUR.me.
Global Financial Fraud Detection Software Market: Regional Segment Analysis
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