Fraud Detection & Prevention Market Report
RA00174
Fraud Detection & Prevention Market by Type (External and Internal), by Component (Solution and Services), by Application (Money Laundering, Credit & Debit Fraud, Mobile Fraud, Identity Threat and Electronic Fraud), by End User (Banking Insurance, Government, Healthcare, E-Commerce, Education and Others), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026
Update Available On-Demand
Global Fraud Detection and Prevention Industry, Insights, 2026:
The fraud detection & prevention market accounted for $18,817.5 million in 2018 and is predicted to generate a revenue of $123,391.8 million by 2026 with a CAGR of 26.5% in the forecast period. North America market accounted for $6,586.1 million in 2018 and is predicted to rise with a CAGR of 25.3% in the forecast period. An increase in online & mobile banking services is predicted to be the major driving factor for the fraud detection & prevention market in the forecast period
Fraud detection activities are a set of activities undertaken to prevent any illegal activities and prevention of such activities is a must to control fraud. Fraud detection is applied to many industries; it is mainly implemented in the banking and insurance sectors. As most of the banking data are confidential, precautions are needed to be taken to control fraud across the industries.
Driving Factors: The rise in the use of the electronic device and digital payment methods are predicted to drive the growth of fraud detection & prevention market
The growing number of online & mobile banking services has increased the number of transactions, which is predicted to be the major driving factor for the growth of the fraud detection & prevention market in the forecast period. In addition, the rise in online shopping is also predicted to upsurge the fraud detection & prevention market growth. Moreover, a rise in the adoption of fraud detection & prevention to meet the security needs and a rise in the adoption of artificial intelligence and machine learning are predicted to boost the overall market growth in the forecast period.
Market Restraint: Huge cost involved in adopting fraud detection & prevention solution is predicted to be the biggest restraint for the fraud detection & prevention market
Organizations have to put a lot of money into the tools which are required to detect and monitor the fraud. The cost of these tools is very high which makes them affordable for specific organizations. This factor is the biggest restraint in the fraud detection & prevention market. Moreover, the unavailability of skilled labor in the fraud detection & prevention tools is predicted to hinder the growth of the fraud detection & prevention market in the forecast period.
Investment Opportunity in Fraud Detection & Prevention Market: Artificial intelligence and machine learning is considered to create a huge opportunity for the fraud detection & prevention market investors
The increasing use of artificial intelligence and machine learning in the fraud detection & prevention market is predicted to create numerous opportunities in the forecast period. Artificial intelligence and machine learning decrease the workforce drastically and help in creating predictive models based on historical data. These factors are an add-on to the systems to eventually detect fraudulent activities and take prevention steps accordingly.
The external type segment is predicted to have the maximum share in the forecast period. The external type segment accounted for $11,629.2 million in 2018 and is predicted to grow with a CAGR of 25.2% in the forecast period. An increase in banking frauds, data breaches, and theft of confidential data is predicted to boost the external type segment in the forecast period. Moreover, the lack of a separate fraud detection wing in any organization is foreseen to boost the external type segment over the forecast period.
The service component segment is predicted to have the highest market share over the forecast period. The service component segment accounted for $9,879.2 million in 2018 and is predicted to grow with a CAGR of 25.4% in the forecast period. The rise in illegal activities and initiatives taken by the government and various large companies for securing their confidential data is predicted to boost the growth of the services component segment in the fraud detection & prevention market in the forecast period.
Credit & debit fraud application is predicted to have the maximum share in the forecast period. Credit & debit fraud application accounted for $5,645.3 million in 2018 and is predicted to grow with a CAGR of 25.4% in the forecast period. With the increase in the use of debit and credit in the banking sector, the fraud cases have also increased drastically due to which the credit & debit application segment is predicted to experience a growth in the forecast period.
Banking is projected to have the maximum share in the end user segment in the forecast period. The banking end use segment accounted for $5,344.2 million in 2018 and is predicted to rise with a CAGR of 25.1% in the forecast period. The banking industry deals with the most sensitive data. The transaction and payments through digitization make it comparatively easier for hackers to hack the organization's data. Thus, many organizations in the banking sector are adopting fraud detection & prevention systems on a large scale. Due to these reasons, the banking segment is predicted to boost the overall fraud detection & prevention market in the forecast period.
North America is predicted to have the maximum share in the forecast period. The North America market accounted for $6,586.1 million in 2018 and is predicted to grow with a CAGR of 25.3% in the forecast period. The North America market is expected to grow due to the presence of a large number of companies and the adoption of artificial intelligence and machine learning across the companies in this region. The asia-Pacific market accounted for $5,268.9 million in 2018 and is predicted to grow with a CAGR of 27.0% in the forecast period. The Asia-Pacific market is projected to grow due to the adoption of fraud detection & prevention software and system across various verticals which gives overall growth for the fraud detection & prevention market over the forecast period.
Key Participants in the Fraud Detection & Prevention Market:
Some of the key players in the fraud detection & prevention market are Oracle Corporation, IBM Corporation, SAP SE, Lavastorm, ACI Worldwide, SAS Institute Inc., Fair Issac Corporation, and NCR limited, among others.
Porter’s Five Forces Analysis for Fraud Detection & Prevention Market:
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Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be low.The bargaining power of suppliers is very low.
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Bargaining Power of Consumers: In this market, the concentration of buyers is high. The bargaining power of consumers is high.
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The threat of New Entrants: Huge initial investments are essential to start a new fraud detection & prevention market. The threat of new entrants is low.
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The threat of Substitutes: This market has numerous alternatives of products;moreover, technology alsooffers high switching costs for clients. The threat of substitutes is high.
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Competitive Rivalry in the Market: The fraud detection & prevention market has only major players to sell their products and it becomes difficult for small and medium enterprises and local manufacturers to get into the market. The competitive rivalry in the industry is high.
| Aspect | Particulars |
| Historical Market Estimations | 2018-2019 |
| Base Year for Market Estimation | 2018 |
| Forecast timeline for Market Projection | 2019-2026 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Type |
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| Segmentation by Component |
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| Segmentation by Application |
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| Segmentation by End User |
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| Key Countries Covered | U.S., Canada, Mexico Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Latin America, Middle East, Africa |
| Key Companies Profiled |
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Q1. What is the size of fraud detection & prevention market?
A. The global fraud detection & prevention market size was over $18,817.5 million in 2018 and is predicted to grow with a CAGR of 26.5% over the forecast period.
Q2. Which are the leading companies in the fraud detection & prevention market?
A. : IBM Corporation is the key players in the global fraud detection & prevention market.
Q3. Which region possesses greater investment opportunities in the coming future?
A. North Americapossesses great investment opportunities for the investors to witness the most promising growth in the coming years.
Q4. What is the growth rate of North America?
A. North America Fraud Detection and prevention market is projected to grow at 25.3% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Product development is the key strategies opted by the operating companies in this fraud detection & prevention market.
Q6. Which companies are investing more on R&D practices?
A. IBM Corporation is the company investing more on R&D activities for developing new products and technologies.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.Type Trend
2.3.Component trends
2.4.Application trends
2.5.End user trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Strategic overview
4.Fraud Detection & Prevention Market, by Type
4.1.External
4.1.1.Market size and forecast, by region, 2019-2026
4.1.2.Comparative market share analysis, 2019-2026
4.2.Internal
4.2.1.Market size and forecast, by region, 2019-2026
4.2.2.Comparative market share analysis, 2019-2026
5.Fraud Detection & Prevention Market, byComponent
5.1.Solution
5.1.1.Market size and forecast, by region, 2019-2026
5.1.2.Comparative market share analysis, 2019-2026
5.2.Service
5.2.1.Market size and forecast, by region, 2019-2026
5.2.2.Comparative market share analysis, 2019-2026
6.Fraud Detection & Prevention Market, by Application
6.1.Money Laundering
6.1.1.Market size and forecast, by region, 2019-2026
6.1.2.Comparative market share analysis, 2019-2026
6.2.Credit & Debit Fraud
6.2.1.Market size and forecast, by region, 2019-2026
6.2.2.Comparative market share analysis, 2019-2026
6.3.Mobile Fraud
6.3.1.Market size and forecast, by region, 2019-2026
6.3.2.Comparative market share analysis, 2019-2026
6.4.Identity Threat
6.4.1.Market size and forecast, by region, 2019-2026
6.4.2.Comparative market share analysis, 2019-2026
6.5.Electronic Fraud
6.5.1.Market size and forecast, by region, 2019-2026
6.5.2.Comparative market share analysis, 2019-2026
7.Fraud Detection & Prevention Market, by End Use
7.1.Banking
7.1.1.Market size and forecast, by region, 2019-2026
7.1.2.Comparative market share analysis, 2019-2026
7.2.Insurance
7.2.1.Market size and forecast, by region, 2019-2026
7.2.2.Comparative market share analysis, 2019-2026
7.3.Government
7.3.1.Market size and forecast, by region, 2019-2026
7.3.2.Comparative market share analysis, 2019-2026
7.4.Healthcare
7.4.1.Market size and forecast, by region, 2019-2026
7.4.2.Comparative market share analysis, 2019-2026
7.5.E-Commerce
7.5.1.Market size and forecast, by region, 2019-2026
7.5.2.Comparative market share analysis, 2019-2026
7.6.Education
7.6.1.Market size and forecast, by region, 2019-2026
7.6.2.Comparative market share analysis, 2019-2026
7.7.Others
7.7.1.Market size and forecast, by region, 2019-2026
7.7.2.Comparative market share analysis, 2019-2026
8.Fraud Detection & Prevention Market, by Region
8.1.North Region
8.1.1.Market size and forecast, by type, 2019-2026
8.1.2.Market size and forecast, by component, 2019-2026
8.1.3.Market size and forecast, by application, 2019-2026
8.1.4.Market size and forecast, by end use, 2019-2026
8.1.5.Market size and forecast, by country, 2019-2026
8.1.6.Comparative market share analysis, 2019-2026
8.1.7.U.S
8.1.7.1.Market size and forecast, by type, 2019-2026
8.1.7.2.Market size and forecast, by component, 2019-2026
8.1.7.3.Market size and forecast, by application, 2019-2026
8.1.7.4.Market size and forecast, by end use, 2019-2026
8.1.8.Canada
8.1.8.1.Market size and forecast, by type, 2019-2026
8.1.8.2.Market size and forecast, by component, 2019-2026
8.1.8.3.Market size and forecast, by application, 2019-2026
8.1.8.4.Market size and forecast, by end use, 2019-2026
8.1.9.Mexico
8.1.9.1.Market size and forecast, by type, 2019-2026
8.1.9.2.Market size and forecast, by component, 2019-2026
8.1.9.3.Market size and forecast, by application, 2019-2026
8.1.9.4.Market size and forecast, by end use, 2019-2026
8.2.Europe
8.2.1.Market size and forecast, by type, 2019-2026
8.2.2.Market size and forecast, by component, 2019-2026
8.2.3.Market size and forecast, by application, 2019-2026
8.2.4.Market size and forecast, by end use, 2019-2026
8.2.5.Market size and forecast, by country, 2019-2026
8.2.6.Comparative market share analysis, 2019-2026
8.2.7.UK
8.2.7.1.Market size and forecast, by type, 2019-2026
8.2.7.2.Market size and forecast, by component, 2019-2026
8.2.7.3.Market size and forecast, by application, 2019-2026
8.2.7.4.Market size and forecast, by end use, 2019-2026
8.2.7.5.Comparative market share analysis, 2019-2026
8.2.8.Germany
8.2.8.1.Market size and forecast, by type, 2019-2026
8.2.8.2.Market size and forecast, by component, 2019-2026
8.2.8.3.Market size and forecast, by application, 2019-2026
8.2.8.4.Market size and forecast, by end use, 2019-2026
8.2.8.5.Comparative market share analysis, 2019-2026
8.2.9.France
8.2.9.1.Market size and forecast, by type, 2019-2026
8.2.9.2.Market size and forecast, by component, 2019-2026
8.2.9.3.Market size and forecast, by application, 2019-2026
8.2.9.4.Market size and forecast, by end use, 2019-2026
8.2.9.5.Comparative market share analysis, 2019-2026
8.2.10.Italy
8.2.10.1.Market size and forecast, by type, 2019-2026
8.2.10.2.Market size and forecast, by component, 2019-2026
8.2.10.3.Market size and forecast, by application, 2019-2026
8.2.10.4.Market size and forecast, by end use, 2019-2026
8.2.10.5.Comparative market share analysis, 2019-2026
8.2.11.Rest of Europe
8.2.11.1.Market size and forecast, by type, 2019-2026
8.2.11.2.Market size and forecast, by component, 2019-2026
8.2.11.3.Market size and forecast, by application, 2019-2026
8.2.11.4.Market size and forecast, by end use, 2019-2026
8.2.11.5.Comparative market share analysis, 2019-2026
8.3.Asia-Pacific
8.3.1.Market size and forecast, by type, 2019-2026
8.3.2.Market size and forecast, by component, 2019-2026
8.3.3.Market size and forecast, by application, 2019-2026
8.3.4.Market size and forecast, by end use, 2019-2026
8.3.5.Market size and forecast, by country, 2019-2026
8.3.6.Comparative market share analysis, 2019-2026
8.3.7.China
8.3.7.1.Market size and forecast, by type, 2019-2026
8.3.7.2.Market size and forecast, by component, 2019-2026
8.3.7.3.Market size and forecast, by application, 2019-2026
8.3.7.4.Market size and forecast, by end use, 2019-2026
8.3.7.5.Comparative market share analysis, 2019-2026
8.3.8.India
8.3.8.1.Market size and forecast, by type, 2019-2026
8.3.8.2.Market size and forecast, by component, 2019-2026
8.3.8.3.Market size and forecast, by application, 2019-2026
8.3.8.4.Market size and forecast, by end use, 2019-2026
8.3.8.5.Comparative market share analysis, 2019-2026
8.3.9.Japan
8.3.9.1.Market size and forecast, by type, 2019-2026
8.3.9.2.Market size and forecast, by component, 2019-2026
8.3.9.3.Market size and forecast, by application, 2019-2026
8.3.9.4.Market size and forecast, by end use, 2019-2026
8.3.9.5.Comparative market share analysis, 2019-2026
8.3.10.South Korea
8.3.10.1.Market size and forecast, by type, 2019-2026
8.3.10.2.Market size and forecast, by component, 2019-2026
8.3.10.3.Market size and forecast, by application, 2019-2026
8.3.10.4.Market size and forecast, by end use, 2019-2026
8.3.10.5.Comparative market share analysis, 2019-2026
8.3.11.Australia
8.3.11.1.Market size and forecast, by type, 2019-2026
8.3.11.2.Market size and forecast, by component, 2019-2026
8.3.11.3.Market size and forecast, by application, 2019-2026
8.3.11.4.Market size and forecast, by end use, 2019-2026
8.3.11.5.Comparative market share analysis, 2019-2026
8.3.12.Rest of Asia Pacific
8.3.12.1.Market size and forecast, by type, 2019-2026
8.3.12.2.Market size and forecast, by component, 2019-2026
8.3.12.3.Market size and forecast, by application, 2019-2026
8.3.12.4.Market size and forecast, by end use, 2019-2026
8.3.12.5.Comparative market share analysis, 2019-2026
8.4.LAMEA
8.4.1.Market size and forecast, by type, 2019-2026
8.4.2.Market size and forecast, by component, 2019-2026
8.4.3.Market size and forecast, by application, 2019-2026
8.4.4.Market size and forecast, by end use, 2019-2026
8.4.5.Market size and forecast, by country, 2019-2026
8.4.6.Comparative market share analysis, 2019-2026
8.4.7.Latin America
8.4.7.1.Market size and forecast, by type, 2019-2026
8.4.7.2.Market size and forecast, by component, 2019-2026
8.4.7.3.Market size and forecast, by application, 2019-2026
8.4.7.4.Market size and forecast, by end use, 2019-2026
8.4.7.5.Comparative market share analysis, 2019-2026
8.4.8.Middle East
8.4.8.1.Market size and forecast, by type, 2019-2026
8.4.8.2.Market size and forecast, by component, 2019-2026
8.4.8.3.Market size and forecast, by application, 2019-2026
8.4.8.4.Market size and forecast, by end use, 2019-2026
8.4.8.5.Comparative market share analysis, 2019-2026
8.4.9.Africa
8.4.9.1.Market size and forecast, by type, 2019-2026
8.4.9.2.Market size and forecast, by component, 2019-2026
8.4.9.3.Market size and forecast, by application, 2019-2026
8.4.9.4.Market size and forecast, by end use, 2019-2026
8.4.9.5.Comparative market share analysis, 2019-2026
9.Company profiles
9.1.Oracle Corporation
9.1.1.Business overview
9.1.2.Financial performance
9.1.3.Product portfolio
9.1.4.Recent strategic moves & developments
9.1.5.SWOT analysis
9.2.IBM Corporation
9.2.1.Business overview
9.2.2.Financial performance
9.2.3.Product portfolio
9.2.4.Recent strategic moves & developments
9.2.5.SWOT analysis
9.3.SAP SE
9.3.1.Business overview
9.3.2.Financial performance
9.3.3.Product portfolio
9.3.4.Recent strategic moves & developments
9.3.5.SWOT analysis
9.4.Lavastorm.
9.4.1.Business overview
9.4.2.Financial performance
9.4.3.Product portfolio
9.4.4.Recent strategic moves & developments
9.4.5.SWOT analysis
9.5.ACI Worldwide.
9.5.1.Business overview
9.5.2.Financial performance
9.5.3.Product portfolio
9.5.4.Recent strategic moves & developments
9.5.5.SWOT analysis
9.6.SAS Institute Inc.
9.6.1.Business overview
9.6.2.Financial performance
9.6.3.Product portfolio
9.6.4.Recent strategic moves & developments
9.6.5.SWOT analysis
9.7.Fair Issac Corporation.
9.7.1.Business overview
9.7.2.Financial performance
9.7.3.Product portfolio
9.7.4.Recent strategic moves & developments
9.7.5.SWOT analysis
9.8.NCR Limited
9.8.1.Business overview
9.8.2.Financial performance
9.8.3.Product portfolio
9.8.4.Recent strategic moves & developments
9.8.5.SWOT analysis
Fraud Detection &Prevention is a system-installed software program that can evaluate any suspicious activity, providing safety monitoring and risk reduction. It is distinct from a network protection approach and lets the machine detect suspicious activities before theft or other crimes. Fraud detection and prevention tools are used as investigation methods to identify and deter fraud on an organization device. Such programs analyze data from a wide variety of data sources to detect potential inaccuracies like anomalies or delusions. It is used in different industries/agencies such as telecommunications, Government work, travel, transportation, life sciences, and healthcare. It is used to avoid cybercrimes, such as account robbery, malware, hacking, DDoS, phishing, and credit card identity theft that cause a business or organization's loss.
Key Developments in the Market
There have beenrapid developments in the Fraud Detection & Prevention Market over the past decade. According to the report by ResearchDive , the increase in demand for electronic and digital payment methods, are the results of expanded industry disposable revenues and growth. Kount released in October 2019 a new approach for fraud prevention that distinguishes between criminal fraud, friendly fraud, and legitimate conflict in order to improve market productivity and earnings.In June 2019, Arachnys, a leading supplier of CRI solutions, partnered with BAE Systems to resolve AML and enforcement obligations and deliver a fraud identification and preventive solution with specific and reliable performance.By providing the financial institutions with solutions for fraud and money laundering, BaE Systems and Mphasis formed a partnership with the goal of preventing organizations from emerging fraudulent activity.
Opportunities
Strict regulatory regulations to highlight corporate fraud prevention and detection systems, technical advances, mobile industry expansion, population growth, the rise in banking and digital marketing industries and high-level protection measures introduced by each bank and company. Those factors would therefore provide prospects for the industry's future growth.Investment in new technologies, general economic conditions, growing illegal activities, and an increased number of sectors and companies more prone to incidents of fraud and financial losses have led to the detection of fraud in North America. In addition, China and Europe, are contributing to the growth of the industry.
Future Trends
In order to boost global trade and digitalization of supply chains, Maersk and IBM have collaborated for Block chain. The New Company aims to provide a globally established, Open Standard, jointly integrated digitization platform for the entire global shipping ecosystem.Current businesses have been powered by stipulation for fraud detection systems to boost their product operation in line with the new payment gates. Companies have invested continuously in updating their goods to suit this demand. Several product releases in recent years have been triggered by demand for SDaP applications. In April 2019, in order to tackle cyber-fraud and crime, BAE systems unveiled an improved net-revenue network.
The program has been developed to detect cybercrimes by regulatory enforcement and network protection requirements. It has been introduced. Fortune Market Insights forecast that the launch and upgrade of goods will help increase global demand for fraud detection and preventative apps. In addition, increased demand will benefit the global FDaP market to expand in the next few years.In addition to product launches, the global market for threat detection and prevention will result in substantial growth as software integrated with AI grows. The report divides the market based on the part, usage, application, and regional demographics. Fortune Business Insights established leading product types and showed the impact on the global Fraud Detection & Prevention Marketof recent developments.
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