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Fraud Detection & Prevention Market Size, Share, Growth, Opportunities, and Forecast : 2018
Fraud Detection & Prevention Market by Solution Type, Services, Deployment Type, End User, Industry Vertical, and Geography - Global Opportunity Analysis and Industry Forecast, 2016-2023
- Report Number: 188504
- Publish Date: 3-August-2018
Fraud Detection and Prevention Market Overview:
The Global Fraud Detection & Prevention Market size was valued at $13,644 million in 2016, and is expected to reach $40,610 million by 2023, growing at a CAGR of 17% during the forecast period. Any illegal act involved in deceiving someone willfully with an unfair and unlawful intention for financial or any personal gain is termed as fraud. Fraud detection & prevention systems are software applications used to provide analytical solutions for against fraud incidents and help to identify or prevent future occurrences. North America was the dominant region for fraud detection solutions in 2016, owing to industrial expansion and rise in fraudulent activities. Currently, enterprises are more susceptible to incidents of frauds that may result in financial losses due to the generation of massive amounts of enterprise data and increase in technological advancements.
The introduction of big data analytics and cloud computing services, and rapid increase in mobile banking are key factors that drive the growth of the fraud detection & prevention market. Cloud infrastructure allows organizations to meet cloud security compliance requirements for encryption, separation of duties, and access control of protected data. In addition, increase in the generation of enterprise data and its complexity, high industry-specific requirements, and increase in incidence of fraud further supplement the fraud detection & prevention market growth.
The global fraud detection & prevention market is segmented based on solution type, services, deployment type, end user, industry vertical, and geography. On the basis of solution type, the market is bifurcated into fraud analytics and authentication. Services covered in the study include managed and professional. Based on the deployment model, the market is divided into cloud and on-premises models. By end user, it is categorized into small & medium enterprises (SME) and large enterprises (LE). By industry vertical, it is classified into banking, final services & insurance (BFSI); retail; healthcare; real estate; manufacturing; and others.
Fraud analytics accounted for the maximum market share of around 42.1% in 2016, as this solution assists in analyzing various forms of stored data and gathered information, and in converting them to actionable insights, thereby offering necessary actions required to prevent fraud. However, authentication segment is expected to generate the highest CAGR during the forecast period, owing to increase in implementation of various government regulations related to security for different industries to safeguard their user data.
The professional services segment dominated the market in 2016, accounting for around 54.9% due to increase in fraudulent activities and government regulations for data protection. In addition, growth in popularity of mobile devices present unique challenges to business and government organizations, enforcing them to implement effective solutions that would defend, identify, and respond to evolving threats. BFSI generated the highest revenue in 2016, accounting for around $3,498 million, owing to increased adoption of fraud detection & prevention solutions due to high requirement to strengthen authentication processes for customers.
Asia-Pacific exhibited prominent market growth, and is expected to maintain this trend in future as well, growing further at a CAGR of 18.2% during the forecast period. This is due to growth in penetration of Internet, and increase in usage of mobile data for various applications such as social media and mobile banking, which indirectly boosts fraud detection & prevention market growth.
Top Impacting Factors
Increase in fraudulent activities globally is expected to have a significant impact on the growth of the global fraud detection & prevention market. The introduction of big data analytics and cloud computing is expected to lead to high adoption of fraud detection & prevention solutions in small & large enterprises. This is because cloud infrastructure provides remote server access on the Internet and enables organizations to manage all the applications. However, high initial cost of these solutions restrains the growth of this market.
Key Benefits for Stakeholders
- In-depth analysis of the global fraud detection and prevention market along with its dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2016 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities.
- Porter’s Five Forces analysis examines the competitive structure of the fraud detection and prevention market and provides a clear understanding of the factors that influence the market entry and expansion.
- A detailed analysis of the geographical segments enables identification of profitable segments for market players.
- Comprehensive analysis of the trends, sub-segments, and key revenue pockets are provided in the report.
- Detailed analysis of the key players and their business strategies are anticipated to assist stakeholders to take informed business decisions.
- Profile analysis of leading players that operate in the fraud detection and prevention market are provided in the report, which highlight the major developmental strategies.
Fraud Detection & Prevention Market Key Segments:
By Solution Type
- Fraud Analytics
- Predictive Analytics
- Customer Analytics
- Social Media Analytics
- Bigdata Analytics
- Behavioral Analytics
- Single-Factor Authentication
- Multifactor Authentication
By Deployment Type
By End User
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry Vertical
- Real Estate
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- IBM Corporation
- Oracle Corporation
- SAS Institute Inc.
- Fair Isaac Corporation
- SAP SE
- BAE Systems
- ACI Worldwide
- NCR Limited
Table Of Content
Chapter: 1 INTRODUCTION
1.1. REPORT DESCRIPTION
1.4.1. Secondary research
Chapter: 2 EXECUTIVE SUMMARY
2.1. CXO PERSPECTIVE
Chapter: 3 MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2.1. Top impacting factors
3.3. PORTER’S FIVE FORCES ANALYSIS
3.3.1. Bargaining power of suppliers
3.4. MARKET PLAYER POSITIONING
22.214.171.124. Emergence of big data analytics
126.96.36.199. High cost of fraud detection and prevention solutions
188.8.131.52. Need for strong authentication methods
Chapter: 4 FRAUD DETECTION & PREVENTION MARKET, BY SOLUTION
4.1.1. Market size and forecast
4.2. FRAUD ANALYTICS
4.2.1. Key market trends
184.108.40.206. Predictive analytics
4.3.1. Key market trends
220.127.116.11. Single factor authentication
Chapter: 5 FRAUD DETECTION AND PREVENTION MARKET, BY SERVICE
5.1.1. Market size and forecast
5.2. PROFESSIONAL SERVICES
5.2.1. Key market trends
5.3. MANAGED SERVICES
5.3.1. Key market trends
Chapter: 6 FRAUD DETECTION AND PREVENTION MARKET, BY END-USER
6.1.1. Market size and forecast
6.2. SMALL AND MEDIUM ENTERPRISES (SME)
6.2.1. Key market trends
6.3. LARGE ENTERPRISES
6.3.1. Key market trends
Chapter: 7 FRAUD DETECTION AND PREVENTION MARKET, BY DEPLOYMENT TYPE
7.1.1. Market size and forecast
7.2.1. Key market trends
7.3.1. Key market trends
Chapter: 8 FRAUD DETECTION AND PREVENTION MARKET, BY INDUSTRY VERTICAL
8.1.1. Market size and forecast
8.2. BFSI (BANKING, FINANCIAL SERVICE & INSURANCE)
8.2.1. Key market trends
8.3.1. Key market trends
8.4.1. Key market trends
8.5. REAL ESTATE
8.5.1. Key market trends
8.6.1. Key market trends
8.7.1. Key market trends
Chapter: 9 FRAUD DETECTION AND PREVENTION MARKET, BY GEOGRAPHY
9.2.1. Key market trends
9.3.1. Key market trends
9.4.1. Key market trends
9.5.1. Key market trends
18.104.22.168. Latin America
Chapter: 10 COMPANY PROFILES
10.1. ACI WORLDWIDE, INC.
10.1.1. Company overview
10.2. BAE SYSTEMS, INC.
10.2.1. Company overview
10.3. FAIR ISAAC CORPORATION
10.3.1. Company overview
10.4. INTERNATIONAL BUSINESS MACHINES CORPORATION
10.4.1. Company overview
10.5. LAVASTORM ANALYTICS
10.5.1. Company overview
10.6. NCR CORPORATION (ALARIC SYSTEMS LIMITED)
10.6.1. Company overview
10.7. ORACLE CORPORATION
10.7.1. Company overview
10.8. SAP SE
10.8.1. Company overview
10.9. SAS INSTITUTE INC.
10.9.1. Company overview
10.10. THREATMETRIX INC.
10.10.1. Company overview
LIST OF TABLES
TABLE 1. GLOBAL FRAUD DETECTION & PREVENTION MARKET REVENUE, BY SOLUTION, 2016-2023 ($MILLION)
LIST OF FIGURES
FIGURE 1. EXECUTIVE SUMMARY