Fraud Detection & Prevention Market | Strategic Insights & key Business Influencing Factors (Forecast 2022 to 2031)
Increasing fraudulent activities coupled with the growing number of online transactions are driving the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, September 28, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, the fraud detection & prevention market size was valued at $29.80 billion in 2021, and is estimated to reach $241.23 billion by 2031, growing at a CAGR of 23.8% from 2022 to 2031.
The emergence of big data analytics across various industries, such as BFSI, retail, manufacturing, healthcare, real estate, and others, high demand for cloud services, and the proliferation of mobile devices for payment are expected to drive market growth.
Mobile phones enable easy access to personally identifiable information such as email address, home address, and banking & stored payment information. However, the high installation cost of deploying varied prevention solutions, including predictive analytics, big data analytics, customer analytics, and others, hinders this growth.
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The rise in demand for advanced authentication provides numerous growth opportunities for market expansion in the government sector. In addition, the retail segment is projected to grow at the highest CAGR of 18.7%, owing to a rise in incidents of card-related fraud, transactions, and revenue losses. The authentication segment generated the highest revenue in 2015, as organizations largely invest in technologies that can protect data from security risks and malware attacks.
The fraud analytics solution is expected to grow at the highest CAGR, as these solutions analyze various forms of data and then convert them to actionable insights. In addition, the rise in adoption of advanced analytics techniques and competitive intelligence that involves tactful data collection & collation, analysis, and formation of meaningful insights that enable in making strategic business decisions supplements the fraud detection & prevention market growth.
Based on component, the solution segment accounted for the highest share in 2021, holding nearly two-thirds of the total market share, and is estimated to maintain its dominance by 2031. However, the services segment is estimated to manifest the highest CAGR of 25.3% from 2022 to 2031.
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Based on industry vertical, the BFSI segment held the largest share in 2021, accounting for more than one-fifth of the global fraud detection & prevention industry. However, the retail segment is estimated to witness the largest CAGR of 26.6% from 2022 to 2031.
Based on region, North America contributed to the highest share in 2021, accounting for more than two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 26.1% during the forecast period.
Leading players of the global fraud detection & prevention market analyzed in the research include IBM Corporation, SAS Institute Inc., Oracle Corporation, SAP SE, Fair Isaac Corporation, ACI Worldwide, BAE Systems, Experian PLC, NCR Limited, Precisely, and LexisNexis. This study includes market trends, fraud detection & prevention market analysis, and future estimations to determine the imminent investment pockets.
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