Fraud Detection and Prevention Market Overview
Fraud detection and prevention refers to the strategies undertaken to detect and prevent attempts to obtain money or property through deception. Lately, with the arrival of solutions such as cloud services, internet-enabled solutions, and increased preference for digital data modes, the susceptibility of enterprises to fraud has increased significantly. Hence, to prevent such incidences companies are shifting towards fraud detection software. This factor remarkably propelling the demand for fraud detection and prevention and it eventually boosts the growth of the market.
In addition, increasing revenue losses by enterprises owing to frauds have further escalated the need for preventive solutions, which turn in increased adoption of FDP solutions, thus it will be improved the growth of the market in near future. Moreover, rising enterprise data and its complexity, increasing cost of fraud, and industry-specific requirements support the growth of the market. Also, technological advancements further boosting the growth of the fraud detection and prevention market.
On the other side, high-cost involvement, low level of awareness, and unavailability of pre-deployment measures are expected to hamper the growth of the FDP market.
Fraud Detection and Prevention Market Segment Overview
Fraud detection and prevention solutions have extensive applications across insurance, public sector/government sector, telecommunications and, banking, and financial services. Banking and financial services holding a major share of the market. The rising online transactions, insurance claim frauds, and card-related frauds are increasing the use of FDP in retail, insurance and banking, and financial services sectors. Additionally, the insurance, telecommunication, and retail sector are projected to provide maximum revenue contribution in coming years with increased adoption of FDP.
Fraud Detection and Prevention Regional Overview
Region-wise, North America is at the forefront and is predicted to continue to retain its lead position through the forecast period. North America, a technologically advanced region, tops the world in terms of the presence of cybersecurity vendors. Also, it is one of the most affected regions in the world by money laundering and terrorist financing crime activities, therefore it has the highest number of FDP providers. Likewise, Europe is the second-largest market for fraud detection and prevention. Additionally, Asia Pacific is expected to emerge as a significant region in the fraud detection and prevention market. This can be attributed to globalization and new investment regulations boosting the rise in the number of small and medium scale enterprises (SME’s). India and Japan, with the fast rise of SMEs and industrial sector growth, are anticipated to create various lucrative opportunities for market expansion in the forthcoming years.
Fraud Detection and Prevention Market Competitor overview
· In July 2020, NICE Actimize, a NICE business and the leader in Autonomous Financial Crime Management, has introduced an enhancement to its SURVEIL-X Holistic Trade Surveillance solution that provides self-service analytics, called SURVEIL-X Studio. This all-in-one approach enables Financial Services Organizations (FSOs) to rapidly create, test and deploy custom analytic risk detection models.
· In April 2019, NICE Actimize, introduced CDD-X, the next-generation Know Your Customer/Customer Due Diligence (KYC/CDD) solution. NICE Actimize CDD-X is the latest addition to the Actimize Autonomous AML solution set that leverages the power of artificial intelligence and machine learning to provide more accurate detection and customer risk scoring to reduce compliance risk.
Fraud Detection and Prevention Market, Key Players
· Visa Inc.
· ACI Worldwide, Inc.
· SAS Institute Inc.
· BAE Systems Detica
· SAP
· Bosch Software Innovations Gmbh
· Oracle
· Computer Sciences Corporation
· Mastercard
· EMC Corporation
· IBM
· FICO (Fair Isaac Corporation)
· Fiserv, Inc.
· FIS Company
Fraud Detection and Prevention Market Segmentation
Fraud Detection and Prevention Market, By Component
· Solution
· Service
Fraud Detection and Prevention Market, By Solutions
· Fraud Analytics
· Authentication
· Governance, Risk, and Compliance
Fraud Detection and Prevention Market, By Services
· Professional Services
· Managed Services
Fraud Detection and Prevention Market, By Application
· Identity Theft
· Money Laundering
· Payment Fraud
· Others
Fraud Detection and Prevention Market, By Organization
· SMEs
· Large Enterprises
Fraud Detection and Prevention Market, By Vertical
· BFSI
· Government & Defense
· Healthcare
· IT & Telecom
· Industrial & Manufacturing
· Retail & E-commerce
· Others
Fraud Detection and Prevention Market, By Region:
Fraud detection and prevention refers to the strategies undertaken to detect and prevent attempts to obtain money or property through deception. Lately, with the arrival of solutions such as cloud services, internet-enabled solutions, and increased preference for digital data modes, the susceptibility of enterprises to fraud has increased significantly. Hence, to prevent such incidences companies are shifting towards fraud detection software. This factor remarkably propelling the demand for fraud detection and prevention and it eventually boosts the growth of the market.
In addition, increasing revenue losses by enterprises owing to frauds have further escalated the need for preventive solutions, which turn in increased adoption of FDP solutions, thus it will be improved the growth of the market in near future. Moreover, rising enterprise data and its complexity, increasing cost of fraud, and industry-specific requirements support the growth of the market. Also, technological advancements further boosting the growth of the fraud detection and prevention market.
On the other side, high-cost involvement, low level of awareness, and unavailability of pre-deployment measures are expected to hamper the growth of the FDP market.
Fraud Detection and Prevention Market Segment Overview
Fraud detection and prevention solutions have extensive applications across insurance, public sector/government sector, telecommunications and, banking, and financial services. Banking and financial services holding a major share of the market. The rising online transactions, insurance claim frauds, and card-related frauds are increasing the use of FDP in retail, insurance and banking, and financial services sectors. Additionally, the insurance, telecommunication, and retail sector are projected to provide maximum revenue contribution in coming years with increased adoption of FDP.
Fraud Detection and Prevention Regional Overview
Region-wise, North America is at the forefront and is predicted to continue to retain its lead position through the forecast period. North America, a technologically advanced region, tops the world in terms of the presence of cybersecurity vendors. Also, it is one of the most affected regions in the world by money laundering and terrorist financing crime activities, therefore it has the highest number of FDP providers. Likewise, Europe is the second-largest market for fraud detection and prevention. Additionally, Asia Pacific is expected to emerge as a significant region in the fraud detection and prevention market. This can be attributed to globalization and new investment regulations boosting the rise in the number of small and medium scale enterprises (SME’s). India and Japan, with the fast rise of SMEs and industrial sector growth, are anticipated to create various lucrative opportunities for market expansion in the forthcoming years.
Fraud Detection and Prevention Market Competitor overview
· In July 2020, NICE Actimize, a NICE business and the leader in Autonomous Financial Crime Management, has introduced an enhancement to its SURVEIL-X Holistic Trade Surveillance solution that provides self-service analytics, called SURVEIL-X Studio. This all-in-one approach enables Financial Services Organizations (FSOs) to rapidly create, test and deploy custom analytic risk detection models.
· In April 2019, NICE Actimize, introduced CDD-X, the next-generation Know Your Customer/Customer Due Diligence (KYC/CDD) solution. NICE Actimize CDD-X is the latest addition to the Actimize Autonomous AML solution set that leverages the power of artificial intelligence and machine learning to provide more accurate detection and customer risk scoring to reduce compliance risk.
Fraud Detection and Prevention Market, Key Players
· Visa Inc.
· ACI Worldwide, Inc.
· SAS Institute Inc.
· BAE Systems Detica
· SAP
· Bosch Software Innovations Gmbh
· Oracle
· Computer Sciences Corporation
· Mastercard
· EMC Corporation
· IBM
· FICO (Fair Isaac Corporation)
· Fiserv, Inc.
· FIS Company
Fraud Detection and Prevention Market Segmentation
Fraud Detection and Prevention Market, By Component
· Solution
· Service
Fraud Detection and Prevention Market, By Solutions
· Fraud Analytics
· Authentication
· Governance, Risk, and Compliance
Fraud Detection and Prevention Market, By Services
· Professional Services
· Managed Services
Fraud Detection and Prevention Market, By Application
· Identity Theft
· Money Laundering
· Payment Fraud
· Others
Fraud Detection and Prevention Market, By Organization
· SMEs
· Large Enterprises
Fraud Detection and Prevention Market, By Vertical
· BFSI
· Government & Defense
· Healthcare
· IT & Telecom
· Industrial & Manufacturing
· Retail & E-commerce
· Others
Fraud Detection and Prevention Market, By Region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- The Middle East and Africa
- GCC
- South Africa
- Rest of the Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Fraud Detection and Prevention Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Component
- 5.2.1. Solution
- 5.2.2. Service
- 5.3. Market Analysis, Insights and Forecast – By Solution
- 5.3.1. Fraud Analytics
- 5.3.2. Authentication
- 5.3.3. Governance, Risk, and Compliance
- 5.4. Market Analysis, Insights and Forecast – By Services
- 5.4.1. Professional Services
- 5.4.2. Managed Services
- 5.5. Market Analysis, Insights and Forecast – By Application
- 5.5.1. Identity Theft
- 5.5.2. Money Laundering
- 5.5.3. Payment Fraud
- 5.5.4. Others
- 5.6. Market Analysis, Insights and Forecast – By Organization
- 5.6.1. SMEs
- 5.6.2. Large Enterprises
- 5.7. Market Analysis, Insights and Forecast – By Vertical
- 5.7.1. BFSI
- 5.7.2. Government & Defense
- 5.7.3. Healthcare
- 5.7.4. IT & Telecom
- 5.7.5. Industrial & Manufacturing
- 5.7.6. Retail & E-commerce
- 5.7.7. Others
- 5.8. Market Analysis, Insights and Forecast – By Region
- 5.8.1. North America
- 5.8.2. Latin America
- 5.8.3. Europe
- 5.8.4. Asia Pacific
- 5.8.5. Middle East and Africa
6. North America Fraud Detection and Prevention Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Component
- 6.2.1. Solution
- 6.2.2. Service
- 6.3. Market Analysis, Insights and Forecast – By Solution
- 6.3.1. Fraud Analytics
- 6.3.2. Authentication
- 6.3.3. Governance, Risk, and Compliance
- 6.4. Market Analysis, Insights and Forecast – By Services
- 6.4.1. Professional Services
- 6.4.2. Managed Services
- 6.5. Market Analysis, Insights and Forecast – By Application
- 6.5.1. Identity Theft
- 6.5.2. Money Laundering
- 6.5.3. Payment Fraud
- 6.5.4. Others
- 6.6. Market Analysis, Insights and Forecast – By Organization
- 6.6.1. SMEs
- 6.6.2. Large Enterprises
- 6.7. Market Analysis, Insights and Forecast – By Vertical
- 6.7.1. BFSI
- 6.7.2. Government & Defense
- 6.7.3. Healthcare
- 6.7.4. IT & Telecom
- 6.7.5. Industrial & Manufacturing
- 6.7.6. Retail & E-commerce
- 6.7.7. Others
- 6.8. Market Analysis, Insights and Forecast – By Country
- 6.8.1. U.S.
- 6.8.2. Canada
7. Latin America Fraud Detection and Prevention Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Component
- 7.2.1. Solution
- 7.2.2. Service
- 7.3. Market Analysis, Insights and Forecast – By Solution
- 7.3.1. Fraud Analytics
- 7.3.2. Authentication
- 7.3.3. Governance, Risk, and Compliance
- 7.4. Market Analysis, Insights and Forecast – By Services
- 7.4.1. Professional Services
- 7.4.2. Managed Services
- 7.5. Market Analysis, Insights and Forecast – By Application
- 7.5.1. Identity Theft
- 7.5.2. Money Laundering
- 7.5.3. Payment Fraud
- 7.5.4. Others
- 7.6. Market Analysis, Insights and Forecast – By Organization
- 7.6.1. SMEs
- 7.6.2. Large Enterprises
- 7.7. Market Analysis, Insights and Forecast – By Vertical
- 7.7.1. BFSI
- 7.7.2. Government & Defense
- 7.7.3. Healthcare
- 7.7.4. IT & Telecom
- 7.7.5. Industrial & Manufacturing
- 7.7.6. Retail & E-commerce
- 7.7.7. Others
- 7.8. Insights and Forecast – By Country
- 7.8.1. Brazil
- 7.8.2. Mexico
- 7.8.3. Rest of Latin America
8. Europe Fraud Detection and Prevention Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Component
- 8.2.1. Solution
- 8.2.2. Service
- 8.3. Market Analysis, Insights and Forecast – By Solution
- 8.3.1. Fraud Analytics
- 8.3.2. Authentication
- 8.3.3. Governance, Risk, and Compliance
- 8.4. Market Analysis, Insights and Forecast – By Services
- 8.4.1. Professional Services
- 8.4.2. Managed Services
- 8.5. Market Analysis, Insights and Forecast – By Application
- 8.5.1. Identity Theft
- 8.5.2. Money Laundering
- 8.5.3. Payment Fraud
- 8.5.4. Others
- 8.6. Market Analysis, Insights and Forecast – By Organization
- 8.6.1. SMEs
- 8.6.2. Large Enterprises
- 8.7. Market Analysis, Insights and Forecast – By Vertical
- 8.7.1. BFSI
- 8.7.2. Government & Defense
- 8.7.3. Healthcare
- 8.7.4. IT & Telecom
- 8.7.5. Industrial & Manufacturing
- 8.7.6. Retail & E-commerce
- 8.7.7. Others
- 8.8. Market Analysis, Insights and Forecast – By Country
- 8.8.1. UK
- 8.8.2. Germany
- 8.8.3. France
- 8.8.4. Italy
- 8.8.5. Spain
- 8.8.6. Russia
- 8.8.7. Rest of Europe
9. Asia Pacific Fraud Detection and Prevention Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Component
- 9.2.1. Solution
- 9.2.2. Service
- 9.3. Market Analysis, Insights and Forecast – By Solution
- 9.3.1. Fraud Analytics
- 9.3.2. Authentication
- 9.3.3. Governance, Risk, and Compliance
- 9.4. Market Analysis, Insights and Forecast – By Services
- 9.4.1. Professional Services
- 9.4.2. Managed Services
- 9.5. Market Analysis, Insights and Forecast – By Application
- 9.5.1. Identity Theft
- 9.5.2. Money Laundering
- 9.5.3. Payment Fraud
- 9.5.4. Others
- 9.6. Market Analysis, Insights and Forecast – By Organization
- 9.6.1. SMEs
- 9.6.2. Large Enterprises
- 9.7. Market Analysis, Insights and Forecast – By Vertical
- 9.7.1. BFSI
- 9.7.2. Government & Defense
- 9.7.3. Healthcare
- 9.7.4. IT & Telecom
- 9.7.5. Industrial & Manufacturing
- 9.7.6. Retail & E-commerce
- 9.7.7. Others
- 9.8. Market Analysis, Insights and Forecast – By Country
- 9.8.1. China
- 9.8.2. India
- 9.8.3. Japan
- 9.8.4. Australia
- 9.8.5. South East Asia
- 9.8.6. Rest of Asia Pacific
10. Middle East & Africa Fraud Detection and Prevention Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Component
- 10.2.1. Solution
- 10.2.2. Service
- 10.3. Market Analysis, Insights and Forecast – By Solution
- 10.3.1. Fraud Analytics
- 10.3.2. Authentication
- 10.3.3. Governance, Risk, and Compliance
- 10.4. Market Analysis, Insights and Forecast – By Services
- 10.4.1. Professional Services
- 10.4.2. Managed Services
- 10.5. Market Analysis, Insights and Forecast – By Application
- 10.5.1. Identity Theft
- 10.5.2. Money Laundering
- 10.5.3. Payment Fraud
- 10.5.4. Others
- 10.6. Market Analysis, Insights and Forecast – By Organization
- 10.6.1. SMEs
- 10.6.2. Large Enterprises
- 10.7. Market Analysis, Insights and Forecast – By Vertical
- 10.7.1. BFSI
- 10.7.2. Government & Defense
- 10.7.3. Healthcare
- 10.7.4. IT & Telecom
- 10.7.5. Industrial & Manufacturing
- 10.7.6. Retail & E-commerce
- 10.7.7. Others
- 10.8. Market Analysis, Insights and Forecast – By Country
- 10.8.1. GCC
- 10.8.2. South Africa
- 10.8.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Visa Inc.
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. ACI Worldwide, Inc.
- 11.6. SAS Institute Inc.
- 11.7. BAE Systems Detica
- 11.8. SAP
- 11.9. Bosch Software Innovations Gmbh
- 11.10. Oracle
- 11.11. Computer Sciences Corporation
- 11.12. Mastercard
- 11.13. EMC Corporation
- 11.14. IBM
- 11.15. FICO (Fair Isaac Corporation)
- 11.16. Fiserv, Inc.
Research Process
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
