Global Fraud Detection and Prevention Market Analysis and Value Forecast Snapshot by End-use Industry 2020-2026

 Infinium Global Research’s recent report on the “Fraud Detection and Prevention Market (By Deployment (Cloud, On-Premise), By Solution (Fraud Analytics, Authentication, GRC), By End User (BFSI, E-commerce, Retail, Tourism and Travel, Others): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026” provides a comprehensive outline of the factors responsible for the growth of the market. The global market for fraud detection and prevention was estimated to be over USD 20 billion in 2020 and is expected to reach over USD 40 by 2026 growing with a CAGR of 12.3% over 2020-2026

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Deep insights on a user’s behavior, false positive reductions, real time checking tracking and checking of operations are provided by the fraud detection and prevention system. Monitoring of transactions and assigning risk scores to each one of the transactions is done by fraud detection and prevention system. When the suspicious activity is indicated by the transaction detail. The user receives an alert and the halting and denying of the transaction is done by the system automatically. The fraud detection and prevention system is an essential part of fraud management strategy. BFSI, E-commerce and Retail are some of the areas where fraud detection and prevention systems are used extensively. In 2019 there were 21,549 arrests made by the Interpol. These arrests were made for people involved in phone and internet scams. Operators, fraudsters and money launderers were the main people arrested. This shows the rise in fraudulent activities online. The number of digital and electronic transactions are also increasing at a rapid rate.

Increasing Internet Penetration Coupled with Increase in the Number of Smartphone Users is Increasing the Demand in the Market

As the BFSI and E-commerce platforms are aggressively providing online payment and internet banking facilities to their customers. There were 4 billion internet users in 2019 across the world as per International Telecommunications Union (ITU). Thus the internet penetration is increasing among the people at a rapid rate. The increasing internet penetration coupled with increase in the number of smartphone users is increasing the demand in the market. All the above factors are the drivers of the market. The emergence of new technologies such as Artificial Intelligence, Machine Learning and Big Data Analytics are further accelerating the use of the fraud detection and prevention systems. This is expected to provide new opportunities to the market.

Due to temporary closure of banks small, medium, big businesses and enterprises increased their business transactions through digital payment methods and internet banking. This caused increase in demand in the fraud detection and prevention market. Due to the pandemic people forced to stay indoors. A lot of time doing online shopping was spent by them.  This online shopping along with increase in use of internet banking, work from home and others caused a surge in internet usage. Retailers and E-commerce platforms also experienced increase in payments through digital payment methods. This enabled people to avoid contracting Covid-19 virus. During national lockdowns all the BFSI transactions were done electronically and digitally. Covid-19 pandemic was beneficial for the fraud detection and prevention market.

Authentication to Dominate the Solution Segment of Market

It is expected that Authentication is set to dominate the solution segment of the market. Authentication is the most important part of any electronic transaction. Until the end to end authentication is done the transaction does not takes place. If there is any suspicious activity detected during the authentication process the transaction does not take place. It keeps the whole transaction process safe. As the electronic transactions would increase the authentication required for the same will also increase. In the End User segment BFSI is expected to be the major section followed by E-commerce. As the E-commerce platforms are experiencing increase in their business. The cloud section of the Deployment segment is also expected to grow at a faster rate. This growth is expected due to increase in the solutions offered in cloud deployment mode by the companies.

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North America to be the Dominant Region in Fraud Detection and Prevention Market

Geographically, North America is expected to generate the highest revenue in the market. Europe is expected to be the second highest revenue generating region the in the market. Asia-Pacific will see tremendous growth as it is home to two most populous countries India and China. Due to existence of advanced BFSI sector and easily accessible internet is responsible for high revenue generation for North American region. The incidences of online fraudulent activities is also rising in the region.

Therefore adoption of the fraud detection and prevention systems is high. Europe also has advanced BFSI industry and the online transactions are also increasing in the region. Asia-Pacific is home to countries such as India and China. The IT ecosystem providing fraud detection and prevention solutions are also high in these two countries. The BFSI sector is also experiencing boom due to high economic growth in the region. These are expected to be main factors for the rapid growth of Asia-Pacific.

Companies Operating in Fraud Detection and Prevention Market are Entering Into Partnerships and Launch of New Products and Solutions

The Fraud Detection and Prevention Market is tightly contested with well-established players such as IBM Corporation, BAE Systems, Dell, Inc, Oracle Corporation, ACI Worldwide Inc., Microsoft Corporation and others. As more number of consumers are entering into the market and the nature of market being fragmented. The Companies are entering into partnerships. In March 2021 ACI Worldwide extended its partnership to Boots UK, part of Walgreens Boots Alliance which will pave way for their payment system modernization. BAE Systems introduced their new cloud-hosted NetReveal® 360° for AML Compliance package. This solution combines Customer Due Diligence (CDD), Anti-Money Laundering (AML), Watch List Management (WLM) and Data Privacy applications.

Infinium Global Research’s recent report on the Global Fraud Detection and Prevention Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments the global market.

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