Emergence of big data analytics and cloud computing services along with rise in mobile payments drive the growth of the global fraud detection & prevention market. However, high cost of fraud detection & prevention solutions restrains the market growth. Owing to outbreak of the Covid-19 pandemic, business operations moved toward a remote working environment. This increased the need for fraud detection & prevention solutions.
/EIN News/ — Portland, OR , June 13, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global fraud detection & prevention market generated $29.80 billion in 2021, and is estimated to reach $241.23 billion by 2031, witnessing a CAGR of 23.8% from 2022 to 2031. The report provides an extensive analysis of changing market trends, top investment pockets, key segments, value chain, regional scenario, and competitive landscape.
Emergence of big data analytics and cloud computing services along with rise in mobile payments drive the growth of the global fraud detection & prevention market. However, high cost of fraud detection & prevention solutions restrains the market growth. On the other hand, technological advancements and rise in adoption of anti-fraud management system solutions in developed and developing regions create new opportunities in the coming years.
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- Owing to outbreak of the Covid-19 pandemic, business operations moved toward a remote working environment. Many organizations adopted work from home and remote working cultures. This led to vulnerabilities in security of data and information. This improved the need for fraud detection & prevention solutions.
- In addition, many verticals such as retail and healthcare adopted IoT connected technologies. Also, the digital payments surged considerably. Therefore, the requirement for fraud detection & prevention solutions surged to offer necessary security layers and protection from fraudulent activities.
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The report offers detailed segmentation of the global fraud detection & prevention market based on component, organization size, deployment, industry vertical, and region.
Based on component, the solution segment accounted for the highest share in 2021, holding nearly two-thirds of the total market share, and is estimated to maintain its dominance by 2031. However, the services segment is estimated to manifest the highest CAGR of 25.3% from 2022 to 2031.
Based on industry vertical, the BFSI segment held the largest share in 2021, accounting for more than one-fifth of the global fraud detection & prevention industry. However, the retail segment is estimated to witness the largest CAGR of 26.6% from 2022 to 2031.
Based on region, North America contributed to the highest share in 2021, accounting for more than two-fifths of the total market share, and is projected to continue its leadership status by 2031. However, Asia-Pacific is projected to portray the fastest CAGR of 26.1% during the forecast period.
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Leading players of the global fraud detection & prevention market analyzed in the research include IBM Corporation, SAS Institute Inc., Oracle Corporation, SAP SE, Fair Isaac Corporation, ACI Worldwide, BAE Systems, Experian PLC, NCR Limited, Precisely, and LexisNexis.
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