Global AI in Fraud Management Market to reach US$ 39.5 Bn by 2031

The AI in fraud management solutions revenue totaled ~US$ 6.5 Bn in 2020, according to Future Market Insights. The overall market is expected to reach ~US$ 39.5 Bn by 2031, growing at a CAGR of 18.0% for 2021 – 31.

The demand for AI in fraud management solutions will continue accelerating, increasing competition prevalent in the market. FMI has forecast the top 5 providers to account for around 55.5% of total market in 2020.

Sophistication in financial crimes, cyberattacks, and digital frauds are challenging the growth of several businesses worldwide. Growing concerns regarding digital frauds, despite technological advancements facilitating the ease of payment options or data access, calls for the deployment of fraud detection solutions.

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The increasing popularity of digital payment apps, cross-border transactions, and e-banking, the number of fraudulent cases involving data breaches, rising payment frauds, and identity thefts are likely to augment the demand for AI based fraud management solutions over the coming years.

The sales for AI based fraud management solutions is estimated to rise at 18.0% CAGR between 2021 and 2031 in comparison with 14.6% CAGR registered during 2016-2020.

The global AI in fraud management growth scenario is anticipated to witness an increase in revenue from ~US$ 7.5 Bn in 2021 to ~US$ 39.5 Bn by 2031.

The report also forecasts that the market will surpass a valuation of ~US$ 7.5 Bn by the end of 2021. As per FMI, rapid technological advancements in the IT & telecom industry have created prospects for AI in fraud management implementation. These technologies have become essential in improving economic competitiveness, thereby propelling the market growth.

AI in fraud management solutions can be utilized to detect and prevent fraud in real-time applications. AI capabilities help data scientists to determine which transactions are probably to be fake, while considerably reducing false positives.

These technologies are more effective in fraud detection and prevention. The solution providers are integrating cloud platform and AI as well as machine learning in the fraud management services for providing an advanced cloud-based application to the customers for financial compliances.

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Key Takeaways: AI in Fraud Management Market

  • By solution segment, the AI-powered fraud prevention software is anticipated to account for the leading share in the global demand for AI in fraud management during the forecast period. The segment estimated to grow at a robust CAGR of 18.6% through 2031.

  • The demand for AI in fraud management in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting AI in fraud management and cloud based solutions for better ROI.
  • Demand for AI in fraud management in IT & Telecom and BFSI sector is estimated to grow at impressive CAGR. Of these, BFSI industry is expected to account for leading share in AI in fraud management sales forecast during the forecast period.
  • North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
  • The market in Japan is expected to progress at a CAGR of 20% through 2031.
  • In the U.K., sales are expected to increase at a CAGR of close to 21% over the next ten years.

COVID-19 Impact Analysis on AI in Fraud Management Market

The COVID-19 pandemic outbreak has disrupted many industries, including the AI in fraud management industry. The COVID-19 pandemic is fueling the need for increased businesses towards online, and e-commerce therefore digital fraud has spiked.

AI in the fraud management market is expected to grow by 2.0X from 2020-2021 and would see a surge in demand amid the COVID-19 outbreak, as cloud-based AI fraud prevention becomes the new norm.

Hence, implementation of AI in fraud management tools would be highly valuable during the COVID-19 period due to several factors such as increasing use of electronic transactions amid pandemic crises, increased risks from remote access, and growing revenue losses due to fraudulent activities.

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Competitive Landscape
Leading players operating in AI in Fraud Management Market profiled by FMI include: IBM Corporation, Cognizant, Temenos AG, Capgemini SE, Subex Limited, JuicyScore, Hewlett Packard Enterprise, MaxMind,  Inc., BAE Systems plc, Pelican, SAS Institute Inc., Splunk,  Inc., DataVisor,  Inc., Matellio Inc., ACTICO GmbH.

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