| Status : Published | Published On : Mar, 2024 | Report Code : VRICT5148 | Industry : ICT & Media | Available Format :
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Page : 237 |
Global Fraud Detection and Prevention Market - Analysis and Forecast (2025-2030)
Industry Insights by Offering (Solution [Fraud Analytics, Authentication, Governance, Risk, & Compliance {GRC}), Service [Professional Service, Managed Service]), by Enterprise Size (Small & Medium Enterprises, Large Enterprises), by Deployment Type (Cloud, On-Premises), By Vertical (BFSI, Retail, Telecommunication, Manufacturing, Healthcare, Others), by Fraud Type (Internal, External), by Threat Type (Account Takeover and Scanning, Digital Ad Frauds, Content Integrity Scamming, Wire and Automated Clearing House [ACH] Frauds and Card Cracking, Price Scraping, New Account Frauds, Phone Call Frauds, Acquirer and Merchant Frauds), by Application (Identity Theft, Payment Frauds, Money Laundering, Others)
Industry Overview
The global fraud detection and prevention market was valued at USD 29.8 billion in 2023 and is expected to reach USD 92.3 billion by 2030, growing at a CAGR of 16.8% during 2025-2030.
The global fraud detection and prevention market is expected to grow at a significant rate mainly due to the growing demand for AI, machine learning, big data analytics, cloud services and systems, and higher use of mobile apps to make transactions.
Fraud detection and prevention refers to the process of preventing losses during transactions by detecting fraudulent activities beforehand and ensuring anti-money laundering compliance. Since the world has gone digital, the chances of frauds are increasing with malicious actors trying new techniques to steal money.
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As a result, fraud detection and prevention needs are growing to protect the assets and money of clients from fraud. It is a practice followed across a wide range of industry verticals, such as banking and finance, healthcare, and more, especially while making card payments.
Market Segmentation
By Offering
According to the offering, the global fraud detection and prevention market is divided into solutions and services, where the former holds a larger share. This segment is expected to grow further during the forecast period due to rising demand for advanced solutions to prevent fraudulent activities and avoid risks.
This segment is further divided into fraud analytics, authentication, and Governance, Risk & Compliance (GRC). Among these types, fraud analytics is expected to have a higher growth rate during the forecast period since it helps in analyzing and monitoring data using a set of analytical practices in the system and database of an enterprise. This helps organizations detect fraud and take proper prevention measures to secure the system and database of the company.
On the other hand, the service category is further subdivided into professional service and managed service. Among these two segments, the professional services segment has a higher share in the global fraud detection and prevention market and will grow significantly during the forecast period because there is a significant rise in fraudulent activities. Both government and companies have taken initiatives to protect data, which will fuel its growth.
By Enterprise Size
According to the sizes of the enterprises, the global fraud detection and prevention market is divided into large enterprises and small & medium enterprises (SMEs). Out of these two segments, the former will grow significantly during the forecast period because these enterprises handle a large amount of data, and so the chances of data breaches are quite high. This is reduced by incorporating fraud detection and prevention software and systems, which will propel the growth of the global fraud detection and prevention market during the analysis period.
By Deployment Type
According to the deployment type, the global fraud detection and prevention market is categorized into cloud and on-premises segments. Out of them, the cloud segment is expected to grow significantly and at a much higher rate over the forecast period due to higher adoption by companies, lower cost of storage and software use, and the ability to track operations in real time in a secure manner.
By Vertical Type
According to the industry verticals, the global fraud detection and prevention market is divided into CFSI, retail, telecommunication, healthcare, manufacturing, and more.
Out of all these, the healthcare segment will dominate the market and grow at a faster rate during the forecast period because health insurance firms, pharmaceutical OEMs, and private & public healthcare organizations handle a lot of data regarding doctors, patients, treatment records, staff, and administrators, which is all very private and extremely confidential.
This specific segment is the sift target for fraudsters to steal sensitive data, which needs to be protected. Moreover, monetary and collateral losses are also on the rise in this sector which is why it will grow significantly during the forecast period.
By Fraud Type
According to the fraud types, the global fraud detection and prevention market is divided into internal and external fraud, where the former holds the larger share and will grow significantly during the forecast period due to the rising number of such frauds within the organizations, especially the large enterprises, where the complexities of business are more, which make them the preferred target for the fraudsters.
By Threat Type
According to the threat type, the global fraud detection and prevention market is divided into account takeover and scanning, content integrity scamming, digital ad frauds, wire and automated clearing house [ACH] frauds & card cracking, new account frauds, price scraping, phone call frauds, acquirer and merchant frauds.
By Application
According to the applications, the global fraud detection and prevention market is divided into money laundering, identity theft, payment fraud, and others. Out of these all, the money laundering segment is anticipated to grow at a higher rate during the forecast period. This is due to the high revenue share, rising demand for cashless payment modes, extensive use of e-wallets, and the existing loopholes in the current systems that need to be addressed in real-time.
Global Fraud Detection and Prevention Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
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Base Year Considered |
2024 |
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Forecast Period |
2025 - 2030 |
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Market Size in 2023 |
U.S.D. 29.8 Billion |
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Revenue Forecast in 2030 |
U.S.D. 92.3 Billion |
|
Growth Rate |
16.8% |
|
Segments Covered in the Report |
By Offering, By Enterprise Size, By Deployment Type, By Vertical, By Fraud Type, By Threat Type, and By Application |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
One of the most significant growth drivers of the global fraud detection and prevention market is the notable rise in the number of fraudulent attacks across all industry verticals that need to be reduced and prevented, which is mainly due to extensive reliance on electronic transactions.
A few other significant reasons for the global fraud detection and prevention market to grow include the heightened need for advanced solutions to secure digital transactions and interconnected systems, and the rise in the number of online and mobile payment modes that need to be secured to prevent unauthorized access.
Also, the strict regulatory compliance to prevent money laundering and fraud and the strict vigilance of the governments and regulatory bodies have forced the organizations to adopt these solutions to prevent financial crimes.
Finally, the notable developments in technology such as artificial intelligence, machine learning, big data analytics, and blockchain have allowed organizations to develop more sophisticated and efficient fraud detection and prevention solutions that can even detect fraud patterns, anomalies, and doubtful activities in real-time.
Challenges
The high cost, and incapability of the current professionals in many verticals to identify cyber-attacks and frauds, lack of skilled professionals, inability of different systems to cover all lines of defense and ensure proper risk balance and protection, and chances of lower customer satisfaction are significant restraints for the growth of the global fraud detection and prevention market.
However, investments and efforts are being made to improve the fraud prevention and control infrastructure or framework using different advanced technologies. The increase in awareness and training will also fortify the fraud prevention strategy, fueling its market growth.
Geographic Overview
North America is the largest contributor to the global fraud detection and prevention market and will grow during the forecast period due to the increase in fraudulent activities and higher adoption of AI, machine learning, and IoT by companies for fraud detection.
The APAC region, on the other hand, is expected to grow significantly during the analysis period due to higher adoption of such systems and software across different industry verticals.
Competitive Insight
Some of the key players in the global fraud detection and prevention market are FICO, Fiserv, FIS Global, Oracle Corporation, IBM Corporation, SAP SE, Lavastorm, ACI Worldwide, SAS Institute Inc., and NCR Limited.
Recent Developments by Key Players
Fiserv has expanded its collaboration with Swift to improve the speed and visibility of cross-border payments that will enable Fiserv to enhance support for Swift GPI (Global Payments Initiative) for its client financial institutions and provide seamless application programming interface (API) connectivity for cross-border payments. Furthermore, the integration of Swift APIs offers real-time connectivity which enables end-to-end transparency and facilitates full visibility on the status of payments for Fiserv client banks.
FIS has collaborated with Stratyfy to enhance its SecurLOCK card fraud management solution to significantly increase the accuracy of identifying and preventing fraudulent card transactions. Safer card payment experience for consumers by stopping more fraud attempts can be expected from this partnership, thus saving significant resolution time per transaction.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Fraud Detection and Prevention Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Offering
- Solution
- Fraud Analytics
- Authentication
- Governance, Risk, & Compliance (GRC)
- Service
- Professional Service
- Managed Service
- Solution
- By Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
- By Deployment Type
- Cloud
- On-Premises
- By Vertical
- Banking, Financial Services, & Insurance (BFSI)
- Retail
- Telecommunication
- Manufacturing
- Healthcare
- Others
- By Fraud Type
- Internal
- External
- By Threat Type
- Account Takeover and Scanning
- Digital Ad Frauds
- Content Integrity Scamming
- Wire and Automated Clearing House (ACH) Frauds and Card Cracking
- Price Scraping
- New Account Frauds
- Phone Call Frauds
- Acquirer and Merchant Frauds
- Others
- By Application
- Identity Theft
- Payment Frauds
- Money Laundering
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Fraud Detection and Prevention Market