Fraud Detection and Prevention Market to surpass USD 250 bn by 2032

 

As per a recent research report, Fraud Detection and Prevention Market to surpass USD 250 Bn by 2032.

Fraud Detection and Prevention Market is slated to grow exponentially through 2032, owing to the introduction of new generation technologies including big data, data analytics, predictive modeling, deep learning, cloud computing, machine language, and AI. Organizations have been constantly implementing modern fraud detection and prevention technologies and risk management strategies to overcome fraudulent transactions. These strategies combine significant data sources with real-time monitoring and apply predictive and adaptive analytics techniques such as ML (Machine Learning) to create a risk of fraud score. Such factors are slated to have a positive impact on the market growth.

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Although, the high cost linked with fraud detection and prevention solutions is one of the critical factors slated to hinder market expansion in the future. Nevertheless, the significant surge in big data analytics and AI deployment for developing several tools and software will positively impact the overall industry growth during 2023-2032.

Key providers in the fraud detection and prevention (FDP) industry are engaging in partnerships, mergers, and acquisitions and launching new products to stay competitive in the overall market. For instance, IBM recently launched a new generation mainframe with AI built into the chip to equip financial firms with the ability to conduct fraud analysis of 100% of their transactions in real-time.

Overall, the fraud detection and prevention (FDP) market is segmented in terms of fraud, component, application, end-use, and region.

Considering the fraud, the external fraud segment is anticipated to grow substantially throughout the estimated timeframe. The growth can be attributed to the increasing involvement of organized mafia and criminal groups in external frauds, further driving the adoption of FDP services among enterprises.

Based on the component, the service segment is expected to demonstrate growth by 2032 end, owing to the constant threat that organizations face for being exposed to substantial financial losses. According to the Association of Certified Fraud Examiners (ACFE), enterprises lose around 5% of financial revenue due to fraudulent behavior.

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By end-use, the banking segment will depict over 27% CAGR from 2023 to 2032. The growth can be attributed to the sector's increased vulnerability to identity theft and breaches of confidential financial information.

Regionally, the North America FDP services market is anticipated to demonstrate a high growth rate during the estimated timeframe. Increased dependency on online payment platforms and rising penetration of mobile phones resulting in payment frauds, identity thefts, and other fraudulent activities will boost the market expansion in the future.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Fraud detection & prevention industry 3600 synopsis, 2018 - 2032

2.2    Business trends

2.2.1    Total addressable market (TAM) trends, 2023 - 2032

2.3    Regional trends

2.4    Component trends

2.5    Fraud type trends

2.6    Application trends

2.7    End-use trends

Chapter 3   Fraud Detection & Prevention Industry Insights

3.1    Introduction

3.2    Industry segmentation

3.3    Impact of COVID-19 outbreak

3.3.1    North America

3.3.2    Europe

3.3.3    Asia Pacific

3.3.4    Latin America

3.3.5    MEA

3.4    Russia-Ukraine war impact

3.5    Evolution of FDP

3.6    FDP industry architecture

3.7    Fraud triangle and fraud cycle

3.8    Industry ecosystem analysis

3.8.1    FDP software providers

3.8.2    FDP service providers

3.8.3    Fraud prevention hardware providers

3.8.4    System integrators

3.8.5    End users

3.8.6    Distribution channel

3.8.7    Profit margin analysis

3.8.8    Vendor matrix

3.9    Patent analysis

3.10    Key news & initiatives

3.11    Technology & innovation landscape

3.11.1    Rule based fraud detection

3.11.2    Machine learning and deep learning

3.11.3    Fraud analytics

3.11.4    Blockchain technology

3.12    Regulatory landscape

3.12.1    Data protection regulations

3.12.1.1    Federal Information Security Management Act (FISMA)

3.12.1.2    Health Insurance Portability and Accountability Act (HIPAA)

3.12.1.3    Payment Card Industry Data Security Standard (PCI DSS)

3.12.1.4    The General Data Protection Regulation (GDPR)

3.12.1.5    The Gramm-Leach-Bliley Act (GLB) Act of 1999

3.12.1.6    The Sarbanes-Oxley Act of 2002

3.12.2    Banking regulations

3.12.2.1    Alternative Investment Fund Managers Directive (AIFMD)

3.12.2.2    Fraud Detection & Prevention Directive 2015/849/EU (FDPD)

3.12.2.3    Basel-III Regulations

3.12.2.4    Dodd–Frank Wall Street Reform and Consumer Protection Act

3.12.2.5    European Market Infrastructure Regulation (EMIR)

3.12.2.6    Foreign Account Tax Compliance Act (FATCA)

3.12.2.7    Indian Contract Act 1872

3.12.2.8    Markets in Financial Instruments Directive (MiFID)

3.12.2.9    Prevention of Money Laundering Act

3.13    Industry impact forces

3.13.1    Growth drivers

3.13.1.1    Increasingly stringent penalties on non-compliance with FDP regulations

3.13.1.2    Rise in revenue loss due to numerous financial frauds

3.13.1.3    Growing use of electronic and digital payment methods

3.13.1.4    Increase in the frequency of cyberattacks and frauds

3.13.1.5    Rapid surge in deployment of AI and big data analytics

3.13.2    Industry pitfalls & challenges

3.13.2.1    Limited presence of skilled professionals

3.13.2.2    Huge cost associated with FDP solutions

3.14    Growth potential analysis

3.15    Porter’s analysis

3.15.1    Supplier power

3.15.2    Buyer power

3.15.3    Threat of new entrants

3.15.4    Threat of substitutes

3.15.5    Industry rivalry

3.16    PESTEL analysis

3.16.1    Political

3.16.2    Economic

3.16.3    Social

3.16.4    Technological

3.16.5    Environmental

3.16.6    Legal

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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