New York, USA, April 06, 2021 (GLOBE NEWSWIRE) -- As per a new report offered by Research Dive, the global fraud detection & prevention market is predicted to generate a revenue of $145.7 billion by 2026, from a market size of $18.8 billion in 2018, at a CAGR of 29.6% during 2019-2026 timeframe.
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The report elucidates in-depth analysis on the impact of COVID-19 pandemic on the current and upcoming rise of the industry worldwide, by analyzing prominent factors such as main drivers and key limitations, trends and advances, regional market scenario, and size and scope of the market during the pandemic. The report also mentions that the COVID-19 pandemic has increased the market growth globally.
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Factors Affecting the Market during the Covid-19 Mayhem
Digitization and innovations of latest gadgets is expected to enhance the usage of cloud software, IoT (Internet of Things), e-transactions, and mobile banking. This increase in digitization may consequently give rise to activities such as cyber-attacks, data breaching, and financial frauds. Fraud detection & prevention software is used to keep all kinds of illegal activities at bay.
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With the adoption of work-from-home facilities and thus increased cyberattacks, the market is predicted to witness a significant boost in the analyzed timeframe. However, time duration required to detect frauds is longer and this is expected to hinder the growth of the market considerably.
Key Highlights of the Market:
1. The likely CAGR of the fraud detection & prevention market, as predicted prior to the occurrence of the COVID-19 pandemic, was 26.5% in the forecast period.
2. The CAGR worldwide, as estimated after the commencement of the new coronavirus mayhem, is expected to be 29.6% in the forecast time period.
3. The market size of the fraud detection & prevention industry in 2020, as expected before the COVID-19 crises began, was $30.0 billion.
4. The present size of the fraud detection & prevention market in 2020, after enduring the COVID-19 outbreak, is $31.5 billion.
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Present Scenario of the Market during the Covid-19 Outbreak
The market is experiencing a positive impact during the Covid-19 pandemic due to recent advancements in the fraud detection & prevention software such as pre-defined scenarios for real-time and historical alerts. Moreover, this software is attracting the attention of several large scale businesses due to the risk of data breaching activities. These aspects are considered to drive the global market during the pandemic.
Post-Covid-19 Situation of the Market
The market is anticipated to surge at the end of the forecast period due to the ability of fraud detection & prevention to identify and act according to the online traffic, thus averting cyber-crimes. Moreover, the increase in credit and debit card scams is likely to enhance the market in the future years. The key players of the market are NCR limited, Fair Issac Corporation, SAS Institute Inc., ACI Worldwide, Lavastorm, SAP SE, IBM Corporation, and Oracle Corporation.
These market players are focusing on several strategies such as product revelations, research & development, and acquisitions of businesses for the market growth. For instance, in November 2020, Buguroo, a provider of customer identification solutions to avert online frauds for the financial industry, launched the policy manager. This product paves way for the analysts to detect a range of scams and stop cyber-crimes.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Enquiry for Short-term and Long-term Impacts of COVID-19.
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