Software programs that provide analytical solutions to identify and prevent fraud within an organization are known as fraud detection and prevention systems. These systems analyses data from a wide range of data sources to identify possible inaccuracies. Fraudulent activities can cover a wide range of cases, including money laundering, cyber security risks, tax evasion, fraudulent insurance claims, forged financial regulations, identity theft and terrorist financing, and are prevalent across financial institutions, government, healthcare, the public sector and insurance industries.
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FRAUD DETECTION AND PREVENTION (FDP) MARKET DYNAMICS
The growing need to reduce fraud losses while maintaining revenue from actual transactions is propelling the growth of fraud detection and prevention market. Advents in technologies such as big data, data mining, predictive modeling, deep learning, cloud computing, machine language, and AI are increasing market growth. The growing number of online and mobile banking services, along with the increasing number of real-time transactions also support the market growth. Financial and government agencies are rapidly embracing FDP technologies to mitigate both external and internal fraud, contributing to the regional and global economy.
COVID 19 IMPACT ON FRAUD DETECTION AND PREVENTION (FDP) MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. In the foreseeable future, the COVID-19 pandemic has accelerated the existing trend toward digital marketplaces. However, it has opened an easy-to-go door for fraud criminals and money launderers as they can now access sensitive information from digital platforms by hacking them. In the COVID 19 Period, the market for Fraud Detection and Prevention (FDP) is growing due to the growing emphasis on securing remote networks and IP of organizations due to work from home and remote services programs.
FRAUD DETECTION AND PREVENTION (FDP) MARKET SEGMENTAL OVERVIEW
The report analyses the Fraud Detection and Prevention (FDP) market based on type, component, organization size, deployment type, verticals, and geography.
FRAUD DETECTION AND PREVENTION (FDP) MARKET BY TYPE
By type, the global fraud detection and prevention (FDP) market is segmented into external and internal. External fraud held the largest market share in 2018 and is estimated to remain dominant over the forecast period due to growing credit/debit card fraud, identity theft, cheque fraud, fraud by external vendors and contractors, data breaches & intellectual property theft, tax fraud, bankruptcy fraud, fake insurance claims and unsecured loans.
FRAUD DETECTION AND PREVENTION (FDP) MARKET BY COMPONENT
By component, the global Fraud Detection and Prevention (FDP) market is segmented into solution and services. Solution segment is again bifurcated into fraud analytics, identity and authentication, GRC, monitoring and reporting. Service segment is bifurcated into professional service and managed service. Fraud analytics is estimated to register highest CAGR over the forecast period owing to the increasing demand among end-users to detect fraud at the earliest possible opportunity.
FRAUD DETECTION AND PREVENTION (FDP) MARKET BY DEPLOYMENT TYPE
The global Fraud Detection and Prevention (FDP) by deployment type is classified into on-premise and cloud. On-premises segment to have a higher market share in the forecast period. On-premise solutions provide companies with complete control of platforms, applications, systems and data that can be controlled and managed by their IT workers. In organizations where user credentials are critical to business operations, the adoption of on-site deployment mode is higher as it can monitor systems from an enterprise’s physical or owned location.
FRAUD DETECTION AND PREVENTION (FDP) BY ORGANIZATION SIZE
By organization size, the global fraud detection and prevention (FDP) market is segmented into small and medium-sized enterprises and large enterprises. Among these, large enterprises held more than half of the market share. The latest trends of digitalization has led large organizations to adopt this technology.
FRAUD DETECTION AND PREVENTION (FDP) MARKET BY VERTICAL
The global fraud detection and prevention (FDP) by vertical is classified into banking, financial services, and insurance, retail and ecommerce, government/public sector, healthcare, manufacturing, travel and transportation, and others. Among these, BFSI segment holds the largest market share in the forecast period. BFSI vertical faces both internal and external fraud risks, such as card skimming, SMS phishing, social engineering, viruses and trojans, identity thefts, spyware and adware, website cloning, and cyber-stalking. In order to prevent these attacks, governments around the world have devised a number of regulations to ensure optimal consumer and organizational security.
FRAUD DETECTION AND PREVENTION (FDP) MARKET BY GEOGRAPHY
Geographically, the Fraud Detection and Prevention (FDP) market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America is projected to be the largest contributor to the fraud detection and prevention industry in terms of market size. It is one of the most affected regions in the world by money laundering and terrorist funding of crime activities, with the largest number of FDP providers as a result. Banks, governments and financial institutions in the nation face ever-increasing fraud-related challenges that force them to adopt advanced technical approaches to fraud detection.
FRAUD DETECTION AND PREVENTION (FDP) KEY PLAYERS
Some of the major players operating in this market include Nice Actimize (US), FICO (US), LexisNexis Corporation (US), BAE Systems (UK), TransUnion (US), Kount, Inc. (US), Jumio (US), Software AG (Germany), NCR Corporation (US), Splunk, Inc. (US), Capgemini SE (France), DXC Technologies (US), RSA SecurityLLC (US), Fiserv (US), FIS Global (US), ACI Worldwide (US), Experian (Ireland), SecuroNix (US), Accertify (US), Feedzai (), CaseWare (Canada).
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