Global Fraud Detection and Prevention Market: Overview
Fraud detection and prevention services and solutions are provided by IT companies to the various enterprises and organizations. These solutions involve finding the patterns and anomalies by analyzing the data to detect the frauds. The solution controls users are provided access to authentication and verification for fraud prevention. Fraud detection and prevention solution provides detection of fraud and inconsistencies in customer transactions and thus provide the controlled environment for sharing of information, communication, and strategic consulting, fraud risk assessment in order to address specific loopholes. These IT solutions help the enterprises to avoid frauds and financial losses. The fraud and prevention software solution provides an effective enterprise-wide solution for the management of frauds, threats, and cyber attacks in order to enhance operational efficiency by reducing losses and reputational damage.
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Global Fraud Detection and Prevention Market: Growth Factors
The emergence of e-banking, e-commerce, payment wallets, and adoption of IP-based services leads to the growth in online transactions; this, in turn, increases revenue losses due to fraudulent activities, which is contributing to the demand for the fraud detection and prevention solutions across the world. Rapid technological advancement and the ever increasing consumer presence for online operations have led fraud to be one of the fastest emerging threats to all enterprises and organizations. This is anticipated to foster the market growth in the coming years. IT and Internet have gained popularity across the various industries and hence increase the vulnerability of organized & automated crimes, and misappropriations by hackers; these are the driving factors for the growth of the global fraud and prevention solutions market.
Global Fraud Detection and Prevention Market: Segmentation
The fraud detection and prevention market has been broadly segmented by solution, nature of fraud, fraud type, and end-use industries. On the basis of the solution, the global fraud detection, and prevention market is segregated as fraud analytics, authentication, governance, risk and compliance (GRC) solutions, reporting and visualization. Based on the nature of fraud, the global market is bifurcated as illegal activity, suspicious activities reports, money laundering, terrorism financing and data anomalies, alerts, error, and omissions. However, fraud type segment is fragmented as internal fraud and external fraud. The fraud detection and prevention market carters various end-use industries such as BFSI, manufacturing, energy and power, retail, healthcare, real estate, communication, media and entertainment, travel and transportation, professional services, government, and others.
Global Fraud Detection and Prevention Market: Regional Analysis
The global fraud detection and prevention market has been geographically categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America held the largest market share, followed by Europe, due to the high rate of Internet penetration and concentration of business enterprises. Asia-Pacific region is projected to witness highest growth rate in near future due to factors such as the presence of the fastest growing economies. Latin America is projected to higher growth in the market owing to increasing number of small and medium scale enterprises.
Global Fraud Detection and Prevention Market: Competitive Players
Key players in the global fraud detection and prevention market are IBM, CSC, FICO Oracle, LexisNexis, EMC Corporation, Equifax, and Bosch Software Innovations Gmbh. Other major player includes SAP, Fiserv, NICE Actimize, and Computer Sciences Corporation.