Fraud Detection and Prevention Market Size and
Growth Rate:
Globally, the Fraud Detection and Prevention Market Size expected to
reach USD 63.18 billion by the end of 2025 and this market estimated
to be growing at an impressive CAGR of 19.23% from 2018 to 2025.
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Fraud Detection and Prevention Market Overview:
The fraud
detection and prevention system (FDP) is a computer application that serves to
provide analytical solutions for the future detection and prevention of fraud.
Authentication solutions and fraud analysis solutions constitute the core of
the FDP system. It analyzes data from various sources with possible
inaccuracies.
Fraud Detection and Prevention Market Growth
Drivers, Challenges and Opportunities:
The
increase in corporate income loss due to fraud augmented the need for
preventative solutions, increasing the adoption of FDP solutions. Increasing
business data and complexity, industry-specific requirements, and increasing
fraud costs are some of the engines of the FDP market. In addition,
technological advances and regulatory changes will stimulate the demand of the
FDP. However, if there are no expensive and low-level awareness and
pre-deployment tools, it is expected that the growth of the market will be
difficult. Due to the limited functionality of the hereditary system, companies
have changed to FDP. Technological advances and new solutions will lead to an
increase in demand.
The low
awareness of the possibility of fraud and the high investment in the deployment
are key factors that prevent the growth of the market. Pre-deployment measures
and costs will continue to be an important concern in the pharmaceutical field
for this market. As the average business grows, the influence of this factor
decreases. The next new tools and applications for visualization and analysis
of clients and predictive analyzes will further increase the demand for FDP.
The growth and globalization of business data hinders the analysis of real-time
data with legacy systems. As a result, companies have adopted the FDP to
increase demand.
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Fraud Detection and Prevention Market
Geographical Segmentation:
It is
expected that North Americawill maintain a significant share in the world
market for the detection and prevention of fraud during the predicted period.
With a variety of technological advances in the energysector, local fraud
detection and prevention markets are expected to expand over the timeframe. It
is expected that the Asia-Pacific region will grow significantly in the global
market during the foreseen period. This can be attributed to the growing IT and
telecommunications sectors of developing countries in Asia, such as China and
India.
Key players of the Fraud Detection
and Prevention Market:
Some of
the best-known companies in this market are: ACI Worldwide, Visa Inc., SAS
Institute Inc., SAP, BAE Systems Detica, Bosch Software Innovations Gmbh,
MasterCard, EMC Corporation, IBM, FICO (Fair Isaac Corporation), Oracle,
Computer Sciences Corporation, Fiserv, Inc.
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