LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global fraud risk management services market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global fraud risk management services market will grow at a CAGR of over 18% during the forecast period. The need for protection against online frauds is a major factor driving the market’s growth.
The growing incidence of email fraud poses a substantial threat to financial institutions, web retailers, and their customers. Therefore, vendors are providing services to mitigate these frauds through a combination of measures, including consumer education, fraudulent email detection and blocking, and desktop computer security assessment. For example, Symantec's Symantec Online Fraud Management Solution includes each of these key elements while providing consumers with security services and products.
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In this report, Technavio highlights the use of analytics in fraud detection as one of the key emerging trends driving the global fraud risk management services market:
Use of analytics in fraud detection
Nowadays, many analytical tools and techniques can be used to detect fraud. Using analytics to detect fraud can be a complex process as they need to be executed in real time and in a dynamic framework. Firstly, the enterprise must retrieve and store data. After the data is stored, it is then analyzed for trends, patterns, and anomalies that are different from the normal patterns. After that, the anomalies should be deciphered into meaningful business insights, which can be used by an enterprise to predict potential dangers, thus enabling them to build proactive fraud prevention solutions and tackle fraud effectively.
According to a senior analyst at Technavio for enterprise application research, “Analytics can help enterprises in tackling large-scale incidence of frauds and help them in achieving operational transparency. An enterprise can use analytics to test transactions against established parameters across systems and data sources. Hence, analytics can help in detecting frauds before they abruptly affect the business of an enterprise.”
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Global fraud risk management services market – segmentation analysis
This market research report segments the global fraud risk management services market by end-users (SMEs and large enterprises) and key regions (the Americas, APAC, and EMEA).
In 2017, the Americas accounted for the largest market share, with over 37%, followed by EMEA and APAC respectively. The market share of the Americas is expected to decline by over 2% over the forecast period because of market saturation. The fraud risk management services have been adopted by many SMEs and large enterprises in the Americas during the early stages of their introduction. APAC is expected to witness a significant increase in its market share amounting to over 3% by 2022.
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