According to a new report by Expert Market Research titled, “Global Fraud Detection and Prevention Market Share, Size, Report and Forecast 2024-2032″, the fraud detection and prevention market size reached a value of USD 42.11 billion in 2023. Aided by the surge in digital transaction volume, coupled with the sophistication of cyber-attacks, has necessitated advanced fraud detection and prevention solutions., the market is projected to further grow at a CAGR of 23.3% between 2024 and 2032 to reach a value of USD 277.38 billion by 2032.
As financial transactions continue to migrate online, the vulnerabilities inherent in digital platforms have become more pronounced. These systems are critical in identifying and mitigating fraudulent activities, safeguarding the integrity of online transactions across various sectors. As fraudsters employ more advanced and covert methods, the demand for robust fraud detection and prevention solutions is escalating.
As per the fraud detection and prevention market analysis, the rise of digital platforms and services, along with the increasing instances of identity theft and cyberattacks, has led to a greater need for fraud detection and prevention. This is especially important due to the strict regulations in place and the growing awareness among consumers and businesses about the benefits of implementing fraud detection and prevention measures. Nowadays, these systems are multifaceted, employing a range of technologies including artificial intelligence (AI), machine learning (ML), data analytics, and biometrics to secure personal, financial, and corporate data.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/fraud-detection-and-prevention-market/requestsample
With the growing popularity of e-banking, digital payment apps, and cross-border transactions, incidents involving identity theft, data breaches, and payment fraud are on the rise. These factors have paved the way for the fraud detection and prevention market expansion. Additionally, the influx of traffic from digital channels such as social media and e-commerce applications has made it difficult to identify patterns of unusual activity. This is where fraud detection and prevention solutions come into play.
Furthermore, advancements in technology have allowed for the precise identification and tracking of real-time abnormal activity across various applications and the internet. These advancements have greatly contributed to the fraud detection and prevention market development.
Stringent regulations and compliance standards worldwide are compelling businesses to adopt effective fraud detection and prevention measures. Additionally, the integration of artificial intelligence and machine learning is refining the capabilities of these solutions, offering more accurate and real-time fraud detection.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/fraud-detection-and-prevention-market
North America currently dominates the fraud detection and prevention market share due to the early adoption of fraud detection and prevention technologies and stringent regulatory standards. However, Asia-Pacific is expected to experience rapid growth because of the increasing adoption of digital payment methods and the proliferation of fintech companies in the region, leading to fraud detection and prevention market growth.
Market Segmentation
The market can be divided based on the solution, scale of end user, type of fraud, end use industry, and region.
Market Breakup by Solution
• Fraud Analytics
• Authentication
• Reporting
• Visualisation
Market Breakup by Scale of End User
• Small Scale
• Medium Scale
• Large Scale
Market Breakup by Type of Fraud
• Internal
• External
Market Breakup by End Use Industry
• BFSI
• Retail
• IT and Telecom
• Healthcare
• Energy and Power
• Manufacturing
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global fraud detection and prevention market. Some of the major players explored in the report by Expert Market Research are as follows:
• SAP SE
• IBM Corporation
• SAS Institute Inc.
• Oracle Corporation
• ACI Worldwide Inc.
• BAE Systems plc
• Fair Isaac Corporation (“FICO”)
• NICE Ltd.
• LexisNexis Risk Solutions Group
• Transunion LLC
• Fiserv, Inc.
• Fidelity National Information Services, Inc. (FIS)
• Others
Read More Trending Reports
Passenger Ferries Market: https://www.expertmarketresearch.com/reports/passenger-ferries-market
Saudi Arabia Plastic Recycling Market: https://www.expertmarketresearch.com/reports/saudi-arabia-plastic-recycling-market
Coffee Market: https://www.expertmarketresearch.com/reports/coffee-market
About Us
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today’s competitive market.
Don’t miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.
Media Contact
Company Name: Claight Corporation
Contact Person: John Walker, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
Aus Site: https://www.expertmarketresearch.com.au
