According to newly AI in fraud management industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a CAGR of 18.0% from 2021-2031.
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.
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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.
E-commerce fraud has considerably increased as COVID-19 continues to force retailers to take stores online to increase their sales and meet customers demand. For instance, at the initial stage of the coronavirus pandemic in the U.S., AI-based fraud management vendor Fraud.net saw a 40% surge in online retail fraud attempts.
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.
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Advanced Analytics to Emerge as a New Trend
Some of the major providers are already taking advantage of advanced analytics to enhance their fraud detection toolkit. That might involve drawing on alternative data sources – such as purchasing history, tracking social media activities, and phone usage data – or using information about a customer’s device type and location to validate the authenticity of a transaction. But across the payments sector as a whole, the use of advanced analytics is still at its infancy stage.
More Valuable Insights on AI in Fraud Management Market
FMI’s report on the AI in fraud management industry research is segmented into four major sections – solution (AI-powered fraud prevention software and services (professional and managed), application (identity theft protection, payment fraud prevention, anti-money laundering, and others), enterprise size (small and medium enterprises (SMEs) and large enterprises), industry (IT & telecom, BFSI, retail & CPG, healthcare, education, government, media & entertainment, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the AI in fraud management demand outlook.
Serious Landscape
The AI in fraud management market is profoundly thought and constrained by dominant players like IBM Corporation, Capgemini SE, Splunk, Inc., and Cognizant. The introduction of new arrangement and key organizations are key systems followed by top players in the AI in fraud management market, to increase their business income. Nonetheless, with item innovations and mechanical progressions, fair size to more modest firms are growing their market presence by securing new agreements and tapping new markets.
- In December 2020, Cognizant procured Inawisdom, a UK-based, secretly held consultancy specializing in man-made consciousness, machine learning, and information examination to assist businesses with making better, quicker choices that further develop business results. Inawisdom centers around delivering cloud-local, full-stack arrangements leveraging demonstrated consulting techniques and an investigation and machine learning stage constructed using Amazon Web Services (AWS).
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