Fraud Detection and Prevention Market Overview:
At a CAGR of 22.71% from 2020 to 2030, the Fraud Detection and Prevention Market is expected to reach USD 104.86 billion (forecast period). The fraud detection and prevention sector is rising due to the increasing requirement to reduce fraud losses and preserve income from legitimate transactions. Big data, data analytics, predictive modelling, deep learning, cloud computing, machine language, and artificial intelligence (AI) are some of the cutting-edge technologies that have recently emerged and are accelerating industry growth. Additionally, the industry is growing as a result of the rise in real-time transactions and the number of online and mobile banking services. To reduce both internal and external fraud, financial and governmental organisations are increasingly implementing FDP solutions, which is boosting the local and worldwide economies.
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Fraud detection and prevention is a collection of processes and techniques designed to identify, monitor, and prevent fraudulent activity. It involves monitoring for suspicious activities, conducting background checks, implementing security protocols, and implementing identity verification processes. Additionally, organizations can use data analytics and machine learning to detect patterns in fraudulent activity and better understand how fraudsters operate. Fraud detection and prevention strategies should be tailored to the specific organization and can include a combination of manual and automated methods.
Regional analysis:
North America is anticipated to lead the fraud detection and prevention market from 2019 to 2026 and grow at a considerable CAGR. The area was the first to adopt digital technologies for fraud detection, such as AI, IoT, and machine learning, and it continues to invest in strategies that reduce the escalating revenue losses brought on by fraudulent assaults on enterprises. The substantial presence of major international businesses, system integrators, distributors, and resellers in the area also contributes to the Fraud Detection and Prevention Market share held by North America.
Market segmentation:
The market for fraud detection and prevention has been divided into solution, service, application, organisation size, and vertical segments.
The Fraud Detection and Prevention market has been divided into three solution groups: data synthesis, authentication, and fraud detection.
The Fraud Detection and Prevention market has been segmented into managed service and professional service based on services.
Insurance claims, money laundering, electronic payments, and other applications make up the Fraud Detection and Prevention business.
The Fraud Detection and Prevention market has been segmented into small and medium-sized businesses and big businesses based on organisation size.
The BFSI, retail, telecommunication, government, travel transportation, healthcare, real estate, energy power, manufacturing, media entertainment, and others sectors make up the Fraud Detection and Prevention market.
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By Solution:
- Fraud Detection
- Authentication
- Data Synthesis
By Service:
- Professional Service
- Managed Service
By Application:
- Insurance Claims
- Money Laundering
- Electronic Payment
By Organization Size:
- SME
- Large Enterprises
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Key Vendors:
iovation Inc. (United States), IBM Corp. (United States), CardinalCommerce Corp. (United States), Oracle Corp. (United States), and Experian PLC (United Kingdom). Accertify Inc. (US), Distil Networks Inc. (US), F5 Networks Inc. (US), and LexisNexis Risk Solutions Company (US) are all American companies that made the list under key vendors of this sector.
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