New York, USA, May 20, 2020 (GLOBE NEWSWIRE) -- Fraud detection techniques have made tremendous strides as a result of developments in computer technology (high-performance analyses). Fraud affects all aspects of life; raising the cost of products and services, spreading taxes, removing innovation capital and even costing the lives of human beings. In 2018 the Fraud Detection & Prevention Market accounted for $18,817.5 million for and is projected to produce $123,391.8 million in revenue by 2026 growing at a CAGR of 26.5%. In 2018 the revenue generated by the North American region was $6,586.1 million, and the share in the projected period is anticipated to grow with 25.3% CAGR. The growth of online and mobile banking services is expected to be the major driving factor in the forecast period for the fraud detection and prevention industry.
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Surge in online transactions to boost the growth of the market
The increasing number of online and mobile banking services is expected to be one of the major drivers of forecast-period fraud detection and prevention industry. The increase in the number of online customers is also anticipated to expand the need for identification and prevention of fraud. In order to meet the safety needs and the rise in artificial intelligence and machine learning, the company that adopts fraud detection and prevention is expected to improve the overall demand over the projected period.
Dearth of skilled labor to prove to be the biggest restraint for the growth of the market
Many companies will detect and prevent the fraud by putting a lot of money into the resources needed. The costs of these devices are very high, as the instruments for detecting fraud are regarded to be the main constraints on the detection and prevention market in many organizations. In addition, the unavailability of fraud detection and prevention resources of qualified employees is expected to impede the growth in the forecast period of the market for fraud detection and prevention.
Opportunities
The growing use of artificial intelligence and machine learning is expected to generate a vast opportunity in the fraud detection and prevention industry during the forecast period. With the drastic decline in the workforce; the artificial intelligence is leading to predictive models utilizing the old data, which will ultimately detect fraudulent activity and take preventive action.
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Regional Outlook
The highest share for the forecast period is expected in North America. The North American region generated $6,586.1 million in 2018. In the projected period, the market is expected to grow by 25.3% CAGR. The Asia-Pacific market was $5.268.9 million in 2018, and in the forecast period, the is expected to grow by 27.0% CAGR. The Asia-Pacific market is projected to expand with the adoption of software and systems for fraud detection and prevention across different verticals, which generates a cumulative growth for fraud and prevention over the forecast period.
Top Companies Profiled in Fraud Detection & Prevention Market
- Oracle Corporation
- IBM Corporation
- SAP SE
- Lavastorm
- ACI Worldwide
- SAS Institute Inc.
- Fair Issac Corporation
- NCR limited
Amongst others, are the main players in the market for fraud detection and prevention. FICO, a major financial services provider, which is headquartered in California, USA, runs via its signature products, the FICO Falcon platform, and FICO Falcon fraud manager, to uncover new forms of fraud. These products provide companies with real- protection and can be used on-site and in the cloud. These include verification, prepayments, mobile transfers, debit, ePayments, and credit modules. FICO products also lead to growing consumer loyalty and reducing abuse, credit risk, and operating costs. FICO has a large consumer base in the USA, and 64 percent of its sales are generated from the US alone.