The global fraud detection and prevention industry is being driven by the growing adoption of smartphones and the availability of high-speed internet across the globe. The growing applications of machine learning and artificial intelligence and the rapid innovations in the IT sector have significantly boosted the growth of the industry. In developing countries like India, the growing population and rapidly increasing number of active internet users have significantly accelerated the growth of the market. Furthermore, the increased penetration of the key industry players in the Asia Pacific region is also aiding the industry growth. Within the Asia Pacific, various companies in countries such as Japan, South Korea, India, and China are increasing their investments to adopt fraud detection and prevention systems. Over the forecast period, the retail segment is predicted to have a significant growth owing to the growing preference for online transactions over cash to make a purchase.
The growing adoption of fraud detection and prevention solutions in the banking, finance services, and insurance sector is significantly contributing to the industry. In March 2021, SAP SE (NYSE: SAP), one of the key players in the market, reported that Trustpair’s transfer fraud detection solution is now available on SAP Store. SAP brought together SAP App Center and SAP Store into one single marketplace at store.sap.com. Trustpair is a solution for preventing and detecting wire transfer fraud, providing fraud protection, global coverage, business tool integration, and dedicated support and assistance system to the user. It also strengthens procure-to-pay processes within the client’s company to manage fraud risk.
Market Analysis by Solution, Scale of End User, Type of Fraud, End Use Industry, and Region:
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The major players in the global fraud detection and prevention market are SAP SE, IBM Corporation, SAS Institute Inc., Oracle Corporation, and ACI Worldwide Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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