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Fraud detection and prevention systems avert unauthorized access by verifying user identity and data integrity and thus preventing fraud accidents. Furthermore, with a rise in solutions, such as increased use of digital data mode, high usage of internet enabled devices, and cloud services, the vulnerability of enterprises toward fraud has increased rapidly, further fueling the fraud detection and prevention market demand.
Fraud Detection and Prevention Market size is expected to grow rapidly as there is a need to restrict the rising fraud globally. Companies are more prone to fraudulent incidents, which result in huge financial losses. As the size of the enterprise increases, the amount of data also increases and its analysis becomes a complex task, which increases the risk of fraudulent activities. Hence, the demand for fraud detection and prevention market is growing at a fast rate as it assists in preventing this critical data from attacks.
The main players operating in the fraud detection and prevention market include IBM Corporation, FICO, SAS Institute, Computer Sciences Corporation, SAP SE, BAE Systems, Fiserv, Inc., Oracle Corporation, ACI Worldwide, and BAE Systems. Market share calculation in this report is not done based on companies covered in it. The calculation of fraud detection and prevention market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Regional Segmentations: -
North America is dominating the fraud detection and prevention market due to the presence of a large number of vendors operating in this region and the increasing adoption of e-tailing and other online-based services.
Asia Pacific is anticipated to grow at a fast rate over the forecast time span owing to factors such as fast-growing economies and rise in the awareness of small and medium scale enterprises. Countries, such as India and China, are deploying these fraud detection and prevention systems, which are mainly due to the growth in fraudulent incidents in this region owing to the rise in online payments and transactions.
The fraud detection and prevention market can be segmented on the basis of solutions, services, application, and industry verticals. Solutions can further be sub-segmented into fraud analytics and authentication. The fraud analytics include customer, predictive, social media, big data, and behavioral analytics. Authentication includes single-factor authentication and multi-factor authentication.
The authentication solutions have the highest share in the industry due to the shift from single-factor authentication to multi-factor authentication, which makes users account much harder for attackers to break. They allow organizations to use advanced security options, such as a single sign-on, which is easier for end users but difficult for hackers to operate. This sign-on allows users to operate required apps and data without having to enter passwords all the time.
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