Fraud Detection and Prevention Market Size, Share, Trends, Growth 2032

Fraud Detection and Prevention Market Insights

Zion Market Research has published a report on the global Fraud Detection and Prevention Market, estimating its value at USD 30.86 Billion in 2023, with projections indicating that it will reach USD 162.01 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 20.23% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Fraud Detection and Prevention Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Fraud Detection and Prevention Market: Overview

The report gives a transparent view of the fraud detection and prevention market. We have included a detailed competitive scenario and portfolio of leading vendors operative in the fraud detection and prevention market. To understand the competitive landscape in the fraud detection and prevention market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Fraud Detection and Prevention Market: Growth Drivers

The rise in online shopping has led to retailers opting for cashless payment options. In 2017, the global e-commerce retail sales were valued at USD 2,304 billion as compared to USD 1,845 billion in 2016. This number is anticipated to rise in the future considering the trend of online mobile shopping and the adoption of artificial intelligence (AI) by numerous retailers in their businesses. For instance, Amazon is planning to use AI for its new “Amazon Go” grocery stores.

Governments of several countries are promoting the use of technology to streamline their processes. Some common scams that the U.S. government has to deal with are immigration fraud, tax and investment frauds, social security fraud, etc. Many market players, such as SAS Institute Inc., are offering fraud detection solutions that are specifically designed for government agencies. This is anticipated to be the primary growth driver of the global fraud detection and prevention market over the estimated timeframe.

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However, integrating solutions with the existing systems are proving to be a major hurdle in the development of global fraud detection and prevention market. Conversely, the increasing adoption of the internet of things (IoT) in the manufacturing sector is likely to open new growth avenues for the fraud detection and prevention market on a global scale.

Fraud Detection and Prevention Market: Segmentation

The global fraud detection and prevention market is segmented on the basis of deployment, component, end user, and industry vertical.

By deployment, the global fraud detection and prevention market is segmented into on-premises and cloud.

Solutions and services comprise the component segment of global fraud detection and prevention market.

Small and medium enterprises (SMEs) and large enterprises form the end-user segment of this market.

The industry vertical of this market includes retail, BFSI, IT and telecom, healthcare, government sector, energy and power, manufacturing, and others. The IT and telecom segment is anticipated to hold a significant share of the fraud detection and prevention market, owing to the expansion of business activities by various organizations in the sector. The BFSI sector is expected to grow notably in terms of demand for technology, due to the adoption of cashless payments and data digitalization.

Fraud Detection and Prevention Market: Report Scope

Fraud Detection and Prevention Market: Regional Analysis

The regional segment of this market comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe.

North America is likely to hold a notable share of the global fraud detection and prevention market over the estimated timeframe, owing to the presence of giant players, such as IBM Corporation, Oracle Corporation, SAS Institute Inc., Dell Technologies Inc., etc. With various technological breakthroughs witnessed in the energy and power sector, the fraud detection and prevention market in this region is expected to expand over the forecast timespan. The Asia Pacific is expected to grow considerably in the global fraud detection and prevention market over the estimated period. This can be attributed to the growing IT and telecom sector in the region’s developing economies, such as China and India.

Fraud Detection and Prevention Market: Competitive Analysis

The global fraud detection and prevention market is led by players like:

• SAP SE
• Oracle Corporation
• BAE Systems PLC
• SAS Institute Inc
• ACI Worldwide Inc
• IBM Corporation
• Fiserv, Inc
• Fair Isaac Corporation
• Dell Technologies Inc
• Software AG

This report segments the global fraud detection and prevention market into:

Global Fraud Detection and Prevention Market: Deployment Analysis

• On-Premises
• Cloud

Global Fraud Detection and Prevention Market: Component Analysis

• Solutions
• Services

Global Fraud Detection and Prevention Market: End-User Analysis

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Global Fraud Detection and Prevention Market: Industry Vertical Analysis

• Retail
• BFSI
• IT and Telecom
• Healthcare
• Government Sector
• Energy and Power
• Manufacturing
• Others

Global Fraud Detection and Prevention Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa