Fraud Detection and Prevention Market Size Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, and Forecasts 2022-2031

“A research report on Fraud Detection and Prevention Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.

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Global fraud detection and prevention market is expected to grow at a CAGR of 18% during the forecast period owing to upsurge in electronic transactions and increasing instances of cyber-attacks and frauds. There is growing need for restricting such frauds as these activities incur huge financial losses to companies. Enterprises are now implementing advanced techniques such as data mining and machine learning techniques, which is anticipated to positively influence global fraud detection and prevention market during forecast period.

Global fraud detection and prevention market can be segmented based on the component, fraud type, deployment type, organization size, end user industry and region. Based on component, global fraud detection and prevention market is segmented into service and solution, of which the latter is further categorized into fraud analytics, authentication and others. Authentication segment is the dominating segment in the market and the trend is likely to continue during forecast period as it is used by various end user industry in order to strengthen the authentication process. Based on the service, the market can be segmented into professional and managed services. Due to rise in productivity and safe financial management, professional services segment is expected to acquire the dominant share in global fraud detection and prevention market during forecast period. Fraud detection and prevention solutions can be deployed on-premise and cloud. Enterprises are readily adopting cloud services and solutions as they help to cut costs related to software, storage and administration staff.

Regionally, fraud detection and prevention market is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. In 2018, North America was leading the global fraud detection and prevention market on account of early adoption of online based services and e-tailing in countries like US and Canada. Moreover, presence of leading vendors in the region is expected to positively influence North America fraud detection and prevention market during forecast period.

Major players operating in global fraud detection and prevention market include Fiserv Inc., IBM Corporation, Fair Isaac Corporation, ACI Worldwide, Inc., Actimize Inc., SAP SE, SAS Institute Inc., Oracle Corp., BAE Systems PLC, Experian PLC, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.

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