Fraud
detection and prevention (FDP) systems are software systems which provide
analytical solutions for detection & prevention of fraud within an
organization. FDP applications analyze data from extensive range of data
sources for possible inaccuracies. It analyzes anomalies, patterns, and trends
in the transactions. It recognizes the outliers and reports the same in case of
uncertain situations and transactions. It prevents unauthorized access for
preventing fraud incidents. It also authenticates user identity and maintains data
integrity.
Based
on type, fraud detection and prevention market is segmented into internal and
external. Based on component type, market is segmented into services and
solutions. Solution segment is further sub-segmented into authentication
(single-factor authentication, multi-factor authentication and risk-based
authentication), fraud analytics (descriptive analytics, big data analytics,
predictive analytics and social media analytics), government, risk &
compliance and others. Fraud analytics is predictable to witness higher CAGR
owing to rise in demand among end-use to detect fraud at the earliest during
the forecast period. Based on application area, market is segmented into
payment fraud, identity theft, money laundering and others. Payment fraud
includes mobile payment fraud, electronic payment fraud and credit & debit
card fraud. In addition, based on end-use industries, market is segmented into
Banking, Financial Services, and Insurance (BFSI), government or public sector,
healthcare, retail, telecommunication, real estate, energy & power and
manufacturing industries.
The
fraud detection and prevention market is driven by rapid increase in mobile
banking, followed by surge in deployment of artificial intelligence (AI) &
big data analytics, rise in the frequency of cyber-attacks and frauds, increase
in revenue losses due to frauds and rise in demand for cloud-based security
solutions. However, rapid increase in mobile banking, limited presence of skilled
professionals and lack of integration capabilities may impact the market.
Moreover, rise in need for strong authentication methods is a key opportunity
for market.
Based
on geography, the North-America is the leading market region for fraud
detection and prevention market owing to increase in loss due to fraudulent
activities in organization, change in technological landscape, and presence of
prominent market players in the region. The European and Asian-Pacific regions
are projected to witness higher growth rate due to stringent government
regulations related to money laundering, data protection, and other fraudulent
activities over the forecast period. It is anticipated that future of the
market will be optimistic on account of increase in proliferation of smart
devices, and rise in inconsistent applications of changing regulations &
compliance policies during the forecast period. It is predicted that the market
will be reached at US $99.5 billion by 2025.
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