Upcoming new visualization tools and applications, in addition to customer analytics and predictive analytics, may further increase the demand for these solutions.”
— Akshay Jadhav
PORTLAND, OREGON, UNITED STATES, September 16, 2020 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Fraud Detection & Prevention Market by Solution, Services, Deployment Type, End User, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2016-2023,” the global fraud detection & prevention market was valued at $13,644 million in 2016, and is expected to reach $40,610 million by 2023, growing at a CAGR of 17% from 2017 to 2023. The banking, financial services & insurance (BFSI) and manufacturing sectors are expected to dominate the global market. North America was the leading contributor to the global revenue, whereas, Asia-Pacific is projected to be dominant region by 2023.
Rise in demand for advanced authentication provides numerous growth opportunities for market expansion in the government sector. In addition, the retail segment is projected to grow at a highest CAGR of 18.7%, owing to rise in incident of card-related frauds, transactions, and revenue loses. The authentication segment generated the highest revenue in 2015, as organizations largely invest on technologies that can protect data from security risks and malware attacks. The fraud analytics solution is expected to grow at the highest CAGR, as these solutions analyze various forms of data and then covert them to actionable insights. In addition, rise in adoption of advanced analytics techniques and competitive intelligence that involves tactful data collection & collation, analysis, and formation of meaningful insights that enables in making strategic business decisions supplements the fraud detection & prevention market growth.
Emergence of big data analytics across various industries, such as BFSI, retail, manufacturing, healthcare, real estate, and others, high demand for cloud services, and proliferation of mobile devices for payment are expected to drive the market growth. Mobile phones enable easy access to personally identifiable information such as email address, home address, and banking & stored payment information. However, high installation cost of deploying varied prevention solutions, including predictive analytics, big data analytics, customer analytics, and others, hinders this growth.
In 2016, BFSI accounted for maximum revenue share, owing to frequent incident of fraudulent activities, specifically in mobile transactions. For instance, in January 2018, HID Global collaborated with ThreatMark, a threat and fraud detection technology provider to develop new features to improve the ability of financial organizations to identify cyber threats such as malware, identity theft, and account takeover.
In 2016, North America accounted for a major share in the global fraud detection & prevention market. However, Asia-Pacific is expected to dominate by 2023, owing to increase in rate of Internet penetration in India, China, Japan, Malaysia, and Singapore as organizations need to protect corporate and personal information from fraud attacks. Furthermore, the need to support secure enterprise mobility practices within organizations is expected to boost the demand for fraud detection & prevention solutions.
Prominent players, such as IBM Corporation, BAE Systems, SAP SE, Oracle Corporation, ACI Worldwide, and others, focus on product launch, acquisition, and partnership for expansion in the market. For instance, in 2016, IBM Corporation acquired IRIS Analytics, a privately held company specializing in real-time analytics to help combat fraud.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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September 16, 2020, 16:58 GMT
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