According to our latest market study on “Fraud Detection and Prevention Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, and End-user,” the market was valued at US$ 26,511.84 million in 2021 and is projected to reach US$ 75,139.66 million by 2028; it is expected to register a CAGR of 16.0% from 2021 to 2028.

The expansion of the Fraud Detection and Prevention (FDP) market is predicted to be fueled by the increasing volume of online transactions as a result of digitization. As fraudsters continue to develop and outperform the current security mechanism, the number of financial institutions experiencing losses from financial crimes is rapidly increasing. Payment fraud analytics, financial fraud analytics, and insurance fraud detection analytics all use fraud detection and prevention analytics, which are based on data mining and machine learning. Techniques like logistic regression and time-series analysis, which are supervised Machine Learning techniques, learn from past data and propose trends that should be examined further. Cluster analysis and peer group analysis are examples of unsupervised Machine Learning approaches that look at data that hasn't been tampered with and identify new irregularities and patterns of interest.

BFSI, healthcare, and e-commerce executives are proactive in recognizing the need to update obsolete tools and existing tactics to prevent digital fraud. Certain businesses, on the other hand, continue to utilize and follow traditional fraud investigation methods, which are complex and time-consuming. Sophistication in Advanced Persistent Threats (APTs), and fraudsters constantly adapt their intrusive strategies in order to avoid detection using standard notions. Real-time identification of fraudulent actions becomes easier with the deployment of analytical and authentication technologies, which is likely to encourage the adoption of fraud detection and prevention (FDP) solutions.

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The world is undergoing a digital transformation. Internet users are no longer limited to online search and social networking but have expanded their activities to include online banking and shopping. People have ceased leaving their homes due to COVID-19 lockout limitations, and a major portion of the population has begun to use internet transactions. According to the Boston Consulting Group (BCG), 70% of urban customers in countries such as India are digitally influenced to buy any financial goods, which implies they utilize banking apps or websites to purchase financial items.

Key Findings of Study:

Geographically, the fraud detection and prevention market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.

Based on component, the fraud detection and prevention market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. 

Based on deployment, the fraud detection and prevention market is bifurcated into on-premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020. 

Based on end-user, the fraud detection and prevention market is categorized into BFSI, healthcare, manufacturing, retail, telecommunication, and others. In 2020, the BFSI segment led the fraud detection and prevention market globally.

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