Global Fraud Detection and Prevention (Identity Theft, Payment Frauds, Money Laundering) Market Forecast to 2023 - ResearchAndMarkets.com

DUBLIN--()--The "Fraud Detection and Prevention (FDP) Market by Solution (Fraud Analytics, Authentication, and Governance), Service, Application Area (Identity Theft, Payment Frauds, Money Laundering), Organization Size, Vertical, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

Increasing revenue losses of organizations due to frauds to drive the overall fraud detection and prevention market

The global fraud detection and prevention (FDP) market size is expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period.

Major growth factors for the market include increasing revenue losses for organizations due to the rising fraudulent attacks, increasing use of electronic transactions across verticals, and an increasing sophistication level of cyber-attacks. However, lack of skilled security professionals and lack of integration capabilities may restrain the market growth.

Report Highlights

  • Fraud analytics segment to grow at the highest CAGR during the forecast period
  • Authentication segment to hold the largest market size during the forecast period
  • North America to account for the largest market share, whereas Asia Pacific to grow at the highest CAGR

Market Dynamics

Drivers

  • Rising Revenue Losses Due to Frauds
  • Increase in the Frequency and Sophistication of Cyber Frauds and Attacks
  • Growing Use of Electronic Transactions

Restraints

  • Unavailability of Skilled Security Professionals to Deal With Fraudulent Activities
  • Lack of Integration Capabilities

Opportunities

  • Rise in the Use of Digital Technologies and Digital Banking for Payments
  • Applying AI and ML for FDP

Challenges

  • Increasing Difficulty in Detecting Fraudulent Activities at an Early Stage
  • Huge Cost Associated With Deploying FDP Solutions

Industry Trends

  • Use Case #1: Dataiku and Santeclair
  • Use Case #2: Threatmetrix and Kabbage
  • Use Case #3: Lexisnexis and Safe Federal Credit Union (Safe FCU)
  • Use Case #4: Bae Systems and Insurance Fraud Bureau (IFB)
  • Use Case #5: ACI Worldwide and Canadian Banks
  • Use Case #6: Experian and Orange (Telecom Company)
  • Use Case #7: Kount and Bodybuilding.Com

Innovation Spotlight

  • Latest FDP Innovations

Companies Mentioned

  • ACI Worldwide
  • Bae Systems
  • Dell Technologies
  • Distil Networks
  • DXC Technology
  • Easy Solutions
  • Experian
  • Fico
  • First Data
  • FIS Global
  • Fiserv
  • Friss
  • Guardian Analytics
  • IBM
  • Iovation
  • Kount
  • Lexisnexis Risk Solutions
  • Maxmind
  • Nice
  • SAP
  • SAS Institute
  • Securonix
  • Simility
  • Software AG
  • Wirecard

For more information about this report visit https://www.researchandmarkets.com/research/rh9zjs/global_fraud?w=4

Contacts

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Related Topics: IT Security

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: IT Security