PRNEWSWIRE: The Report “Fraud Detection and Prevention Market by Solution (Fraud Analytics and Authentication), Service, Application Area (Insurance Claim, Money Laundering, Electronic Payment, and Mobile Payment), Organization Size, Vertical, and Region – Global Forecast to 2022”, published by MarketsandMarkets, predicts that the Fraud Detection and Prevention Market is expected to grow from USD 16.62 Billion in 2017 to USD 41.59 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.1%.
The demand for solutions, which can help enterprises detect the fraudulent activities and prevent them from occurring, is increasing with a high growth rate. The number of frauds is increasing at a stagnant rate, but it is the increase in the revenue loss that is driving the demand for FDP solutions. All the FDP solutions should work simultaneously in order to provide a fraud-proof enterprise environment. FDP solutions provide a strong defense against fraudulent activities and safeguard organizations from internal and external threats. As the frequency of sophisticated fraud attacks on enterprises is growing, the market is expected to gain traction in the next 5 years. The major forces driving the FDP market are the increasing fraudulent activities in various industries, the increasing reputation loss and revenue loss for organizations, and the increasing online transactions over web and mobile applications.
Single-Factor Authentication (SFA) and Multi-Factor Authentication (MFA) are the subsegments of the authentication solution. The authentication solution is expected to have the largest market share and dominate the Fraud Detection and Prevention Market from 2017 to 2022. This solution helps enterprises maintain the authenticity of a transaction or information by blocking the unauthorized access to information or identifying false inputs from the user. With the rise in demand for high authenticity, authentication solutions are being readily deployed in enterprises.
The government and public utilities vertical is expected to contribute to the largest market share in the FDP market. Frauds in the public or government sector include misappropriation of assets, bribery and corruption, accounting fraud, data theft, and money laundering. In the era of cyber warfare for public sector organizations, it is very important to maintain the data integrity. The Banking, Financial Services, and Insurance (BFSI) vertical is expected to dominate the FDP market, with the largest market size in 2017.
North America is expected to have the largest market share and dominate the Fraud Detection and Prevention Market from 2017 to 2022, due to the high number of early technology adopters in this region. Due to the rise in adoption of mobile banking applications and the Bring Your Own Device (BYOD) trend, the FDP infrastructure in APAC is expected to gain traction during the forecast period. The main reason for the high growth in the APAC region is the wide adoption of FDP solutions, due to the growing number of frauds and increasing government regulatory compliance.
The major vendors in the Fraud Detection and Prevention Market include IBM (US), FICO (US), Oracle (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), ThreatMetrix (US), NICE Systems (Israel), Experian (US), LexisNexis (US).