Global Fraud Detection and Prevention Market Forecasts to 2024 - A CAGR of 18.4% is Projected, Driven by the Upsurge in Electronic Transactions and Increasing Instances of Cyber-Attacks & Frauds
DUBLIN, Jan. 8, 2020 /PRNewswire/ -- The "Global Fraud Detection and Prevention Market, By Component, By Fraud Type, By Deployment Type, By Organization Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.
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The global fraud detection and prevention market was valued at $18,874.3 million in 2018 and is expected to grow at a CAGR of 18.4% to reach $47,279.7 million by 2024, owing to upsurge in electronic transactions and increasing instances of cyber-attacks and frauds.
Thus, there is growing need for restricting these frauds as these activities incur huge financial losses to companies. Enterprises are now implementing advanced techniques such as data mining and machine learning techniques which is anticipated to positively influence the global fraud detection and prevention market during forecast period.
The global fraud detection and prevention market can be segmented based on the component, fraud type, deployment type, organization size, end-user industry and region. Based on component, the global fraud detection and prevention market is segmented into service and solution, of which the latter is further categorized into fraud analytics, authentication and others.
Among solutions, authentication segment is the dominating segment in the market and the trend is likely to continue during forecast period as well it is used by various end-user industries in order to strengthen their authentication process. Based on the service, the market can be segmented into professional and managed services.
Due to rise in productivity and safe financial management, professional services segment accounts for dominant share in the global fraud detection and prevention market. Fraud detection and prevention solutions can be deployed on-premise and cloud. Enterprises are readily adopting cloud services and solutions as they help to cut costs related to software, storage and administration staff, owing to which cloud segment is anticipated to witness the fastest growth during forecast period.
Regionally, fraud detection and prevention market is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. In 2018, North America led the global fraud detection and prevention market on account of early adoption of online based services and e-tailing in countries like US and Canada. Moreover, presence of leading vendors in the region is expected to positively influence North America fraud detection and prevention market during forecast period.
Major players operating in the global fraud detection and prevention market include SAP SE, Oracle Corporation, Fiserv Inc., IBM Corporation, Fair Isaac Corporation, ACI Worldwide, Inc., Actimize Inc., SAS Institute Inc., BAE Systems PLC, Experian PLC, etc.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. In 2018, Fiserv started offering step-up authentication and identity verification so as to reduce fraudulent activities.
Years Considered for the Report
-- Historical Years: 2014-2017
-- Base Year: 2018
-- Estimated Year: 2019
-- Forecast Period: 2020-2024
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Global Fraud Detection and Prevention Market Respondents, By Preferred type of Service (N=125)
4.2. Global Fraud Detection and Prevention Market Respondents, By Preferred type of Deployment (N=125)
4.3. Global Fraud Detection and Prevention Market Respondents, By fraud faced in past 2 years (N=125)
4.4. Global Fraud Detection and Prevention Market Respondents, By type of fraud faced in past 2 years (N=65)
4.5. Has the number of fraudulent activity involving your organization increased, decreased or remain steady in the past 2 years? (N=65)
4.6. Has the financial losses involved within your organization increased, decreased or remained Steady in the past 2 years? (N=65)
4.7. Apart from financial losses what other kind of non-financial losses did your organization face after a fraud incident? (N=125)
4.8. Global Fraud Detection and Prevention Market Respondents, By average time taken to detect a fraud once it occurs (N=125)
4.9. Global Fraud Detection and Prevention Market Respondents, By average time taken to react, respond and resolve a fraud once it occurs (N=125)
4.10. Global Fraud Detection and Prevention Market Respondents, By key investments area to fight against fraudulent activities (N=125)
5. Global Fraud Detection and Prevention Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component (Solution and Services)
5.2.1.1. Solution (Fraud Analytics, Authentication and Others)
5.2.1.2. Services (Professional and Managed)
5.2.2. By Fraud Type (Internal and External)
5.2.3. By Deployment type (Cloud and On-premise)
5.2.4. By Organization Size (SME and Large Enterprise)
5.2.5. By End User Industry (Government, BFSI, Retail, Manufacturing, Healthcare and Others)
5.2.6. By Region (North America; Europe; Asia-Pacific; Middle East & Africa and South America)
5.2.7. By Company (2018)
5.3. Market Attractiveness Index
6. North America Fraud Detection and Prevention Market Outlook
7. Europe Fraud Detection and Prevention Market Outlook
8. Asia-Pacific Fraud Detection and Prevention Market Outlook
9. Middle East & Africa Fraud Detection and Prevention Market Outlook
10. South America Fraud Detection and Prevention Market Outlook
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Competitive Landscape
13.1. Competition Outlook
13.2. Company Profiles
13.2.1. SAP SE
13.2.2. Oracle Corporation
13.2.3. International Business Machines Corporation
13.2.4. BAE Systems plc
13.2.5. SAS Institute Inc.
13.2.6. Fiserv Inc.
13.2.7. Experian plc
13.2.8. Fair Isaac Corporation
13.2.9. ACI Worldwide, Inc.
13.2.10. Actimize Inc.
14. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/e2y17
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