Fraud Detection And Prevention Market by Offering (Solutions and Services), by Deployment Type (Cloud and On-Premises), by Enterprise Type (Small & Medium Enterprise and Large Enterprises), by Application (Money Laundering, Credit & Debit Card Fraud, Mobi

Fraud Detection And Prevention Market by Offering (Solutions and Services), by Deployment Type (Cloud and On-Premises), by Enterprise Type (Small & Medium Enterprise and Large Enterprises), by Application (Money Laundering, Credit & Debit Card Fraud, Mobile Fraud, Identity Fraud, and Others), and by End User (BFSI, Government & Defense, Healthcare, IT & telecom, Retail & E-Commerce, and Others) - Global Opportunity Analysis and Industry Forecast, 2024–2030

Meta Des: Fraud detection and prevention market was valued at USD 37.97 Bn in 2023, and is slated to reach USD 117.01 Bn by 2030, due to rising digitalization worldwide.

Fraud Detection and Prevention Market
Domain – ICT & Media
Sub Domain – Digital Transformation

The fraud detection and prevention market size was valued at USD 37.97 billion in 2023, and is predicted to reach USD 117.01 billion by 2030, with a CAGR of 16.5% during the forecast period, 2024–2030.

The rise in digital payment solutions drives the growth of the fraud detection and prevention market. As digital transactions become increasingly common, the demand for effective fraud detection mechanisms has surged to counter evolving fraud tactics and protect against security breaches. This, in turn, ultimately bolsters the growth of the fraud detection and prevention industry.

For instance, in August 2022, ACI Worldwide, a global leader in real-time payments software, announced that South Korea's prominent provider of overseas payment services Eximbay integrated ACI Fraud Management for Merchants into its payment service portfolio. This addition aligns with Eximbay's commitment to enhance security and reliability for its merchant customers. It demonstrates Eximbay's dedication to fortifying its real-time payment solutions with a top-tier risk and fraud management infrastructure.

Furthermore, the increase in cyber-attacks by hackers and data miners, capable of disabling computers, and stealing data, has heightened the need for fraud detection and prevention solutions. Cybercriminals employ diverse methods such as malware, phishing, ransomware, and denial of service for launching cyber-attacks. This, in turn, drives the market growth. According to the Cyber Security Breaches Survey report, there has been a significant surge in cyber-attacks during the pandemic. In 2022, approximately 39% of businesses in the U.K. encountered cyber-attacks, which increased the demand for solutions and services related to fraud detection and prevention.

Segment Overview
The global fraud detection and prevention market is segmented on the basis of offering, deployment type, enterprise type, application, end user, and region.

 By offering, the market is divided into solutions and services.
 By deployment type, the market is classified into cloud and on-premises.
 By enterprise type, the market is divided into small & medium enterprises (SME) and large enterprises.
 By application, the market is categorized into money laundering, credit & debit card fraud, mobile fraud, identity fraud, and others.
 By end user, the market is segmented into BFSI, government & defense, healthcare, IT & telecom, retail & e-commerce, and others.
 By Region, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world (RoW).

Regional Analysis
North America is projected to hold a dominant share by 2030
The presence of key market players such as International Business Machines (IBM) Corporation, F5, Inc., and Oracle Corporation that are adopting various strategies to provide security against fraud is driving the growth of the market.

For instance, in July 2023, F5, Inc. partnered with Telefónica Tech to launch a new service called “Web Application Defense” to improve the security and speed of app deployment in distributed and multi-cloud environments. The partnership with F5 enables Telefónica Tech to launch a state-of-the-art managed services solution that can detect and block the attempted exploitation of application vulnerabilities. The new service includes F5’s industry-leading Web Application Firewall (WAF), Bot Defense, API Security, and Distributed Denial of Service (DDoS) mitigation capabilities.

Furthermore, the market is experiencing growth due to an increasing number of cyber-attacks by hackers and data miners, which can maliciously turn off computers and steal data and valuable information. This factor drives the growth of the market. For instance, in September 2022, Hackers targeted the Mexican Defense Ministry and accessed six terabytes of data, including internal communications, criminal data, and others. Thus, the rise in incidences of cyber-attacks in Mexico increases demand for a safe and secure cyber solution, boosting the growth of the region's fraud detection and prevention market.

Also, the high investments by the government of Canada to protect from cyber threats, including malware and phishing in various industries such as transportation, energy & utilities, and others, propel the growth of the market. For instance, in June 2022, the Canadian government introduced Bill C-26, known as the Act Respecting Cyber Security (ARCS). This proposed law aims to enhance cybersecurity within Canada, providing protection for Canadians and strengthening cybersecurity measures in the financial, telecommunications, energy, and transportation sectors.

On the contrary, high costs and lack of skilled professionals are the factors hindering the growth of the market. However, the introduction of artificial intelligence (AI) and machine learning (ML) creates a new era of opportunity for the fraud detection and prevention market. These advanced technologies have revolutionized how businesses and organizations combat fraudulent activities, offering a proactive and highly effective approach to identifying and mitigating risks.

Key Market Players
Key players operating in the global fraud detection and prevention market include:
• IBM Corporation
• Thales Group
• Oracle Corporation
• SAP SE
• BAE Systems
• F5, Inc.
• SAS Institute, Inc.
• NICE Actimize, Ltd.
• Fair Isaac Corporation (FICO)
• ACI Worldwide, Inc.

Recent Developments
August 2023
Thales launched a cloud-based payment HSM service called Thales payShield Cloud HSM. The service is designed to help customers accelerate the adoption of cloud-based payments infrastructure while delivering greater flexibility, scalability, and speed-to-market. This marks a significant development for the fraud detection and prevention market.

April 2023
ACI Worldwide announced the launch of its real-time payments fraud protection services, FedNow, in the U.S. The new services are designed to help financial institutions protect themselves against fraud in real-time payments.

April 2023
IBM launched the IBM Security QRadar Suite, which provides cutting-edge tools to counter ever-evolving security challenges and elevate cybersecurity strategies. It integrates essential components, including threat detection, investigation, and response technologies, underscoring IBM's substantial commitment to pioneering solutions.

March 2023
F5, Inc. partnered with Visa, a global payments technology company, to empower merchants to create a secure, personalized, and seamless online experience for their customers. This aims to enhance the beginning of the customer's online journey, providing them with a frictionless shopping experience while ensuring the security of their transactions. This partnership aims to simplify authorizations and reduce credit card fraud by implementing F5's cybersecurity solutions and Visa's payment expertise.

March 2022
Oracle launched ‘Oracle Advanced HCM Controls’ to provide human resource (HR) professionals and leaders with enhanced visibility into potential compliance and fraud-related issues within their systems and block suspicious activities as they occur.

KEY BENEFITS
• The fraud detection and prevention market report provide a quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises an extensive analysis of the fraud detection and prevention market trends, including the current and future trends for depicting prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the fraud detection and prevention market is provided in the report.
• The competitive analysis of the market players along with their market share in the fraud detection and prevention market is provided in the report.
• The SWOT analysis and Porter's Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.