iCrowdNewswire Dec 11, 2020 1:46 PM ET
Fraud detection and prevention systems offer research tools for fraud detection and prevention within an enterprise in the form of software programs. These tools are used to evaluate data from different sources to detect potential inconsistencies such as an anomaly or great supplier transactions.
Fatpos Global anticipates the fraud Detection and Prevention market to surpass USD XX Billion by 2030, which is valued at XX billion in 2019 at a compound annual growth rate of XX%. The increased need to deal with increased revenue losses from fraudulent attacks and the increasing use of electronic transactions throughout vertical end-use areas are key factors that drive the screening and prevention of fraud. Besides that, the demand for such solutions is fuelled by technological advances and stricter regulations to improve fraud prevention and detection systems among companies.
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Global Fraud Detection and Prevention Market: Segments
Global Fraud Detection and Prevention Market has been segmented based on solution, application type, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
By Solution(in %), Global Fraud Detection and Prevention Market, 2019
Fraud Analytics is anticipated to grow at a CAGR of over 13% from 2019 to 2030
Global Fraud Detection and Prevention Market are segmented by solution into Fraud Analytics, Governance, and Authentication. In fraud detection and prevention during the projected timeline the fraud analysis segment is projected to increase. Fraud analysis is a vital discipline involving a variety of statistical methods for evaluating business processes and databases to find vulnerabilities in cases of fraud. They track and evaluate data from different data sources; detect faults, suspicious and irregular conduct in all networks. The diligent identification of fraud also helps to enhance compliance with robust information.
By End-user (in %), Global Fraud Detection and Prevention Market, 2019
IT & Telecom industry dominated the market with a 25% Market share in 2019 and is anticipated to witness significant growth in the forecasted period
Global Fraud Detection and Prevention market is segmented by End-user into BFSI, IT & Telecom, retail, healthcare, government and public sector, education, transportation, and others. The industry has evolved through a significant expansion process with strict legal and security criteria for information. Also, increasing acceptance of the BYOD trend is expected to increase demand in the industry.
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However, BFSI is poised to grow at a significant CAGR
The vertical BFSI is also a significant target for cybercriminals who are committing fraud, as it includes confidential information on staff, clients, properties, workplaces, businesses, and operations. Furthermore, the potential for fraud in these verticals increases dramatically because of the amount of transactions (both monetary and data-centric), the volume of transactions, technical advances, and digitization of the financial sector is continuously increasing. Organizations in this vertical framework therefore increase the use of widespread FDP solutions to deter fraudulent attacks of any kind.
Global Fraud Detection and Prevention Market: Market Dynamics
Increase in the number of attacks on the endpoint:
According to the report by Fatpos global, the number of endpoint attacks has seen a significant rise of 15% since last year. There has been a significant increase in new and unknown attacks on the organization’s endpoints network. With such a rise in the number of endpoints attacks the awareness regarding its security is increasing.
Increase in trend of BYOD:
Many organizations are focusing on bringing your device; this gives access to the company’s network and system bringing the company’s security at stake. The use of Fraud Detection and Prevention plays a major role in the elimination of such threats.
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Lack of awareness
The major concern for the market growth is the lack of awareness. Many organizations are struggling with data breaches and threats to security because of insufficient knowledge. The most organization connects to open network unknown of the threats it can cause. The knowledge of every fraud should be known to the organization and multilayer protection should be provided. The organization must investigate every device in their organization and the entire external device connected to its security system.
Global Fraud Detection and Prevention Market: Key Players
- IBM (US)
- SAS Institute (US)
- DXC Technology (US)
LexisNexis Risk Solutions (US)
- First Data (US)
- Software AG (Germany)
- Bitdefender (Romania)
- Distil Networks (US)
- BAE Systems (UK)
- SAP (Germany)
- Other prominent players
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Global Fraud Detection and Prevention Market: Competitive landscape
The focus of the markets is on growing their share using mergers and acquisitions. To broaden their market range by creating cost-effectively-efficient products with improved properties, industry leaders concentrate on research and development activities. Therefore, manufacturers plan to increase their production capacity to meet the growing demand for goods. The key players are spread across the globe and prefer to carry out their activities through joint ventures.
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Global Fraud Detection and Prevention market report also contains analysis on:
Fraud Detection and Prevention Market Segments:
- Fraud Analytics
- IT & Telecom
- Government and public sector
Fraud Detection and Prevention Market Dynamics
Fraud Detection and Prevention Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
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