Global Fraud Detection and Prevention Market 2020 Industry Demand, Segment, Statistics Report 2026

Fraud Detection and Prevention Market report provides the latest market data along with industry future trends, which keeps tracking of users driving revenue growth rate of fraud detection and prevention market by deployment (cloud, and on-premise), solution (fraud analytics, authentication, and grc), end user (bfsi, e-commerce, retail, tourism and travel, and others) market status and outlook of global and major regions, from manufacturers, and end industries. As this report is expected to help key players among the fraud detection and prevention market it includes the five years Industry analysis and the 6 years annual forecast from 2020 to 2026. Some of the prominent participants in the global fraud detection and prevention market are ACI Worldwide Inc., IBM Corporation, BAE Systems, Dell, Inc, Microsoft Corporation, Oracle Corporation, SAP SE, DXC Technology Company, LexisNexis Risk Solutions, and SAS Institute Inc.

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Only legitimate transactions should be accepted by the organizations and instant user authentication to make provided. This makes the anti-fraud strategy of an organization effective. Smooth customer experience would be achieved when these operations are organized and resulting in minimizing losses related to fraudulent risks. The core of fraud management strategy is a fraud detection and prevention system.  Transactions are monitored and risk scores are assigned to each one of them by fraud detection and prevention system.

An alert is sent to the user and the transaction is denied or halted automatically by the system when the suspicious activity is indicated by the transaction detail. The fraud detection and prevention system provides deep insights on a user’s behavior, false-positive reductions, real time checking tracking, and checking of operations. The fraud detection and prevention system finds it use in various industries. The industries include BFSI, E-commerce, Retail, Government, Healthcare, and others.

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The Growth in Digital Payments and Electronic Transactions is Caused Due to Convenience Offered to the User

The drivers of the market include rising internet penetration, growing digital and electronic payments and transactions, and others. According to Interpol 21,549 arrests were made in 2020. These arrests were related to phone and internet scams. The arrested people were mostly operators, fraudsters, and money launderers. This indicates a rise in online fraudulent activities. This rise is leading to a surge in the increasing adoption of fraud detection and prevention systems and solutions. Growth in the number of digital payments and electronic transactions is also fuelling the growth of the market.

The growth in digital payments and electronic transactions is caused due to convenience offered to the user. This results in saving time for the consumer. The internet banking solutions offered by the banks and online payment methods offered by retail and e-commerce platforms are also mainly responsible for digital payments growth. The launch of Unique Payment Interface (UPI) in countries such as India is further fuelling the growth of digital payments. The rise in internet penetration is primarily responsible for all the above growth factors of the market.

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According to International Telecommunications Union, there were 4 billion internet users in the world in 2019. The growing accessibility to the internet due to falling internet usage rates. The number of smartphone users is also growing rapidly. The high cost of fraud detection and prevention systems is restraining the market. This high cost affects the adoption of these systems. The opportunities are expected to arise with the use of emerging technologies such as Artificial Intelligence, Machine Learning, Big Data Analytics, and others. These technologies make fraud detection and prevention systems more precise and efficient. There are a large number of companies offering systems based on these technologies and others are adopting at a faster rate.

North America is expected to be the highest revenue-generating region. Europe is expected to be the second-largest revenue-generating. On the other hand, Asia-Pacific is projected to be the fastest-growing region. There is a rise in online fraudulent activities in North America as well as the European region. Online transactions are also high in North America. Advanced BFSI infrastructure and easy accessibility to the internet are also responsible for high revenue generation. The presence of E-commerce giants such as Amazon is also responsible for the same.

Europe also possesses an advanced BFSI structure and easy internet accessibility. The high growth of the BFSI sector coupled with rising internet penetration in the Asia-Pacific is expected to responsible for its high growth. The presence of advanced IT infrastructure in countries such as India and China providing fraud detection and prevention solutions is also high. There is an increase in cyber attacks on banking institutions in the Asia-Pacific region.

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