Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) — The “Fraud Detection and Prevention Market by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Managed and Professional)), Fraud Type, Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global FDP market size is projected to grow from USD 27.7 billion in 2023 to USD 66.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.1%
This comprehensive report provides valuable insights into the FDP (Fraud Detection and Prevention) market, offering stakeholders the closest approximations of revenue figures for both the overall market and its subsegments. It equips market leaders and newcomers with the information needed to understand the competitive landscape, allowing them to refine their business strategies for better positioning in the market.
The growth of the FDP market is driven by various factors, including the widespread adoption of digital technologies and the Internet of Things (IoT) across industries. The increase in revenue losses and chargebacks due to fraudulent activities has further accentuated the need for advanced FDP solutions.
Organizations are increasingly turning to fraud analytics and risk-based authentication solutions to combat fraud effectively, highlighting the surging demand for advanced solutions that enhance fraud detection capabilities, mitigate financial losses, and safeguard businesses from emerging threats.
North America is poised to dominate the FDP market, supported by several key factors. The region’s technological prowess, marked by the presence of leading technology companies and cybersecurity firms, facilitates the development and deployment of cutting-edge FDP solutions.
Additionally, North America boasts a robust regulatory environment, exemplified by regulations like the Sarbanes-Oxley Act and the Payment Card Industry Data Security Standard, which drive the adoption of comprehensive FDP solutions to tackle fraud and safeguard consumer interests. The region’s sophisticated cybersecurity landscape and highly digitized economy further underscore the significance of FDP investments for organizations, ensuring the security of critical assets and the mitigation of fraud risks.
Asia Pacific, on the other hand, is expected to experience the highest Compound Annual Growth Rate (CAGR) in the FDP market. Several factors contribute to this growth, including the region’s rapidly expanding digital economy, fueled by the surge in e-commerce and online transactions, necessitating robust FDP solutions.
The report includes an in-depth competitive assessment, offering insights into market shares, growth strategies, and service offerings of key players in the FDP market, such as Fiserv (US), FIS Global (US), LexisNexis Risk Solutions (US), BAE Systems (UK), TransUnion (US), among others.
By the BFSI segment, the banking and finance segment holds the largest market size
The banking and finance sector holds the largest FDP market as it holds sensitive information about employees, customers, assets, offices, branches, and operations.
Owing to the number of transactions (monetary and data-centric), the number of transactions, technological advancements, and digitalization of the financial sector, the possibility of fraud in this vertical is increasing significantly. The BFSI vertical faces internal and external fraud threats, such as card skimming, SMS phishing, social engineering, viruses and trojans, identity thefts, spyware and adware, website cloning, and cyberstalking. To avert these attacks, regulatory bodies worldwide have devised several regulations for organizations to achieve optimum security for customers and organizations’ data.
Fraudsters and hackers are trying updated and advanced technologies to steal the credentials to access the (unauthorized) networks and systems. Therefore, banking and financial service providers spend millions of dollars updating their plans with the latest security measures.
By verticals, the healthcare segment registered the highest CAGR during the forecast period
The healthcare industry exhibits the highest CAGR in the FDP market. The healthcare vertical includes companies that generate and commercialize healthcare goods and services. Medical and pharmaceutical OEMs, health insurance firms, and private and public healthcare organizations are considered in the healthcare vertical.
It also possesses data related to doctors, patients, staff, and administrators, which is personal and highly confidential. Owing to this vertical’s sensitive information, this industry is becoming one of the prime targets for fraudsters. In the past, healthcare organizations either did not use anti-fraud measures or used them on a small scale.
In recent times, as collateral and monetary losses have been increasing, spending in the global healthcare vertical has also been growing. The most common frauds in this vertical are excessive billing for services and items, fake drugs, and influenced prescription of medicines and other medical amenities. These fraudulent activities result in revenue loss and the loss of lives in the healthcare vertical.
By services, the professional services segment will grow at the largest market size during the forecast period
Professional services play a vital role in the FDP solution ecosystem. As these services are complex, service providers must possess high technical skills and expertise.
Several FDP solution market vendors offer professional and consulting services based on client-specific requirements. They provide educational support, such as training and classroom lectures (online and offline), to help clients understand their solutions and related processes.
They assess the risks associated with any project and help deploy better and enhanced FDP solutions or replace existing ones. The professional services segment is estimated to hold a higher FDP services segment market share.
|No. of Pages||470|
|Forecast Period||2023 – 2028|
|Estimated Market Value (USD) in 2023||$27.7 Billion|
|Forecasted Market Value (USD) by 2028||$66.6 Billion|
|Compound Annual Growth Rate||19.1%|
- Increased Revenue Losses due to Fraud to Boost Growth of Market
- Identity Fraud Segment to Hold Largest Market Size During Forecast Period
- Solutions Segment to Hold Larger Market Size During Forecast Period
- Fraud Analytics Segment to Hold Largest Market Size During Forecast Period
- On-Premises Segment to Hold Larger Market Size During Forecast Period
- Large Enterprises Segment to Hold Larger Market Size During Forecast Period
- Retail and Ecommerce Vertical to Hold Largest Market Size During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
- Use Case 1: Signifyd Helped Bhfo Manage Fraud and Eliminate Unnecessary Customer Friction
- Use Case 2: Kount Helped Getty Images Reduce Chargebacks and Stay Ahead of Fraud
- Use Case 3: Accertify Helped Guitar Center Double Fraud Savings and Reduce Fraud Losses by 62%
- Use Case 4: Riskified Helped Wayfair Reduce Fraud Cost by 60%
- Increased Use of Digital Technologies and Iot
- Increased Revenue Losses and Chargebacks due to Fraud
- Increased Adoption of Fraud Analytics and Risk-Based Authentication Solutions to Combat Fraud
- Rise in Fraud Complexity
- Budgetary Issues in Developing In-House Fraud Detection Solution
- Lack of Infrastructure to Support Ai and Ml
- Increased Adoption of Advanced Technologies
- Adoption of Batch, Streaming, and Predictive Analytics for Real-Time Fraud Detection
- Growing Need to Protect Smes from Fraud
- Lack of Trained Professionals to Analyze Fraud Attacks
- Lack of Awareness Related to Digital Fraud in Organizations
- Fraud Detection and Artificial Intelligence
- Fraud Detection and Data Analytics
- Fraud Detection and Internet of Things
- Fraud Detection and Real-Time Authentication
- Fis Global
- Lexisnexis Risk Solutions
- Bae Systems
- Nice Actimize
- Aci Worldwide
- Sas Institute
- Rsa Security
- Software Ag
- Bottomline Technologies
Other Key Players
- Perimeter X
- Pondera Solutions
- Merlon Ai
- Resistant Ai
For more information about this report visit https://www.researchandmarkets.com/r/myi7nv
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- Global Fraud Detection and Prevention Market