Fraud Detection and Prevention Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Fraud Detection and Prevention Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Fraud Detection and Prevention Market Technology


The medical devices market size was valued at USD 43.97 million in 2023, and the market is now projected to grow from USD 52.82 million in 2024 to USD 255.30 million by 2032, exhibiting a CAGR of 21.8% during the forecast period of 2024-2032.

The COVID-19 pandemic posed significant challenges on the fraud detection and prevention market growth. Lack of industrial operations create a halt in commercial campaigns, implementation of government policies, investments in projects and other initiatives due to covid pandemic., which lead a decline in the fraud detection and prevention market expansion.

The demand for information and communication technology is witnessing an upsurge due to worldwide users adopting online and mobile banking. As the number of smartphones and tablet users are increasing with time, so the usage of digital platforms gaining attention hence propelling fraud detection and prevention market growth. In the banking sector, consumers rely on mobile applications for their transactions, payments reviews and other purposes which is more prone to cyber threats as the fraudsters try to mimic the applications through fake websites and try to fetch their data. Here comes the role of cyber security which provide security measures to protect consumers data from fake websites leading the expansion of fraud detection and prevention market share.

Additionally, due to increased fraudster cases, adoption of clod-based technology has increased the adoption rate of fraud detection solutions which is fueling the fraud detection and prevention market growth.Several small or medium sized enterprises and baking institutions are implementing cloud-based technology for a speedy detection of fraudsters in their operations.

Comprehensive Analysis of Fraud Detection and Prevention Market

The fraud detection and prevention market are rising at a rapid rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types of solutions, by applications, by enterprise types, by deployment and by industry. The types of solutions include, fraud analytics, authentication and governance, risk and compliance while, the applications segment include the insurance claims, money laundering, electronic payment, and others. The deployment segment includes On-Premise and Cloud, Enterprise segmentation covers large enterprises and small & medium enterprises (SMEs). However, the Industry segment covers BFSI, IT and telecom, government, energy and utilities, healthcare and life sciences, media and entertainment and others.

Countries like US and Europe are easily accessible, it is anticipated that North America region lead the fraud detection and prevention market with a size of 18.35 billion due to advanced technology to detect fraud detection and robust infrastructure in 2023.

The major prominent players in the market play a crucial role in the fraud detection industry to assure industrial growth and setting market standards. These players include, IBM Corporation (U.S.), Uplexis (Brazil), Experian Information Solution Inc (Brazil), Gemalto - Thales Group (France), ACI Worldwide, Inc. (U.S.), BAE Systems (U.K.), Fair Isaac Corporation (U.S.), Fidelity National Information Services, Inc. (U.S.), LexisNexis (U.S.), NICE Actimize Ltd. (Israel) these prominent market players provide a competitive environment across the globe.

In December 2023, Experian and NeuroID cooperated to improve their fraud detection solutions. The aim of cooperation is to detect fraud attacks, identify thefts and artificial intelligence powered bots.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD billion)

Growth Rate CAGR of 21.8% from 2024-2032

Segmentation By Solution

Fraud Analytics

Predictive Analytics

Customer Analytics

Social Media Analytics

Big Data Analytics

Behavioral Analytics

Authentication

Single-Factor Authentication

Multi-Factor Authentication

Governance, Risk and Compliance

By Application

Insurance Claims

Money Laundering

Electronic Payment

Others (Banking Transactions)

By Deployment

On-Premise

Cloud

By Enterprise Type

Large Enterprises

Small & Medium Enterprises (SMEs)

By Industry

BFSI

IT & Telecom

Retail & Consumer Packaged Goods

Government

Construction & Real Estate

Energy & Utilities

Travel & Transportation

Manufacturing

Healthcare & Life Sciences

Media & Entertainment

Others

By Region

North America (Solution; Application; Deployment; Enterprise Type; Industry; and Country)

-U.S. (By Application)

-Canada (By Application)

South America (Solution; Application; Deployment; Enterprise Type; Industry; and Country)

-Brazil (By Application)

-Mexico (By Application)

-Rest of South America

Europe (Solution; Application; Deployment; Enterprise Type; Industry; and Country)

-U.K. (By Application)

-Germany (By Application)

-France (By Application)

-Italy (By Application)

-Spain (By Application)

-Rest of Europe

Middle East & Africa (Solution; Application; Deployment; Enterprise Type; Industry; and Country)

-GCC (By Application)

-South Africa (By Application)

-Rest of the Middle East & Africa

Asia Pacific (Solution; Application; Deployment; Enterprise Type; Industry; and Country)

-China (By Application)

-India (By Application)

-Japan (By Application)

-Southeast Asia (By Application)

-Rest of Asia Pacific