The global AI in fraud management market is estimated to attain a valuation ofUS$ 10,437.3 million in 2023 and is expected to reach US$ 57,146.8 million by 2033, expanding at a CAGR of 18.5% during the forecast period.
The ongoing shift from traditional forms of payment to digital transactions is fundamentally changing the way value is transferred between consumers and businesses. In this digitized economy, ensuring identity, security, and trust becomes paramount for payments, commerce, and finance.
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The introduction of regulations like the United States mandate of Europay has spurred financial service companies, including MasterCard and Visa, to adopt chip and PIN technologies and advanced authentication solutions. These measures are aimed at reducing the risk of counterfeit transactions. Such initiatives have been observed across multiple industry verticals as part of efforts to prevent fraud.
There has been a notable increase in the retail IT infrastructure, encompassing POS checkout terminals, self-checkout units, information/web kiosks, PCs, and back-office servers. This growing reliance on IT, spanning wholesalers, distributors, manufacturers, and suppliers, underscores the need for enhanced security measures to safeguard consumer data.
Solution providers are prioritizing innovation and research to deliver highly robust security measures against fraudulent activities. This includes leveraging predictive analytics, advanced analytics, and a combination of human expertise with machine learning and AI capabilities. These efforts aim to enhance fraud protection systems, enabling them to adapt and address evolving threats effectively.
Key Takeaways:
- United Kingdom AI in the fraud management market is expected to grow with a CAGR of 18.2% during the forecast period.
- The market in China is expected to grow with a CAGR of 21.2% during the forecast period.
- By solution, AI-powered fraud prevention software is projected to grow with a significant CAGR of 19.4 % during the forecast period.
- The market in India is expected to grow with a CAGR of 19.4% throughout the forecast period.
Leading Key Players:
- IBM Corporation
- Cognizant
- Temenos AG
- Capgemini SE
- Subex Limited
- JuicyScore
- Hewlett Packard Enterprise
- MaxMind Inc.
- BAE Systems plc
- Pelican
- SAS Institute Inc.
- Splunk Inc.
- DataVisor Inc.
- Matellio Inc.
- ACTICO GmbH
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Some recent developments in the market are:
Key market players are utilizing organic growth strategies like acquisitions, mergers, tie-ups, and collaboration to enhance their product portfolio. This is expected to propel the global AI in fraud management market.
- In March 2022, Fiserv, a key provider of financial services technology solutions and payments, launched a new fraud mitigation service. This innovative solution has successfully reduced fraud losses by 10 to 15% for their small to the mid-size credit union and bank clients, further improving upon already low industry standards.
- Experian launched Experian Fraud Score in September 2022. This state-of-the-art fraud protection tool enables companies of all sizes to identify fraud during the application, transaction, and customer lifecycle stages.
- Cognizant acquired Inawisdom, a UK-based consultancy, in December 2020. Inawisdom specializes in artificial intelligence, machine learning, and data analytics to enable businesses to make faster and more informed decisions, leading to improved business outcomes. Their expertise lies in delivering cloud-native, full-stack solutions, utilizing Amazon Web Services (AWS) as their analytics and machine learning platform, along with established consulting methodologies.
AI in Fraud Management Industry Segmentation:
By Solution:
- AI-powered Fraud Prevention Software
- Cloud-based
- On-Premises
- Services
- Risk Assessment Services
- Fraud & Risk Consulting
- Integration & Implementation
- Support & Maintenance
- Managed Services
By Application:
- Identity Theft Protection
- Payment Fraud Prevention
- Anti-Money Laundering
- Others
By Enterprise Size:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- IT & Telecom
- Healthcare
- Government
- Education
- Retail & CPG
- Media & Entertainment
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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