$65+ Billion Fraud Detection and Prevention Markets - Global Forecast to 2028 - Increased Adoption of Fraud Analytics and Risk-Based Authentication Solutions

DUBLIN, June 15, 2023 /PRNewswire/ -- The "Fraud Detection and Prevention Market by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Managed and Professional)), Fraud Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global FDP market size is projected to grow from USD 27.7 billion in 2023 to USD 66.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.1%

The market growth in FDP is fueled by factors such as increased use of digital technologies and IoT across industries, rising revenue losses and chargebacks due to fraud, and the adoption of fraud analytics and risk-based authentication solutions to combat fraud.

These driving forces highlight the growing demand for advanced solutions to protect businesses from emerging threats, mitigate financial losses, and enhance fraud detection capabilities.

By the BFSI segment, the banking and finance segment holds the largest market size

The banking and finance sector holds the largest FDP market as it holds sensitive information about employees, customers, assets, offices, branches, and operations. Owing to the number of transactions (monetary and data-centric), the number of transactions, technological advancements, and digitalization of the financial sector, the possibility of fraud in this vertical is increasing significantly.

The BFSI vertical faces internal and external fraud threats, such as card skimming, SMS phishing, social engineering, viruses and trojans, identity thefts, spyware and adware, website cloning, and cyberstalking. To avert these attacks, regulatory bodies worldwide have devised several regulations for organizations to achieve optimum security for customers and organizations' data.

Fraudsters and hackers are trying updated and advanced technologies to steal the credentials to access the (unauthorized) networks and systems. Therefore, banking and financial service providers spend millions of dollars updating their plans with the latest security measures.

By verticals, the healthcare segment registered the highest CAGR during the forecast period

The healthcare industry exhibits the highest CAGR in the FDP market. The healthcare vertical includes companies that generate and commercialize healthcare goods and services. Medical and pharmaceutical OEMs, health insurance firms, and private and public healthcare organizations are considered in the healthcare vertical.

It also possesses data related to doctors, patients, staff, and administrators, which is personal and highly confidential. Owing to this vertical's sensitive information, this industry is becoming one of the prime targets for fraudsters. In the past, healthcare organizations either did not use anti-fraud measures or used them on a small scale.

In recent times, as collateral and monetary losses have been increasing, spending in the global healthcare vertical has also been growing. The most common frauds in this vertical are excessive billing for services and items, fake drugs, and influenced prescription of medicines and other medical amenities. These fraudulent activities result in revenue loss and the loss of lives in the healthcare vertical.

By services, the professional services segment will grow at the largest market size during the forecast period

Professional services play a vital role in the FDP solution ecosystem. As these services are complex, service providers must possess high technical skills and expertise. Several FDP solution market vendors offer professional and consulting services based on client-specific requirements.

They provide educational support, such as training and classroom lectures (online and offline), to help clients understand their solutions and related processes. They assess the risks associated with any project and help deploy better and enhanced FDP solutions or replace existing ones. The professional services segment is estimated to hold a higher FDP services segment market share.

North America is expected to account for the largest market size during the forecasted period

North America is poised to have the largest market size due to several key factors. The region's technological advancement, with a strong presence of leading technology companies and cybersecurity firms, enables the development and deployment of advanced FDP solutions.

Additionally, North America's robust regulatory environment, including regulations like the Sarbanes-Oxley Act and the Payment Card Industry Data Security Standard, drives the adoption of comprehensive FDP solutions to address fraud and protect consumer interests.

The sophisticated cybersecurity landscape and the region's highly digitized economy further contribute to the prioritization of FDP investments by organizations, ensuring the security of critical assets and mitigating fraud risks.

Asia Pacific is anticipated to account for the highest CAGR during the forecasted period

Asia Pacific is poised to witness the highest CAGR due to several key factors. The region's rapidly growing digital economy, driven by the surge in e-commerce and online transactions, creates an urgent need for robust FDP solutions.

Additionally, increasing cybersecurity concerns and high-profile data breaches have raised awareness among organizations in Asia Pacific, leading to a growing demand for advanced FDP technologies. Governments in the region are also implementing initiatives and regulations to enhance cybersecurity practices, further fueling the adoption of FDP solutions.

Moreover, the presence of emerging markets and rapidly developing industry verticals in Asia Pacific contribute to the region's high growth potential in the FDP market.

Premium Insights

• Increased Revenue Losses due to Fraud to Boost Growth of Market
• Identity Fraud Segment to Hold Largest Market Size During Forecast Period
• Solutions Segment to Hold Larger Market Size During Forecast Period
• Fraud Analytics Segment to Hold Largest Market Size During Forecast Period
• On-Premises Segment to Hold Larger Market Size During Forecast Period
• Large Enterprises Segment to Hold Larger Market Size During Forecast Period
• Retail and Ecommerce Vertical to Hold Largest Market Size During Forecast Period
• Asia-Pacific to Emerge as Best Market for Investments in Next Five Years

Market Dynamics and Trends Analysis

Drivers

• Increased Use of Digital Technologies and Iot
• Increased Revenue Losses and Chargebacks due to Fraud
• Increased Adoption of Fraud Analytics and Risk-Based Authentication Solutions to Combat Fraud

Restraints

• Rise in Fraud Complexity
• Budgetary Issues in Developing In-House Fraud Detection Solution
• Lack of Infrastructure to Support Ai and Ml

Opportunities

• Increased Adoption of Advanced Technologies
• Adoption of Batch, Streaming, and Predictive Analytics for Real-Time Fraud Detection
• Growing Need to Protect SMEs from Fraud

Challenges

• Lack of Trained Professionals to Analyze Fraud Attacks
• Lack of Awareness Related to Digital Fraud in Organizations

Technology Analysis

• Fraud Detection and Artificial Intelligence
• Fraud Detection and Data Analytics
• Fraud Detection and Internet of Things
• Fraud Detection and Real-Time Authentication

Tariff and Regulatory Landscape

• Payment Service Directive/Strong Customer Authentication Compliance
• Payment Card Industry Data Security Standard
• Information Technology (It) Act, 2000
• General Data Protection Regulation Compliance
• Anti-Money Laundering/Combating Financing of Terrorism Compliance
• Bank Secrecy Act
• Personal Information Protection and Electronic Documents Act
• Regulatory Bodies, Government Agencies, and Other Organizations

Value Chain Analysis

• Fraud Detection and Prevention Solutions and Services Providers
• Regulatory Authorities, Including Government or Industry Associations
• Solution Designers and Developers/Consultants
• System Integrators
• Resellers
• End-Users

Use Cases

• Use Case 1: Signifyd Helped Bhfo Manage Fraud and Eliminate Unnecessary Customer Friction
• Use Case 2: Kount Helped Getty Images Reduce Chargebacks and Stay Ahead of Fraud
• Use Case 3: Accertify Helped Guitar Center Double Fraud Savings and Reduce Fraud Losses by 62%
• Use Case 4: Riskified Helped Wayfair Reduce Fraud Cost by 60%

Company Profiles

Key Players

• Fiserv
• Fis Global
• Lexisnexis Risk Solutions
• Bae Systems
• Transunion
• Experian
• Nice Actimize
• Aci Worldwide
• Sas Institute
• Rsa Security
• Sap
• Fico
• Software Ag
• Microsoft
• Neustar
• F5
• Ingenico
• Aws
• Bottomline Technologies
• Clearsale
• Genpact

Other Key Players

• Kount
• Securonix
• Accertify
• Feedzai
• Caseware
• Perimeter X
• Onespan
• Signifyd
• Biocatch
• Friss
• Maxmind
• Datavisor
• Cleafy
• Gurucul
• Pondera Solutions
• Riskified
• Alloy
• Castle
• Sift
• Nofraud
• Featurespace
• Enzoic
• Merlon Ai
• Kubient
• Spycloud
• Seon
• Nethone
• Trustcheckr
• Deduce
• Incognia
• Resistant Ai

For more information about this report visit https://www.researchandmarkets.com/r/yll9ak

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