In a recent published report, Kenneth Research has updated the market report for Fraud Detection And Prevention Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Fraud Detection And Prevention Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Fraud detection and prevention are the solutions which are provided by various IT firms in order to detect the fraud related activities. It is an analytical solutions that analyses the pattern of the frauds. It authenticates and verifies the user for prevention of fraud related activities. Thus, it prevents unauthorized access to the data and maintains data integrity. It provides controlled environment for sharing of information, strategic consulting and fraud risk assessment in order to detect specific problems. It provides effective enterprise solution for better management of frauds, threats and cyber-attacks in order to increase the operational efficiency.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Size and Forecast
The global fraud detection and prevention market is witnessing robust growth during the forecast period. The growth in the market can be attributed to increasing fraud related activities across the globe. The fraud related activities results in reduced profit. This is the major concern for various companies. Additionally, the large organizations are involved in large amount of data which increases the risk of fraudulent activities. The various organizations are adopting statistical modeling and data mining. Thus, it would increases the adoption of fraud detection and prevention which in turn is expected to propel the growth of overall market during the forecast period. Fraud detection and prevention market is anticipated to record a CAGR of 17% over the forecast period. The market is expected to attain a total value of USD 50 billion by 2027.
The market can be segmented on the basis of service, solution, application, enterprise, end-use industry. On the basis of service, it is sub-segmented into professional service and managed service. The professional services is the largest sub-segment during the forecast period. The growth in sub-segment can be attributed to rising number of fraudulent activities coupled with stringent government norms in order to protect the important data. On the basis of solution, it is sub-segmented into money laundering, insurance claims, electronic payment and others.
On the basis of application, it is sub-segmented into small & medium enterprises and large enterprises. The emerging small and medium scale sectors in various developing countries across the globe lead to high adoption of fraud detection and prevention solutions. On the basis of end-use industry, it is sub-segmented into telecommunication, BFSI, retail, healthcare, government/public sector, energy and power, real estate, manufacturing and others. BFSI is the largest sub-segment for the end-user segment. It is expected to generate highest revenue during the forecast period. The high adoption of fraud detection and prevention solution by BFSI sector coupled with the increasing demand for enhancing the authentication process is expected to be major factor for the growth of sub-segment.
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Key Players
Oracle Corporation
IBM Corporation
ACI Worldwide, Inc.
Fair Isaac Corporation
SAS Institute Inc.
Lavastorm
SAP SE
BAE Systems
ThreatMetrix
Growth Drivers
Increasing number of online transactions across the globe
The increasing number of online transactions across the globe on the account of developing e-banking and e-commerce industries across the globe. Thus, it is major driver for the growth of overall fraud detection and prevention market during forecast period. Additionally, the growing number of payment gateways such as PayPal, Apple pay, and Google wallet is also expected to fuel the overall market during forecast period.
Increasing demand from various end-use industries
The increasing demand from various end-uses to prevent the loss of important data and documents is expected to be the major driver for the growth of overall market during the forecast. The high adoption of solutions on the account of rising demand for improving profitability is also expected to support the market growth of the fraud detection and prevention market across the globe.
Restraints
High cost of deployment
The high cost associated with the deployment of software is expected to hinder the growth of overall market during the forecast period. The non-availability of certain measure associated with fraud detection and prevention is also another factor expected to hinder the growth of overall market during the forecast period.
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