How Fraud Detection and Prevention Market is Protecting Businesses and Consumers from Fraud and Cybercrime
The size of the global market for fraud detection and prevention, which was estimated to be worth USD 36.89 billion in 2022, is expected to increase by USD 182.66 billion by 2030, from USD 43.97 billion in 2023, with a CAGR of 22.6%.
It is anticipated that key companies will spend more money introducing fraud solutions across various industries, including BFSI, healthcare, manufacturing, and others. Governments and end-user businesses from numerous nations, including the US, India, Brazil, China, Germany, the UK, and Brazil, invest in implementing improved fraud prevention solutions. The shift in end users' priorities toward e-commerce platforms also accelerates the market's expansion. Companies in this market concentrate on several commercial strategies to broaden their product offerings.
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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global data visualization market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.
COVERAGE OF REPORTS
The market is thoroughly analyzed in the fraud detection and prevention market research report. It focuses on important elements like top businesses, product categories, and product uses. In addition, the report highlights significant industry developments and provides insights into market trends. The report includes several factors, in addition to those already mentioned, that have helped the market grow recently.
Key Industry Developments:
In June 2022, Fiserv, a provider of payments and financial services technology, and Advanced Fraud Solutions (AFS) partnered to enable Fiserv and financial institution customers to check risk-based fund availability, fraud detection, and decision procedures. This collaboration helped to prevent losses and identify fraudulent credits before they were approved.
KEY INDUSTRY PLAYERS
Experian Information Solutions Inc., BAE System, IBM Corporation, Uplexis, Fair Isaac Corporation, and ACI Worldwide are a few of the major players in the market for fraud detection and prevention services. These industry leaders are concentrating on expanding their geographic reach and building their brands in emerging markets. Furthermore, to increase their market presence, these big businesses mainly concentrate on partnering with and acquiring domestic competitors.
List of Key Companies Profiled:
IBM Corporation (U.S.)
Uplexis (Brazil)
Experian Information Solutions, Inc. (Brazil)
Gemalto - Thales Group (France)
ACI Worldwide, Inc. (U.S.)
BAE Systems (U.K.)
Fair Isaac Corporation (U.S.)
Fidelity National Information Services, Inc. (U.S.)
LexisNexis (U.S.)
NICE Actimize Ltd. (Israel)
RESTRAINING FACTORS
The market's expansion is anticipated to be hampered by the absence of professionals and a skilled workforce in emerging nations to update the FDP solutions. On the servers, businesses store crucial documentation and records about their client's data. To stop money laundering, businesses must safeguard and secure the records. Even so, sometimes cutting-edge cyberattacks and fresh anonymous threats undermine conventional FDP solutions.
REGIONAL INSIGHTS
Geographically speaking, the world market is split into five central regions: North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
The introduction of cutting-edge technology-enabled mobile payment services built on fraud prevention strategies is the main focus of major players in the mobile payment sector in North America, including Apple Inc., Samsung Group, and others.
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