DUBLIN--(BUSINESS WIRE)--The "COVID-19 Impact on Fraud Detection and Prevention (FDP) Market by Fraud Type, Verticals and Region - Global Forecast to 2021" report has been added to ResearchAndMarkets.com's offering.
The COVID-19 impact on the global Fraud Detection and Prevention (FDP) market size is projected to grow from USD 23.4 billion in 2019 to USD 38.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period.
Internet sales frauds segment is projected to account for the largest market size during the forecast period.
Under the fraud type segment, internet sales frauds subsegment is projected to account for the largest market size during the forecast period. During the unprecedented and uncertain times due to COVID-19, millions of individuals are working from home and opting for online purchases of products and services. Quarantine has changed lives across the world, with consumers buying electronics and furniture to support work, communication, school, and entertainment, as well as items such as home goods and DIY products. However, several frauds have bourgeoned since the beginning of 2020. Therefore, the demand for FDP solutions and services is expected to accredit the largest market size for internet sales frauds, owing to a growing number of unlawful sales of products on the internet, especially amidst the COVID-19 pandemic crisis.
The BFSI segment projected to account for the largest market size during the forecast period.
The BFSI segment is projected to grow at the highest CAGR in the FDP market during the forecast period, followed by healthcare, retail and e-commerce, and others. Cyber-attacks and fraud concerns are rising, as consumers are adapting to the new digital payment environment. COVID-19 is creating opportunities for attackers, and hence, banks are strengthening their security posture. Consumers are adopting alternative integrated payment services, such as mobile wallets. As personal mobile devices are becoming users' central operating devices, the need for securing these endpoints has increased. As more and more employees are working from home, banking operations are getting performed in the cloud, fueling the need for FDP solutions and services.
The healthcare segment is projected to record a higher growth in 2020.
The healthcare systems need scalable and secured IT infrastructure to manage and maintain patient information with high speed and flexibility. The requirement of highly technological healthcare systems is increasing rapidly amidst the COVID-19 outbreak. The healthcare systems need scalable and secured IT infrastructure to manage and maintain patient information with high speed and flexibility. As the number of electronic health records is increasing, healthcare providers are increasing the use of scalable and highly secure storage cloud solutions to cater to a large number of cases. Private doctors and healthcare institutions are providing online consulting amidst country lockdowns. Cybercriminals are finding new targets as such and trying to attack and gain the data.
North America estimated to record the highest market share in the impact of COVID-19 on FDP market in 2019.
North America accounted for the largest market share in the impact of COVID-19 on FDP solutions across the major verticals. COVID-19 has severely affected the North American region due to various factors, such as a high number of immigrants travelling in the region, no initial stage lockdown in the country, and presence of a large number of virus carriers in the country at once, spreading the disease at a rapid pace. The region majorly consists of two countries: the US and Canada. The North American region has been a major adopter of FDP solutions and services, and this can be attributed to various factors, such as the presence of two large economies, the US and Canada in the region, large-scale internet penetration, and the presence of major FDP solution providers in the region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Impact on the Ecosystem and Extended Ecosystem
4.1 Fraud Detection and Prevention Ecosystem Analysis, by Stakeholder
4.2 COVID-19 Pandemic-Driven Market Dynamics and Factor Analysis
5 Business Implications of COVID-19 on the Fraud Detection and Prevention Market
5.1 Implication on Fraud Types (Pessimistic, Pre-COVID-19, and Optimistic Scenarios)
6 COVID-19 Impact on Major Verticals with Use Cases and How Clients Are Responding to the Current Situation
6.1 Banking, Financial Services, and Insurance
6.3 Retail and E-Commerce
6.5 Government and Public Sector
6.6 Travel and Transportation
7 COVID-19 Impact on Regions
7.2 North America
7.4 Asia Pacific
7.5 Middle East & Africa
7.6 Latin America
8 COVID-19 Focused Profiles of Key Vendors
8.2 Company Profiles
- ACI Worldwide
- BAE Systems
- Dell Technologies
- DXC Technology
- Easy Solutions
- Hitachi Vantara
- LexisNexis Risk Solutions
- NICE Systems
- SAS Institute
- Software AG
For more information about this report visit https://www.researchandmarkets.com/r/asn1us