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AI in Fraud Management Market Size, Increasing Trend Diversity, Analysis, Future Scope Analysis Featuring Industry Top Key Players By 2027

Global AI in Fraud Management Market Report to its research database presenting an informative study covering the market with detailed analysis. The Global AI in Fraud Management market research report is a professional and in-depth study on the current state of global Industry.

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Global AI in Fraud Management Market to reach USD XX billion by 2027.Global AI in Fraud Management Market is valued approximately USD XX billion in 2020 and is anticipated to grow with a healthy growth rate of XX% over the forecast period 2021-2027. Artificial intelligence (AI) is a simulation of intelligence through machines and computers. This artificially generated intelligence when employed in Fraud detection can perform data analysis in milliseconds, glide through millions of transactions and recognize anomalies instantly.

AI Fraud Management Market is growing owing to the rapid digitalization around the world and adoption of IoT in various industries. According to GSMA Intelligence, there were over 13.2 billion IoT connections worldwide in 2020 and the figure is expected to grow to 32.2 billion by 2027. These connected devices are also a path for criminals to operate. The increase in cyber frauds can be attributed to the digitization wave which is also fueling the growth of AI Fraud Management Market.

Furthermore, AI Fraud Management Market has grown exponentially because of the business brought in by BFSI sector. BFSI industry also accounts for largest share in the AI fraud management market. As banks have moved towards automation, digital payments, stockbroking, and insurance, the need for adoption of advanced fraud detection technologies has increased.

However, the market growth is facing a lot of resistance due to advanced and much complicated frauds. Fraudsters are getting more advanced, sophisticated, and complex which stresses out AI systems heavily. As the future unfolds, there is a lot of opportunities for AI Fraud Management systems to evolve. The technology is still in the infancy and a lot of research and development is continuously happening in this field.

 

Considering the regions Asia Pacific, North America, Europe, Latin America and Rest of the World, the regional analysis demonstrates North America as the leader across the world in terms of market share because they are a hub for some of the largest banking institutions and IT companies, and these organizations prioritize security and fraud management. North America also faces highest digital fraud cases leading to greater adoption of AI systems to tackle the problem. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as large-scale digitization, technological advancements, and abundant population would create lucrative growth prospects for the AI in Fraud Management Market across Asia-Pacific region.

 

Major market player included in this report are:

IBM Corporation

Cognizant

Temenos AG

Capgemini SE

Subex Limited

JuicyScore

Hewlett Packard Enterprise

MaxMind, Inc.

BAE Systems plc

Pelican

 

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Solution:

AI-Powered Fraud Prevention Software

Cloud-based

On-Premises

Services

Professional Services

Risk assessment Services

Fraud & Risk Consulting

Integration & Implementation

Support & Maintenance

Managed Services

By Application:

Identity Theft Protection

Payment Fraud Prevention

Anti-Money Laundering

Others

By Enterprise Size:

Small and Medium Enterprises (SMEs)

Large Enterprises

By Industry:

BFSI

IT & Telecom

Healthcare

Government

Education

Retail & CPG

Media & Entertainment

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

 

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

 

Furthermore, years considered for the study are as follows:

 

Historical year – 2018, 2019

Base year – 2020

Forecast period – 2021 to 2027

 

Target Audience of the Global AI in Fraud Management Market in Market Study:

 

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors

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Source: on 2021-09-10 07:37:30

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