LONDON--(BUSINESS WIRE)--The global fraud detection and prevention market is expected to post a CAGR of more than 20% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing use of IoT. IoT is a network of objects such as vehicles and home appliances that are embedded in software, actuators, and sensors, all of which enable these objects to connect and exchange data. The global IoT market is expected to grow from 155.78 million units in 2018 to 1,251.02 million units in 2023. Due to the growing demand for IoT, IoT providers are under intense pressure to bring IoT products into the market. However, some IoT providers are not investing in the backend systems that are required to support IoT securely. This is leading to the neglect of important data management features such as access governance, security, and privacy management. Hence, these errors make IoT customers vulnerable to privacy violations, security attacks, and poor customer experiences. This is adversely affecting the inclination of enterprises towards adoption of IoT. Organizations are weary of the threat of unauthorized access to devices, external hackers, and denial of service (DoS) attacks caused by malicious hackers. This will lead to an increase in demand for fraud detection and prevention market over the forecast period.
This market research report on the global fraud detection and prevention market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the use of blockchain technology in fraud detection and prevention as one of the key emerging trends in the global fraud detection and prevention market:
Global fraud detection and prevention market: Use of blockchain technology in fraud detection and prevention
Blockchain platforms refer to a decentralized, shared ledger that allows contributors/stakeholders of the platform to store, view, and share information in a secure environment. Companies are experimenting with blockchain platforms to prevent fraud in financial and non-financial transactions. Based on a distributed ledger platform that is secured by computer-coded rules and protocols, the blockchain system enables security and transparency in the transactions of all the parties (stakeholders) involved. Financial transactions that involve multiple processes and require human intervention are the primary targets of fraudsters. In such situations, the implementation of blockchain can help prevent fraud. Since blockchain does not rely on a centralized ledger and transfers information via many nodes, it becomes impossible to hack. Therefore, with many advantages such as these, the market is expected to register a positive outlook during the forecast period.
“The incidents of cyber thefts by hackers and cybercriminals are growing at an alarming rate. The number of data breaches and files stolen by hackers is rising globally. Hence, FDP solutions support enterprises in verifying users as well as managing their access to enterprise resources. FDP solutions also help enterprises to enable secure access to applications by validating the necessary user information against their verified user database and flagging inconsistencies if any. Thus, FDP solutions help enterprises review the critical areas of concern within their environment and provide insights and offer tools to defend against these attacks,” says a senior analyst at Technavio for research on IT Security.
Global fraud detection and prevention market: Segmentation analysis
This market research report segments the global fraud detection and prevention market by end-user (BFSI, telecom and IT, retail, energy and utilities, and others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share close to 43%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth followed by the EMEA region.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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