“Due to the emergence of big data analytics and cloud computing in fraud detection & prevention market is witnessing a high adoption rate across small & large enterprises”.
The global fraud detection & prevention (FDP) market is expected to reach US$ 40,580 million by 2023, growing at a high CAGR during the forecast period. The fraud detection & prevention (FDP) market is witnessing significant growth due to the growing number of cyber-crimes, revenue losses, industrial expansion, and growth in electronic transactions. In addition to these, regulatory changes and technological advancement will further increase the demand for fraud detection & prevention (FDP) software. Globalization has increased the volume of data due to the integration of companies, governments, and people. The collected data is difficult to compile and analyze by using traditional fraud detection methods, and therefore, the need for fraud detection & prevention (FDP) system has increased. Moreover, the government is also involved in promoting the use of technology for fraud detection. For instance, SAS Institute is providing specially designed FDP solutions for the US government, as they had to deal with social security frauds, immigration frauds, and tax and investment frauds.
Fraud detection and prevention services are the solutions primarily being offered by the key IT companies to various enterprises across the globe. These solutions help enterprises in preventing the occurrences or spot frauds at the initial stage. These solutions are primarily being used to find patterns and anomalies, analyze the data, and control user access by authentication and verification.
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The fraud detection & prevention (FDP) market is witnessing growth across the globe due to the growing enterprise data and the associated complexity, industry-specific requirements, and the rising cost of frauds. Moreover, growing technological advancements and regulatory changes will also accelerate the demand for FDP across various organizations. However, the high cost of investment, low awareness levels, and unavailability of pre-deployment measures are expected to hamper the FDP market growth. The limited capability of the legacy system has also made enterprises to switch to FDP. Technological advancements and new FDP solutions will accelerate the growing demand. In addition to these, the upcoming new visualization tools and applications, along with customer analytics and predictive analytics, will further increase the demand for fraud detection & prevention (FDP). The increasing volume of enterprise data and globalization has made it difficult to analyze the real-time data by legacy systems, which will further propel the market growth.
The key players in the fraud detection & prevention (FDP) market are the SAP, IBM Corporation, FICO, Dell Technologies, BAE Systems, Fiserv Inc., Oracle Corporation, Software AG, Fair Isaac Corporation, ACI Worldwide, NCR Limited, and others. The companies are adopting strategies such as mergers and acquisitions, product launches, and various other strategies to expand their product portfolio. For instance, in June 2016, IBM, an American multinational the company had a joint venture with Maersk, a Danish business conglomerate, to improve global trade and digitize the supply chain by using Blockchain.