From 2023 to 2033, the market for fraud detection and prevention is anticipated to expand at a CAGR of 17.5%. In 2023, the market share was valued at $31.447.6 billion USD.
The market is expected to create significant revenue of US$ 1,58,196.5 billion by 2033 as a result of the rising demand for fraud detection and prevention in IT & software industries.
The hackers are boosting the market while hacking several e-commerce and online shopping sites due to the high number of users spending time on the online sites or e-commerce sites for purchasing grocery and other personal use products, which increases the sales of fraud detection and prevention.
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They make the payment through the online payment mode on which they are likely to fraud with the real-time consumers with their online transaction, which leads to rapid growth in the adoption of fraud detection and prevention in the companies.
Key Takeaways:
· Based on the fraud type segment, payment fraud is estimated to dominate the fraud detection and prevention market share during the forecast period 2022 to 2032.
· By the Vertical segment, retail & commerce is anticipated to lead the fraud detection and prevention market size in the forecast period 2022 to 2032.
· The U.S. holds a prominent role in the fraud detection and prevention market trends due to the number of corporate sectors and multi-national companies in the country.
· By 2032, the fraud detection and prevention market share is anticipated to rise to the valuation of US$ 133.5 Billion with a CAGR of 17.3%.
Competitive Landscape:
The key competitive companies are focused on the growth of fraud detection and prevention market share in the coming forecast period from 2022 to 2032. The companies are leading with their innovative skills and tactics to rise in the growth of fraud detective and prevention market analysis.
They use methods such as partnerships, mergers, collaboration etc to boost the economy in the forthcoming year. Some of the prominent key players are as follows. They are BAE System plc, Nice Actimize, ACI Worldwide Inc, FICO, LexisNexis, TransUnion, Kount, Inc., and others.
Key Segments
By Components:
- · Solutions Fraud Analytics, Authentication, Government, Risk and Compliance
- · Services {Professional Services, Managed Services}
By Fraud Type:
- · Check Fraud
- · Identity Fraud
- · Internet/Online Fraud
- · Investment Fraud
- · Payment Frauds
- · Insurance Fraud
- · Others
By Deployment Mode:
- · Cloud
- · On-premises
By Organization Size:
- · SMEs
- · Large Enterprises
By Vertical:
- · BFSI {Banking and Financial, Insurance}
- · Retail and Commerce
- · Government
- · Healthcare
- · Manufacturing
- · Ravel
- · Transportation
- · Others
By Region:
- · North America
- · Latin America
- · Europe
- · Asia Pacific
- · Middle East and Africa
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