The global AI in fraud management market is estimated to attain a valuation of USD 10,437.3 million in 2023 and is expected to reach USD 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.
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.
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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 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.
“The ongoing shift from traditional payments to digital payments is expected to fuel market growth during the forecast period-comments an FMI Analyst
Competitive Landscape
The AI in fraud management market is extremely competitive, with various key industry players investing heavily in manufacturing these batteries.
The key industry players are 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 acquisition, 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 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 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.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global AI in fraud management market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the AI in fraud management market, the market is segmented on the basis of battery, technology, vehicle type, sales channel and region.
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Key Segments Profiled in the AI in Fraud Management Industry Survey
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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