DUBLIN--(BUSINESS WIRE)--The "Fraud Detection & Prevention Market by Solution Type, Services, Deployment Type, End User, Industry Vertical, and Geography - Global Opportunity Analysis and Industry Forecast, 2016-2023" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global fraud detection & prevention market was valued at $13,644 million in 2016, and is expected to reach $40,610 million by 2023, growing at a CAGR of 17% from 2017 to 2023.
Emergence of big data analytics across various industries, such as BFSI, retail, manufacturing, healthcare, real estate, and others, high demand for cloud services, and proliferation of mobile devices for payment are expected to drive the market growth. However, high installation cost of deploying varied prevention solutions, including predictive analytics, big data analytics, customer analytics, and others, hinders this growth.
In 2016, BFSI accounted for maximum revenue share, owing to frequent incident of fraudulent activities, specifically in mobile transactions. For instance, in January 2018, HID Global collaborated with ThreatMark, a threat and fraud detection technology provider to develop new features to improve the ability of financial organizations to identify cyber threats such as malware, identity theft, and account takeover.
Rise in demand for advanced authentication provides numerous growth opportunities for market expansion in the government sector. In addition, the retail segment is projected to grow at a highest CAGR of 18.7%, owing to rise in incident of card-related frauds, transactions, and revenue loses.
The authentication segment generated the highest revenue in 2015, as organizations largely invest on technologies that can protect data from security risks and malware attacks. The fraud analytics solution is expected to grow at the highest CAGR, as these solutions analyze various forms of data and then covert them to actionable insights.
- ACI Worldwide, Inc.
- Bae Systems, Inc.
- Fair Isaac Corporation
- International Business Machines Corporation
- Lavastorm Analytics
- NCR Corporation (Alaric Systems Limited)
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Threatmetrix Inc.
For more information about this report visit https://www.researchandmarkets.com/research/j8w99r/global_fraud?w=4