The
fraud detection and prevention systems are the software applications utilized
to deliver the analytical solutions for against the fraud incidents and aid to
identify or safeguard future occurrences. Whereas, the fraud detection and
prevention solution assists associations operate more efficiently while saving
the costs, which has been the major factor for the market growth. Not only has
this, the identity theft application field sector is anticipated to account the
growth at the uppermost CAGR in the FDP market throughout the reviewed period.
However, the identity theft or identity fraud is mistreating a person’s
identity or credentials by some other person for the fraudulent
businesses/transactions or criminal activities. The stole identity is utilized by
the cyber criminals for generating the fraudulent procurements or the
transactions for their personal gains.
Additionally,
in the present era, the potential enterprises are more susceptible to incidents
of frauds that may result in financial losses due to the creation of the
massive amounts of enterprise data and effective growth in the technological
advancements. According to the report analysis, ‘GLOBAL
FRAUD DETECTION AND PREVENTION MARKET SIZE STUDY, BY COMPONENT (SOLUTION AND
SERVICES), BY APPLICATION AREA (IDENTITY THEFT, PAYMENT FRAUD, MONEY LAUNDERING
AND OTHERS), BY DEPLOYMENT MODE (CLOUD AND ON-PREMISES), BY ORGANIZATION SIZE
(SMALL AND MEDIUM-SIZED ENTERPRISES AND LARGE ENTERPRISES) AND BY VERTICAL
(BANKING, FINANCIAL SERVICES, AND INSURANCE, RETAIL, TELECOMMUNICATION,
GOVERNMENT/PUBLIC SECTOR, HEALTHCARE, REAL ESTATE, ENERGY AND POWER AND
MANUFACTURING )AND REGIONAL FORECASTS 2018-2025’ states that there are
several key players which are presently functioning in this sector more
actively for leading the fastest market growth and dominating the handsome
value of market share around the globe in the coming years more positively
while developing the working techniques and adopting the expansion policies
more enormously for augmenting the application of decreasing and detecting
frauds and generating the handsome value of revenue throughout the reviewed
period includes Fico, IBM, Fiserv, FIS Global, ACI Worldwide, Bae Systems,
Experian, Lexisnexis Risk Solutions, Iovation, Friss, Nice, DXC Technology,
Dell Technologies, SAS Institute, SAP and several others.
The
Global Fraud Detection and Prevention Market is valued at around USD 19.2
billion in 2017 and is predicted to increase with a healthy growth rate of more
than 26.5% over the forecast period of 2018-2025. The significant increase in
the frauds and its related loss is anticipated to fuel the market growth more
positively. According to report of National Audit Office (NAO) United Kingdom,
in 2016 approximately 1.9 million cyber associated fraud incidents was found in
United Kingdom that results into loss of nearly USD 11.35 billion. Thus, the
growth in the cases of fraud and its cost is predicted to drive the fraud
detection and prevention market over the review period.
Additionally,
the establishment of the big data analytics and cloud computing services, and
speedy growth in the mobile banking are the other foremost factor that drive
the growth of the fraud detection & prevention market more significantly
across the globe. The Cloud infrastructure enables the organizations to
encounter the cloud security compliance demands for the encryption, separation
of the duties, and admittance control of endangered data. In addition, the
growth in the generation of enterprise data and its complication, extraordinary
industry-specific requirements, and augment in the incidence of fraud further
enhancement the fraud detection & prevention market growth.
Therefore,
in the coming years, it is anticipated that the market of fraud detection and
prevention will increase around the globe more positively over the forecasted
period.
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