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Global Fraud Detection and Prevention Market Size, Share, Report: By Solution: Fraud Analytics, Authentication, Reporting, Visualisation, Governance, Risk, and Compliance Solutions; By Scale of End User: Small Scale, Medium Scale, Large Scale; By Type of Fraud; By End Use Industry; Regional Analysis; Competitive Landscape; 2023-2028
Global Fraud Detection and Prevention Market Outlook
The global fraud detection and prevention market size reached a value of USD 34.15 billion in 2022. The market is likely to grow at a CAGR of 23.30% during 2023-2028 to attain a value of USD 120.01 billion by 2028.
With technology improvements making it easier to access data and make payments, growing concerns about digital frauds are driving the demand for the fraud detection and prevention market. Globally, the complexity of financial crimes, cyberattacks, and digital frauds is posing a threat to the expansion of many enterprises. The number of incidents involving identity theft, data breaches, and payment fraud are rising along with the use of e-banking, digital payment apps, and cross-border transactions. Such factors are paving the way for market expansion.
Digital channels, which include social media, texting, and e-commerce applications, draw a lot of traffic all at once. Due to this, it is difficult to measure and identify patterns of atypical traffic, necessitating the need for solutions for fraud detection and prevention. Over the course of the forecast period, developments in technology for accurately identifying and tracking real-time aberrant activity across applications and the web are one of the key fraud detection and prevention market trends.
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BFSI Segment to Exhibit the Fastest Growth Rate over the Forecast Period
As per the fraud detection and prevention market analysis, the BFSI segment is expected to witness the fastest growth rate over the forecast period. The rapid digitisation has made the banking and financial services industry an easy target for cybercriminals. The rising popularity of digital platforms to make investments, such as stockbroking, mutual funds, and insurance, among customers has compelled enterprises to adopt fraud detection and prevention systems to prevent fraudulent transactions.
Moreover, artificial intelligence based fraud detection will reduce the workload of bankers and owners as it can automatically verify the authenticity of important documents by using pattern matching algorithms. According to the fraud market research, the BFSI sector is targeted by fraud threats, such as SMS phishing, identity thefts, spyware and adware, cyberstalking, and website cloning, and in order to avert these attacks, the BFSI sector is adopting fraud detection and prevention systems. These factors are expected to enhance the growth of the segment in the forecast period.
North America Secured the Largest Market Share and is Anticipated to Retain its Dominance in the Fraud Detection Market
Geographically, the global market for fraud detection and prevention is dominated by North America, with the United States being the major contributor to the market. The growing investments by major organisations to improve IT security infrastructure and protect data breaches are aiding the market growth. Additionally, a rise in the number of cases comprising identity thefts, payment frauds, and money laundering across Canada and the U.S. is contributing to the growth of the market. Thus, the market is experiencing a steady growth in the region and is expected to thrive in the future. Meanwhile, there growth is expected in the Latin America fraud detection and prevention market, as more companies augment their online operations.
Fraud Detection and Prevention: Market Segmentation
Fraud detection and prevention refers to the implementation of strategies to detect and prevent fraudulent transactions from causing financial damage to customers and financial institutions. Superior fraud detection and prevention solutions can help deliver improved benefits across the business by cutting down costs and risks, enabling innovation, and improving customer satisfaction.
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By solution, the fraud detection and prevention market segmentation is into:
- Fraud Analytics
- Authentication
- Reporting
- Visualisation
- Governance, Risk, and Compliance (GRC) Solutions
Based on the scale of end user, the market can be divided into:
- Small Scale
- Medium Scale
- Large Scale
On the basis of type of fraud, the market can be segmented into:
- Internal
- External
On the basis of end use industry, the market can be divided into:
- BFSI
- Retail
- IT and Telecom
- Healthcare
- Energy and Power
- Manufacturing
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Increasing Online Applications and Mobile Banking Services to Bolster the Growth of the Global Fraud Detection and Prevention Market
An increase in the number of internet users, a rising number of online payment start-ups, and an increasing adoption of digital transactions are anticipated to propel the growth of the global fraud detection and prevention market. In addition to this, a rise in organisation data and its complexity, the increasing incidences of cybercrime due to the growing online transactions and rapid digitisation, and technological advancements in various end use sectors are expected to further propel the market forward. Moreover, the rapid growth in demand for machine learning and artificial intelligence with the help of big data analytics, and the increasing demand for cloud services are expected to favour the fraud detection and prevention market growth in the forecast period.
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Key Players in the Global Fraud Detection and Prevention Market
The report gives a detailed analysis of the following key players in the global fraud detection and prevention market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- SAP SE
- IBM Corporation
- SAS Institute Inc.
- Oracle Corporation
- ACI Worldwide Inc.
- BAE Systems plc
- Fair Isaac Corporation (“FICO”)
- NICE Ltd.
- LexisNexis Risk Solutions Group
- Transunion LLC
- Fiserv, Inc.
- Fidelity National Information Services, Inc. (FIS)
- Others
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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Solution |
|
| Breakup by End User |
|
| Breakup by Type of Fraud |
|
| Breakup by End Use Industry |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Fraud Detection and Prevention Market Analysis
8.1 Key Industry Highlights
8.2 Global Fraud Detection and Prevention Historical Market (2018-2022)
8.3 Global Fraud Detection and Prevention Market Forecast (2023-2028)
8.4 Global Fraud Detection and Prevention Market by Solution
8.4.1 Fraud Analytics
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Authentication
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Reporting
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Visualisation
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Governance, Risk, and Compliance (GRC) Solutions
8.4.5.1 Historical Trend (2018-2022)
8.4.5.2 Forecast Trend (2023-2028)
8.5 Global Fraud Detection and Prevention Market by Scale of End User
8.5.1 Small Scale
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Medium Scale
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Large Scale
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 Global Fraud Detection and Prevention Market by Type of Fraud
8.6.1 Internal
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 External
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Fraud Detection and Prevention Market by End Use Industry
8.7.1 BFSI
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Retail
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 IT and Telecom
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Healthcare
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Energy and Power
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Manufacturing
8.7.6.1 Historical Trend (2018-2022)
8.7.6.2 Forecast Trend (2023-2028)
8.7.7 Others
8.8 Global Fraud Detection and Prevention Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Fraud Detection and Prevention Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Fraud Detection and Prevention Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Fraud Detection and Prevention Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Fraud Detection and Prevention Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Fraud Detection and Prevention Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 SAP SE
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 IBM Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 SAS Institute Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Oracle Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ACI Worldwide Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 BAE Systems plc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Fair Isaac Corporation (“FICO”),
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 NICE Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 LexisNexis Risk Solutions Group
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Transunion LLC
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Fiserv, Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Fidelity National Information Services, Inc. (FIS)
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fraud Detection and Prevention Market: Key Industry Highlights, 2018 and 2028
2. Global Fraud Detection and Prevention Historical Market: Breakup by Solution (USD Million), 2018-2022
3. Global Fraud Detection and Prevention Market Forecast: Breakup by Solution (USD Million), 2023-2028
4. Global Fraud Detection and Prevention Historical Market: Breakup by Scale of End User (USD Million), 2018-2022
5. Global Fraud Detection and Prevention Market Forecast: Breakup by Scale of End User (USD Million), 2023-2028
6. Global Fraud Detection and Prevention Historical Market: Breakup by Type of Fraud (USD Million), 2018-2022
7. Global Fraud Detection and Prevention Market Forecast: Breakup by Type of Fraud (USD Million), 2023-2028
8. Global Fraud Detection and Prevention Historical Market: Breakup by End Use Industry (USD Million), 2018-2022
9. Global Fraud Detection and Prevention Market Forecast: Breakup by End Use Industry (USD Million), 2023-2028
10. Global Fraud Detection and Prevention Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Fraud Detection and Prevention Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Fraud Detection and Prevention Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Fraud Detection and Prevention Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Fraud Detection and Prevention Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Fraud Detection and Prevention Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Fraud Detection and Prevention Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Fraud Detection and Prevention Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Fraud Detection and Prevention Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Fraud Detection and Prevention Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Fraud Detection and Prevention Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Fraud Detection and Prevention Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Fraud Detection and Prevention Market Structure
Key Questions Answered in the Report
In 2022, the global market for fraud detection and prevention attained a value of USD 34.15 billion.
The market is projected to grow at a CAGR of 23.30% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 120.01 billion by 2028.
The increasing number of digital transactions, growing number of internet users, rising concerns related to cybercrimes, and rapid digitisation globally, are the major drivers for the growth of the fraud detection and prevention market.
The key market trends guiding the growth of the market include the growing application of machine learning and artificial intelligence and the rapid innovations in the IT sector.
North America, Europe, and Latin America are the major regions in the global fraud detection and prevention market, with North America accounting for the largest market share.
Internal and external are the different types of fraud considered within the market report.
The various solutions in the market are fraud analytics, authentication, report, visualisation, and governance, risk, and compliance (GRC) solutions.
The key end use industries in the market are BFSI, retail, IT and telecom, healthcare, energy and power, and manufacturing among others.
The major players in the market are SAP SE, IBM Corporation, SAS Institute Inc., Oracle Corporation, ACI Worldwide Inc., BAE Systems plc, Fair Isaac Corporation (“FICO”), NICE Ltd., LexisNexis Risk Solutions Group, Transunion LLC, Fiserv, Inc., and Fidelity National Information Services, Inc. (FIS), among others.
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