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The global employee fraud detection market size is expected to grow at a CAGR of 21.50% between 2024 and 2032.
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In May 2023, Bottomline Technologies, a major financial technology provider and a company which provides expertise in state-of-the-art fraud detection, made an announcement that the company was acquired by Thoma Bravo, an organisation which invests in software technology. The aim of this acquisition is to spearhead to cooperation between Bottomline and its stakeholders and to accelerate its operational capabilities.
In May 2023, Onfido, a renowned company which offers digital identification and authentication, took a decision to expand its real identity platform, which will increase the fraud detection accuracy by 54%. A real identity platform includes different products which offer innovation measures to counter fraud in an organisation. This might escalate the application of the platform in small, medium and large enterprises, thereby, leading to an augmentation of the employee fraud detection market.
In May 2023, Infosys Public Services, a subsidiary of Infosys Ltd ADR, unveiled Infosys LaborForce, an automated platform as a service (PaaS) which offers advanced fraud prevention and detection. LaborForce allows the employees of an organisation to make use of functions such as click-to-chat. This tool updates claim information on the back-end systems.
In April 2023, IBM Corporation announced the launch of z16, a next-gen AI powered system which enables financial services firms to detect any type of transactional fraud. The on-chip AI interference capabilities of z16 allows the clients to monitor real-time transactions for targeted workloads such as credit cards, and medical transactions, among others. Moreover, the z-systems of IBM account for a share of more than 50% in the global transactions which is adding to the employee fraud detection market growth.
In April 2023, Arkose Labs, a major developer of fraud detection tools, launched Arkose Detect, which is a transparent fraud detection tool. This tool enables advanced digitalised businesses to analyse and counter fraud attacks by providing deep insights about the online journey of a person in an organisation.
Employee fraud is a type of fraud which is committed against an organisation by its own employees. Employee fraud detection is defined as the set of activities and initiatives taken by an organisation to prevent frauds such as false pretences, payment frauds, procurement frauds, and personnel management frauds, among others.
The increasing investments in automation across various industries, owing to the rising cases of financial frauds committed by the internal workforce are anticipated to increase encourage the growth opportunities for employee fraud detection software for quick and efficient detection.
The increasing investments in artificial intelligence (AI) and hybrid cloud technology by major market players and software developing companies aimed towards bolstering analysis, enhancing reliability, and improving the detection speed are anticipated to offer lucrative opportunities to the global employee fraud detection market in the forecast period.
The technological advancements in cloud-based fraud detection software which includes the incorporation of advanced features are likely to improve the efficiency of detection. This will encourage product innovations and diffuse the awareness about these software types among both government and private sectors.
Detection and analysis of frauds committed by employees requires high-end tools, sufficient training, skilled workforce, and excellent knowledge about the software. Hence, the escalating workload on the employees, budget constraints, lack of skilled staff, and increasing need to cope with the technological advancements of fraud detection equipment and software to pose as challenges in the global employee fraud detection market.
The lack of digital infrastructure and automation across the under-developed countries, owing to the slow economic growth and lack of awareness are anticipated to be major challenges for the market.
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Based on solution, the market can be segmented into behavioural analytics, real-time transaction screening, and real-time reporting, among others. Based on the deployment, the employee fraud detection market can be bifurcated into on-premise and cloud. On the basis of application, the market can be segmented into vendor fraud, data theft, payroll fraud, accounting fraud, asset misappropriation, and bribery and corruption.
According to end use, the market can be segmented into IT and telecommunication, retail and consumer packed food, BFSI, health and life sciences, media and entertainment, construction and real estate, travel and transportation, and energy and utilities, among others. The regional markets for the employee fraud detection can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global database management system (DBMS) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
Cloud-based fraud detection software are ideal for an enterprise as it provides proper protection from various kinds of frauds such as financial, assets and information, and receipt, among others. This factor is driving the segment’s growth. Cloud-based fraud detection software can efficiently record and collect data related to employee identity and previous records. Hence, the growth of this segment is likely to augment the global employee fraud detection market.
In addition to this, this cloud software provides proper management in the internal infrastructure of an enterprise by managing servers, expanding storage base, thus, improving the levels of detection. Some notable advantages of cloud-based software for employment fraud detection include high speed of deployment, automatic software updates, bolstered efficiency, significant cost reductions, higher scalability, and back-up and restoration of data, among others. Therefore, this segment is anticipated to witness a high deployment in small, medium and large enterprises.
The banking, financial services, and insurance sector accounts for a significant share in the global employee fraud detection market, owing to the increasing cases of financial fraud. In addition, the increasing magnitude of banking transactions are expected to further boost the need for fraud detection software. Meanwhile, the AI transformation in banks is leading to sophistication of cloud-based anti-fraud software and equipment which is providing impetus to the employee fraud detection market.
Moreover, there are government regulations encouraging the anti-fraud modules such as know your customer (KYC), as well as anti-money laundering, and various types of counter-terrorist financing, among others. These are anticipated to boost the incorporation of employee fraud detection tools and services in private and government banks.
The global employee fraud detection market in the North America region is being driven by favourable government policies across the United States and Canada leading to stringent privacy and anti-fraud laws. In addition to this, the advanced digital infrastructure in the region, coupled with the strong foothold of major cloud-based fraud detection software developers, is likely to provide impetus to the market in the forecast period.
Moreover, the increasing prevalence of terror financing activities, cyberstalking, and money laundering, among others, owing to the greater number of corporate workforce present in the region is anticipated to bolster the market growth in the coming years.
Meanwhile, the Asia Pacific region is likely to witness a steady growth in the forecast period owing to the heightened utilisation of employee fraud detection services across industries such as media and entertainment, healthcare, and travel and transportation, among others. High economic growth across the developing countries such as India and China are offering lucrative expansion opportunities to the employee fraud detection market.
Over the forecast period, the anticipated increase in e-commerce transactions owing to the growing trend of online shopping is likely to propel the risk of frauds and cheating. Furthermore, the rising development of software start-ups, growing expansion of the major market players, and favourable policies of the government are some of the crucial driving factors of the market in the Asia Pacific.
In Europe, the increasing funding aimed towards economic crimes across emerging economies such as Spain and Argentina are escalating the development of cloud-based fraud detection services which is anticipated to bolster the employee fraud detection market in the region. According to a report by the European Financial and Economic Crime Centre (EFECC), Europe has witnessed a significant escalation in the cases of money laundering, corruption, counterfeiting, and tax and loan frauds since 2020. The increasing expansion of terrorism through fraudulent financial practices is further leading to a heightened demand for employee fraud detection solutions.
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IBM Corporation or International Business Machines Corporation was founded in 1911 and is headquartered in New York, United States. The company comprises of engineers and software developers who provide consultations and offers network services. As of 2021, the number of employees working in IBM Corporation are around 2,82,100.
NICE Ltd. is one of the leading providers of cloud and on-premise software solutions headquartered in Ra’anana, Israel. As of 2021, the total number of employees in the company stretch up to 6,383. Moreover, NICE Ltd. provides expertise in IT, Artificial intelligence, and various other high-tech domains.
ACI Worldwide, Inc. is a leading developer, marketer, and supporter of software products, with headquarters in Florida, United States. It offers expertise on software and tech services. The company also provides innovative transaction solutions related to credit cards, smart cards, and home banking services, among others.
Fiserv, Inc. is a global company specialising in financial services technology and payments, with dedicated offerings for point of sale, global commerce, banking, billing, payments, and merchant acquiring. Its focus is on implementing new technologies to transform and elevate the ways that companies engage with their respective customers, for long-term success. Founded in 1984, it was created by the merger of First Data Processing and Sunshine State Systems.
Infosys Limited is a leader in IT services, consulting, and digital transformations worldwide, offing next generation technologies. An Indian multinational, the company was established in 1981 and currently has 13 subsidiaries globally, catering to clients across 50 countries. It offers digital core capability building, digital operational models, navigation of new technologies, and empowered talent transformations.
Securonix, Inc. is a specialised company focussing on security analytics on massive scales, based on the cloud. It collects data, identifies potential threats, and enables proactive resolutions. It offers a next-generation platform for security analytics and operations management that is designed to protect big data against complex cyber security threats.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Solution |
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Breakup by Deployment |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Employee Fraud Detection Market Analysis
8.1 Key Industry Highlights
8.2 Global Employee Fraud Detection Historical Market (2018-2023)
8.3 Global Employee Fraud Detection Market Forecast (2024-2032)
8.4 Global Employee Fraud Detection Market by Solution
8.4.1 Behavioural Analytics
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Real-Time Transaction Screening
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Real-Time Reporting
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Employee Fraud Detection Market by Deployment
8.5.1 On-Premise
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Cloud
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.6 Global Employee Fraud Detection Market by Application
8.6.1 Vendor Fraud
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Data Theft
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Payroll Fraud
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Accounting Fraud
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Asset Misappropriation
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
8.6.6 Bribery and Corruption
8.6.6.1 Market Share
8.6.6.2 Historical Trend (2018-2023)
8.6.6.3 Forecast Trend (2024-2032)
8.7 Global Employee Fraud Detection Market by End Use
8.7.1 IT and Telecommunication
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Retail and Consumer Packed Food
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 BFSI
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Health and Life sciences
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Media and Entertainment
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
8.7.6 Construction and Real Estate
8.7.6.1 Market Share
8.7.6.2 Historical Trend (2018-2023)
8.7.6.3 Forecast Trend (2024-2032)
8.7.7 Travel and Transportation
8.7.7.1 Market Share
8.7.7.2 Historical Trend (2018-2023)
8.7.7.3 Forecast Trend (2024-2032)
8.7.8 Energy and Utilities
8.7.8.1 Market Share
8.7.8.2 Historical Trend (2018-2023)
8.7.8.3 Forecast Trend (2024-2032)
8.7.9 Others
8.8 Global Employee Fraud Detection Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 IBM Corporation
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 NICE Ltd.
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 ACI Worldwide, Inc.
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Fiserv, Inc.
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Infosys Limited
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Securonix, Inc.
11.2.6.1 Company Overview
11.2.6.2 Product Portfolio
11.2.6.3 Demographic Reach and Achievements
11.2.6.4 Certifications
11.2.7 Others
12 Industry Events and Developments
List of Key Figures and Tables
1. Global Employee Fraud Detection Market: Key Industry Highlights, 2018 and 2032
2. Global Employee Fraud Detection Historical Market: Breakup by Solution (USD Million), 2018-2023
3. Global Employee Fraud Detection Market Forecast: Breakup by Solution (USD Million), 2024-2032
4. Global Employee Fraud Detection Historical Market: Breakup by Deployment (USD Million), 2018-2023
5. Global Employee Fraud Detection Market Forecast: Breakup by Deployment (USD Million), 2024-2032
6. Global Employee Fraud Detection Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Employee Fraud Detection Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Employee Fraud Detection Historical Market: Breakup by End Use (USD Million), 2018-2023
9. Global Employee Fraud Detection Market Forecast: Breakup by End Use (USD Million), 2024-2032
10. Global Employee Fraud Detection Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Employee Fraud Detection Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Employee Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Employee Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Employee Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Employee Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Employee Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Employee Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Employee Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Employee Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Employee Fraud Detection Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Employee Fraud Detection Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Employee Fraud Detection Market Structure
At a global level, the market is projected to grow at an approximate CAGR of 21.50% between the forecast period of 2024 and 2032.
The key drivers for the industry are rapid digitalisation, investments in automation across industries, advancements in fraud detection software, and growing trend of remote working increasing risk of employee fraud.
The relevant industry trends include the heightened adoption of fraud detection software and services, growing concerns about reputation losses, and increasing penetration of technologies such as Internet of Things.
The major regional markets for employee fraud detection are North America, Latin America, Asia Pacific, Europe, Africa, and the Middle East.
Common methods of detecting employee fraud are implementing an anonymous tip system, using tracking systems, and specialised software based on industry.
The primary segments based on solution are behavioural analytics, real-time transaction screening, and real-time reporting, among others.
The market is bifurcated into on-premise and cloud.
The leading applications in the market are payroll fraud, vendor fraud, accounting fraud, data theft, asset misappropriation, and bribery and corruption.
The market divisions on the basis of end use are IT and telecommunication, retail and consumer packed food, BFSI, health and life sciences, media and entertainment, construction and real estate, travel and transportation, and energy and utilities, among others.
The major players in the industry are, IBM Corporation, NICE Ltd., ACI Worldwide, Inc., Fiserv, Inc., Infosys Limited, and Securonix, Inc., among others.
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