CHICAGO, March 14, 2022 /PRNewswire/ — According to a research report “Fraud Detection and Prevention Market by Solution (Fraud Analytics, Authentication, and GRC), Service (Managed and Professional), Vertical (BFSI, Retail and eCommerce, and Travel and Transportation), Deployment Mode and Region – Global Forecast to 2026“, published by MarketsandMarkets™, the size of the FDP market is expected to grow from USD 24.8 billion in 2021 to USD 65.8 billion by 2026 at a CAGR of 21.5%. Increasing adoption of IoT and digital solutions, increasing revenue losses due to frauds, and growing adoption of analytics for fraud detection across industries are some of the key factors that are driving the market growth. However, rising cases of complex frauds instances such as digital scams that require highly professional expertise is one of the factors that is hindering the market growth.
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By solution type, fraud analytics segment to hold the largest market size during the forecast period
Based on solutions, the FDP market is segmented into fraud analytics, authentication, and GRC solutions. According to the Consumer Sentinel Network maintained by FTC, 3.2 million identity thefts and fraud reports were received in 2019, out of which 1.7 million were fraud cases. The increasing cases of frauds force financial companies to advance their security infrastructure by deploying FDP solutions such as fraud analytics. Fraud analytics is the core of all FDP solutions. Several vendors offer traditional rule-based fraud analytics models, whereas some prefer AI- and ML-based techniques. Fraud analytics solutions proactively detect frauds and help meet compliance needs.
By deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
The cloud deployment mode involves storing applications and software on remote servers, providing access through the internet. According to Flexera, enterprises are set to spend around 15-16% of their revenue for cloud hosting services by 2020. Another study by Cisco stated that “53% of organizations host at least 50% of their infrastructure on the cloud.” Cloud-based solutions are increasing their market share continuously as both large and small banks currently have the required infrastructure and resources to deploy solutions on the cloud. Other than BFSI, retail and eCommerce, healthcare, and travel verticals are also adopting cloud-based FDP solutions to combat frauds efficiently.
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North America to hold the largest market size during the forecast period
North America, a technologically advanced region, tops the world in terms of the presence of cybersecurity vendors. The US is a highly regulated country with stringent laws and offers multiple opportunities for FDP providers to cater to a wide range of customers across industries. Major FDP solution vendors, such as BAE systems, FICO, LexisNexis, TransUnion, are headquartered in North America.
Americans have adopted the online trends and applications and have a high usage rate. For example, according to the American Association of Bankers’ data, 7 out of 10 Americans rely on online mobile applications to make online payments. The volume of cybercrime attacks on financial institutions and the need for a unified platform to prevent risk, especially with the onset of COVID-19, are persuading enterprises in the US and Canada to adopt FDP solutions.
Major vendors in the global Fraud Detection and Prevention Market include BAE Systems (UK), Nice Actimize (US), FICO (US), LexisNexis (US), TransUnion (US), Kount (US), Software AG (Germany), RSA Security (US), Fiserv (US), FIS (US), ACI Worldwide (US), Experian (Ireland), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), FRISS (Netherland), MaxMind (US), Gurucul (US), DataVisor (US), PayPal (US), Visa (US), SAS institute (US), SAP SE (Germany), Microsoft Corporation (US), F5, Inc (US), Ingenico (France), AWS (US), PerimeterX (US), OneSpan (US), Signifyd (US), Cleafy (Italy) and Pondera Solutions (US).
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