The fraud detection and prevention market is projected to grow at a compound annual growth rate (CAGR) of 17.5% between 2023 and 2033. The market share was estimated to be at $31.447.6 billion USD in 2023.
By 2033, the market is anticipated to generate substantial revenue of US$ 1,58,196.5 billion due to the growing need for fraud detection and prevention in the software and IT sectors.
Due to the large number of users spending time on online shopping and e-commerce sites to buy groceries and other personal use items, which boosts sales of fraud detection and prevention, hackers are expanding the market while hacking multiple e-commerce and online shopping sites.
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They make the payment through the online payment mode on which they are likely to fraud with the real-time consumers with their online transaction, which leads to rapid growth in the adoption of fraud detection and prevention in the companies.
Key Takeaways:
· Based on the fraud type segment, payment fraud is estimated to dominate the fraud detection and prevention market share during the forecast period 2022 to 2032.
· By the Vertical segment, retail & commerce is anticipated to lead the fraud detection and prevention market size in the forecast period 2022 to 2032.
· The U.S. holds a prominent role in the fraud detection and prevention market trends due to the number of corporate sectors and multi-national companies in the country.
· By 2032, the fraud detection and prevention market share is anticipated to rise to the valuation of US$ 133.5 Billion with a CAGR of 17.3%.
Competitive Landscape:
The key competitive companies are focused on the growth of fraud detection and prevention market share in the coming forecast period from 2022 to 2032. The companies are leading with their innovative skills and tactics to rise in the growth of fraud detective and prevention market analysis.
They use methods such as partnerships, mergers, collaboration etc to boost the economy in the forthcoming year. Some of the prominent key players are as follows. They are BAE System plc, Nice Actimize, ACI Worldwide Inc, FICO, LexisNexis, TransUnion, Kount, Inc., and others.
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Key Segments
By Components:
- · Solutions Fraud Analytics, Authentication, Government, Risk and Compliance
- · Services {Professional Services, Managed Services}
By Fraud Type:
- · Check Fraud
- · Identity Fraud
- · Internet/Online Fraud
- · Investment Fraud
- · Payment Frauds
- · Insurance Fraud
- · Others
By Deployment Mode:
- · Cloud
- · On-premises
By Organization Size:
- · SMEs
- · Large Enterprises
By Vertical:
- · BFSI {Banking and Financial, Insurance}
- · Retail and Commerce
- · Government
- · Healthcare
- · Manufacturing
- · Ravel
- · Transportation
- · Others
By Region:
- · North America
- · Latin America
- · Europe
- · Asia Pacific
- · Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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