Fraud detection and prevention market to grow by USD 47,399.03 million from 2022 to 2027; The growing adoption of cloud

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10 Aug, 2023, 06:30 ET

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NEW YORK, Aug. 10, 2023 /PRNewswire/ -- The Fraud Detection and Prevention Market is estimated to grow by USD 47,399.03 million during 2022-2027, growing at a CAGR of 20.22%. North America will contribute 39% to the growth of the global market during the forecast period. There are several leading vendors providing fraud detection and prevention solutions and services in the US. The vendors include IBM, Intel, Symantec, Akamai Technologies, Check Point Software Technologies, and Cisco Systems. Furthermore, there is an increasing threat of cyber threats in North America due to the technological advances in terms of data use and sharing and the deployment of cloud-based systems for storage. Such factors boost the regional market growth during the forecast period. For Comprehensive details on the market size of the historic period(2017 to 2021) and the forecast period (2023-2027) - View Sample report

Company LandscapeThe fraud detection and prevention market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Market Dynamics

Major Drivers & Challenges-

The growing adoption of cloud-based services drives the fraud detection and prevention market. Owing to its increasing applications such as authentication processes, video management, biometric information storage, and big data computing, the adoption of cloud-based services across agencies is growing. Flexibility and scalability are some of the main reasons for this because they help organizations in meeting their varying requirements. Furthermore, there is increasing adoption of cloud-based services as several defense agencies do not have their own security infrastructure. Hence, such factors drive the fraud detection and prevention market during the forecast period.

The complex IT infrastructure challenges the growth of the fraud detection and prevention market. Although the IoT has high scope for growth and acceptance as it enhances the connectivity among devices and facilitates machine-to-machine (M2M) communication, the implementation of IoT has resulted in a complex IT infrastructure. Organizations are finding it hard to provide maximum security and service to their businesses. This is because it is difficult to identify legitimate end-user devices to connect and exchange data in such a complex network. Hence, such factors can pose a significant threat to the fraud detection and prevention market growth during the forecast period.

Key Trends-

The technological advancement in fraud detection and prevention solutions and services is an emerging market trend. Generally, technological advancement mainly involves the discovery of knowledge, which advances the understanding of technology. In October 2022, DG Financial Technology Inc, a service provider company in Japan, partnered with Scudetto Corporation, a Japan-based company specializing in online fraud prevention, and launched an artificial intelligence (AI) built fraud detection solution named Sift Digital Trust & Safety Suite (Sift). It is a fraud detection and prevention solution that uses artificial intelligence to detect fraud and abuse in the e-commerce space. Hence, trends like technological advancements can significantly drive the fraud detection and prevention market growth during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

Company Profiles

The fraud detection and prevention market report includes information on the product launches, sustainability, and prospects of leading vendors including ACI Worldwide Inc., BAE Systems Plc, Besedo Ltd., Consultadoria e Inovacao Tecnologica S.A., Dell Technologies Inc., Equifax Inc., Experian Plc, Fair Isaac Corp., Fiserv Inc., Forter Ltd., Global Payments Inc., International Business Machines Corp., NICE Ltd., Oracle Corp., RELX Plc, SAP SE, SAS Institute Inc., SEON Technologies Kft., Software AG, and Visa Inc.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market Segmentation

This fraud detection and prevention market report extensively covers market segmentation by component (solutions and services), end-user (large enterprise and SMEs), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

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Fraud Detection And Prevention Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 20.22%

Market growth 2023-2027

USD 47,399.03 milliion

Market structure

Fragmented

YoY growth 2022-2023 (%)

18.78

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 39%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ACI Worldwide Inc., BAE Systems Plc, Besedo Ltd., Consultadoria e Inovacao Tecnologica S.A., Dell Technologies Inc., Equifax Inc., Experian Plc, Fair Isaac Corp., Fiserv Inc., Forter Ltd., Global Payments Inc., International Business Machines Corp., NICE Ltd., Oracle Corp., RELX Plc, SAP SE, SAS Institute Inc., SEON Technologies Kft., Software AG, and Visa Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Component

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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Contact

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