Published Date: 15-09-2017
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According to a new report Global Fraud Detection and Prevention Market (2017-2023), published by KBV Research, the Global Fraud Detection and Prevention Market size is expected to reach $42.6 billion by 2023, rising at a market growth of 19.6% CAGR during the forecast period. The global fraud detection and prevention market growth is driven due to factors such as rapid growth in the adoption of big data analytics, cloud computing services and unparalleled growth in mobile banking. Cloud infrastructure is a perfect platform for various organizations to meet cloud security compliance requirements for encryption, separation of duties and allow access controls for protected data.
The KBV Cardinal Matrix is a visual representation about the key players in the industry. The matrix is designed considering the major strategic developments including Mergers and Acquisitions, product launches, partnership among others and the financial strength of the company in the considered years. Based on the Analysis presented in the Cardinal matrix, IBM Corporation, SAP SE and Oracle Corporation are the forerunners in the Fraud Detection and Prevention market.
Fraud analytics is majorly used to analyze various kinds of stored data and gathered information and convert the same into actionable insights, and eventually detect fraud to take necessary actions as necessary. The fraud analytics solution would grow at the highest CAGR of 20.3% during the forecast period, due to its significant value in analyzing various forms of data and then converting the same into actionable insights. In addition, growing adoption of advanced analytics techniques and competitive intelligence, and analysis and formation of meaningful insights that enable better business decisions are some the additional factors driving the market growth. Predictive analytics and big data analytics solutions are the two potential fraud analytics types and would witness considerably higher growth rates over the forecast period.
The On Premise market holds the largest market share in Global Fraud Detection and Prevention Market by Deployment Type in 2016, and would continue to be a dominant market till 2023; growing at a CAGR of 18 % during the forecast period.
The BFSI market holds the largest market share in Global Fraud Detection and Prevention Market by Vertical in 2016, and would continue to be a dominant market till 2023;, growing at a CAGR of 17.1 % during the forecast period, due to increased fraudulent activities, specifically in digital transactions. Rise in the demand for advanced authentication provides tremendous opportunities for market growth in the government sector. In addition, the retail segment would grow at the highest CAGR, due growing incidences of card related frauds, transactions and revenue loses. The Retail market would garner market size of $5,332.2 million by 2023.
North America was the leading region with highest adoption of fraud detection and prevention solutions in 2016. The adoption of the application was due to industrial expansion and rise in fraudulent activities in the North American region. Enterprises are highly susceptible to fraudulent activities, resulting in financial losses; therefore, the adoption of analytical solutions witnessed a significant growth in the region. Massive amounts of enterprise data and the technological advancements has driven the need for detection and prevention solutions, globally.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the Global Fraud Detection and Prevention Market have been discussed in the report with the competition analysis and the elaborated company profiles of IBM Corporation, Oracle Corporation, SAS Institute, Inc., Fair Isaac Corporation (FICO), SAP SE, Bae Systems, ACI Worldwide, Inc., NCR Corporation, Martin Dawes Systems Limited (Lavastorm), and ThreatMetrix.
By Organization Sizes
By Deployment Types
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