New York, NY, July 14, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fraud Detection and Prevention Market by Deployment (On-Premises and Cloud), by Component (Solutions and Services), by End-User (Small & Medium Enterprises (SMEs) and Large Enterprises), and by Industry Vertical (Retail, BFSI, IT & Telecom, Healthcare, Government Sector, Energy and Power, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2025’’.
According to the report, the global fraud detection and prevention market was valued at USD 19.2 billion in 2018 and is expected to reach USD 93.4 billion by 2025, at a CAGR of 25.4% between 2019 and 2025.
The rise in online shopping has led to retailers opting for cashless payment options. In 2017, the global e-commerce retail sales were valued at USD 2,304 billion as compared to USD 1,845 billion in 2016. This number is anticipated to rise in the future considering the trend of online mobile shopping and the adoption of artificial intelligence (AI) by numerous retailers in their businesses. For instance, Amazon is planning to use AI for its new “Amazon Go” grocery stores.
Browse through 91 Tables & 32 Figures spread over 146 Pages and in-depth TOC on “Global Fraud Detection and Prevention Market Size, Share, Industry Trends, Analysis and Forecast, 2018—2025”.
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Governments of several countries are promoting the use of technology to streamline their processes. Some common scams that the U.S. government has to deal with are immigration fraud, tax and investment frauds, social security fraud, etc. Many market players, such as SAS Institute Inc., are offering fraud detection solutions that are specifically designed for government agencies. This is anticipated to be the primary growth driver of the global fraud detection and prevention market over the estimated timeframe. However, integrating solutions with the existing systems are proving to be a major hurdle in the development of global fraud detection and prevention market. Conversely, the increasing adoption of the internet of things (IoT) in the manufacturing sector is likely to open new growth avenues for the fraud detection and prevention market on a global scale.
The global fraud detection and prevention market is segmented on the basis of deployment, component, end user, and industry vertical. By deployment, the global fraud detection and prevention market is segmented into on-premises and cloud. Solutions and services comprise the component segment of global fraud detection and prevention market. Small and medium enterprises (SMEs) and large enterprises form the end-user segment of this market. The industry vertical of this market includes retail, BFSI, IT and telecom, healthcare, government sector, energy and power, manufacturing, and others. The IT and telecom segment is anticipated to hold a significant share of the fraud detection and prevention market, owing to the expansion of business activities by various organizations in the sector. The BFSI sector is expected to grow notably in terms of demand for technology, due to the adoption of cashless payments and data digitalization.
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By region, North America is projected to hold a significant market share over the forecast time period. The U.S. is considered to be the key contributor in this region, owing to the increasing use of online platforms by numerous retailers to leverage sales. In 2018, the retail e-commerce sales in the U.S. were USD 504.6 billion as compared to USD 446.8 billion in 2017. With online sales increasing rapidly, retailers are focusing on developing solutions that will help them in detecting and preventing frauds and reduce losses. Furthermore, the presence of major players, such as Oracle Corporation, IBM Corporation, and SAS Institute Inc., in this region is likely to further boost this regional market over the forecast timeframe.
The Asia Pacific region is estimated to grow substantially in the global fraud detection and prevention market, owing to major contributions from China and India and the flourishing IT industry in India. The Indian IT industry registered profits worth USD 167 billion during the financial period 2017-18. In 2018, IT spending in India was about USD 87 billion, an increase of about 9%. The Indian government is also taking initiatives to increase investments in this sector. From 2000 to 2018, the software and hardware sector in India attracted foreign direct investments worth USD 32 billion, which has led to an increase in the number of internal frauds. The occurrence of data thefts, procurement frauds, and payroll frauds have increased, which has led to an increased demand for solutions to reduce losses. This, in turn, is likely to fuel the region’s fraud detection and prevention market over the estimated time period.
Browse the full “Fraud Detection and Prevention Market by Deployment (On-Premises and Cloud), by Component (Solutions and Services), by End-User (Small & Medium Enterprises (SMEs) and Large Enterprises), and by Industry Vertical (Retail, BFSI, IT & Telecom, Healthcare, Government Sector, Energy and Power, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2025” Report at https://www.zionmarketresearch.com/report/fraud-detection-prevention-market
The manufacturing sector in Europe is among the most lucrative industry for fraud detection and prevention market. UK and Germany are the major countries driving the demand for solutions in this region. Germany is the hub of automobile manufacturers with the presence of key players, such as Mercedes, Volkswagen, and BMW. In 2018, BMW opened up investigation in suspect of 11,400 fraud cases. In 2015, the company was a victim of fraud case where the attacker defrauded the company for USD 7.7 million. With an increase in such incidents, manufacturers are opting for fraud prevention solutions. This, in turn, is anticipated to fuel the European market over the forecast timeframe.
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Some key players of the global fraud detection and prevention market are SAP SE, Oracle Corporation, BAE Systems PLC, SAS Institute Inc., ACI Worldwide Inc., IBM Corporation, Fiserv, Inc., Fair Isaac Corporation, Dell Technologies Inc., and Software AG, among others.
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This report segments the global fraud detection and prevention market into:
Global Fraud Detection and Prevention Market: Deployment Analysis
- On-Premises
- Cloud
Global Fraud Detection and Prevention Market: Component Analysis
- Solutions
- Services
Global Fraud Detection and Prevention Market: End-User Analysis
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Global Fraud Detection and Prevention Market: Industry Vertical Analysis
- Retail
- BFSI
- IT and Telecom
- Healthcare
- Government Sector
- Energy and Power
- Manufacturing
- Others
Global Fraud Detection and Prevention Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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