Fraud Detection and Prevention Market by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Professional and Managed)), Fraud Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2029

Fraud Detection and Prevention Market by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Professional and Managed)), Fraud Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2029

The fraud detection and prevention (FDP) market size is projected to grow from USD 28.8 billion in 2024 to USD 63.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. Regulatory bodies impose strict compliance standards on large enterprises, particularly in finance, healthcare, and e-commerce industries. Compliance requirements such as PCI-DSS, GDPR, HIPAA, and others compel organizations to implement effective fraud detection and prevention measures to ensure data security and integrity, driving the FDP market growth.

""By vertical, the BFSI segment accounts for a larger market share.""

The banking, financial services, and insurance (BFSI) sectors have increasingly embraced fraud detection and prevention solutions to combat the rising threat of financial fraud. The BFSI vertical is a primary target for cybercriminals as it holds sensitive information about employees, customers, assets, offices, branches, and operations. Owing to the number of transactions (both monetary and data-centric), the number of transactions, technological advancements, and digitalization of the financial sector, the possibility of fraud in this vertical is increasing significantly. Therefore, robust fraud detection and prevention solutions are critical for safeguarding sensitive financial data, preventing monetary losses, and maintaining customer trust. By adopting these solutions, BFSI institutions can effectively detect anomalies, authenticate transactions, and mitigate risks, ultimately enhancing security and ensuring regulatory compliance in an ever-evolving threat landscape.

""Large enterprises account for a larger market share by organization size.""

Large enterprises have more than 1,000 employees. The large enterprises segment is projected to account for a larger revenue share in the global fraud detection and prevention market. Large enterprises increasingly adopt fraud detection and prevention solutions to safeguard their operations and assets. By implementing these solutions, enterprises can mitigate financial losses, protect their reputation, and ensure compliance with regulatory requirements. Additionally, fraud detection and prevention solutions enable organizations to detect and respond to emerging threats proactively, enhancing overall security posture and preserving stakeholder trust. As fraud schemes evolve in complexity and sophistication, adopting robust detection and prevention mechanisms becomes imperative for enterprises to stay ahead of the curve and safeguard their interests.

By region, North America accounts for the highest market size during the forecast period.

North America is projected to lead the fraud detection and prevention market during the forecast period, as the region is home to major financial institutions, healthcare organizations, and retailers, making them primary targets for fraudulent activities. This has resulted in the development a robust ecosystem for fraud prevention in North America, with established companies and startups offering FDP solutions. These well-established vendors originating from North America include Fiserv, FIS Global, LexisNexis Risk Solutions, and TransUnion. Additionally, the increasing adoption of digital payment methods and eCommerce transactions in the region contributes to the growth of the FDP market. The US, in particular, is a prime target for digital cyberattacks due to its high adoption of online trends and applications. According to the American Association of Bankers, seven out of ten Americans rely on mobile applications for online payments.

Breakdown of primaries

The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%

By Designation: C-level – 40% and Managerial and Other Levels – 60%

By Region: North America – 20%, Europe – 35%, and Asia Pacific – 45%

Major vendors in the fraud detection and prevention market include Fiserv (US), FIS Global (US), Lexisnexis Risk Solutions (US), TransUnion (US), Experian (Ireland), NICE Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), F5 (US), AWS (US), Bottomline Technologies (US), ClearSale (Brazil), Genpact (US), Securonix (US), Accertify (US), Feedzai (Portugal), Caseware (US), OneSpan (US), Signifyd (US), BioCatch (Israel), Friss (Netherlands), MaxMind (US), DataVisor (US), Cleafy (Italy), Gurucul (US), Riskified (Israel and US), Thomson Reuters (US), Sift (US), NoFraud (US), Featurespace (UK), HUMAN Security (US), XTN Cognitive Security (Italy), Equifax (US), Alloy (US), Castle (US), Enzoic (US), Kubient (US), SpyCloud (US), SEON (Hungary), Deduce (US), Incognia (US), Resistant AI (Czech Republic), and Amani Technologies (UAE).

The study includes an in-depth competitive analysis of the key players in the fraud detection and prevention market, their company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the fraud detection and prevention market. It forecasts its size by fraud type (Check Fraud, Identity Fraud, Insider Fraud, Investment Fraud, Payment Fraud, Insurance Fraud, Friendly Fraud, and Others), Offering (Solutions and Services), Deployment Mode (On-premises and Cloud), Organization Size (Large Enterprises and Small and Medium Enterprises (SMEs)), Vertical (Banking, Financial Services, and Insurance (Banking and Financial Institutes and Insurance), Retail & eCommerce, Government, Healthcare, Manufacturing, Travel & Transportation, Real Estate, Telecommunications, and Others) and Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America).

The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall fraud detection and prevention market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (rise of synthetic identities, evolving regulatory environment, increased revenue losses, and chargebacks due to fraud, growing instances of fraud, increased adoption of fraud analytics and risk-based authentication solutions to combat fraud), restraints (false positives, rise in fraud complexity, and privacy concerns), opportunities (increasing use of predictive analytics in FDP and increased adoption of advanced technologies), and challenges (cross-channel fraud and lack of trained professionals to analyze fraud attacks)

Product Development/Innovation: Detailed insights on upcoming technologies, research development activities, new products, and service launches in the fraud detection and prevention market.

Market Development: Comprehensive information about lucrative markets – the report analyses the fraud detection and prevention market across varied regions.

Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the fraud detection and prevention market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading Fiserv (US), FIS Global (US), Lexisnexis Risk Solutions (US), TransUnion (US), Experian (Ireland), NICE Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), F5 (US), AWS (US), Bottomline Technologies (US), ClearSale (Brazil), Genpact (US), Securonix (US), Accertify (US), Feedzai (Portugal), Caseware (US), OneSpan (US), Signifyd (US), BioCatch (Israel), Friss (Netherlands), MaxMind (US), DataVisor (US), Cleafy (Italy), Gurucul (US), Riskified (Israel and US), Thomson Reuters (US), Sift (US), NoFraud (US), Featurespace (UK), HUMAN Security (US), XTN Cognitive Security (Italy), Equifax (US), Alloy (US), Castle (US), Enzoic (US), Kubient (US), SpyCloud (US), SEON (Hungary), Deduce (US), Incognia (US), Resistant AI (Czech Republic), and Amani Technologies (UAE) among others, in the fraud detection and prevention market strategies.