LONDON, March 03, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the fraud detection and prevention market, an increase in the frequency of cyberattacks and fraud is driving the growth of the fraud detection and prevention market. The International Criminal Police Organization's assessment of the impact of COVID-19 on cybercrime has demonstrated an important target shift from individuals and small businesses to major corporations.
For instance, in 2020, according to Interpol, in the pandemic, with businesses and firms immediately installing remote systems and networks to help staff working from home, criminals are taking advantage of enlarged security vulnerabilities to steal data, generate profits, and cause disruption. Within 4 months, from January to April, INTERPOL detected around 48,000 malicious URLs, 737 incidents related to the malware, and 907,000 spam messages. Therefore, the increase in the frequency of cyberattacks and fraud is driving the growth of the fraud detection and prevention market.
The global fraud detection and prevention market size is expected to grow from $26.99 billion in 2021 to $33.51 billion in 2022 at a compound annual growth rate (CAGR) of 24.17%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The fraud detection market is expected to reach $81.01 billion in 2026 at a CAGR of 24.69%.
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TBRC’s global fraud detection and prevention market segmentation is categorized by fraud type into check fraud, identity fraud, internet /online fraud, investment fraud, payment frauds, insurance fraud, others; by deployment mode into cloud, on-premise; by solution into fraud analytics, authentication, reporting, visualization, others; by application into insurance claims, money laundering, electronic payment; by end-user into small and medium enterprises (SMEs), large enterprises.
Technological advancement is a key trend gaining popularity in the fraud detection and prevention market. Technological advancement is the discovery of knowledge that advances the understanding of technology. For instance, in April 2019, NICE Actimize, a US-based company that provides financial crime, risk, and compliance solutions, introduced CDD-X to update KYC and CDD programs with advanced analytics and the power of AI. The robust combo of AI technology with NICE Actimize’s professionals in KYC and CDD reduces customer result time by up to 70% and increases the efficiency of high-risk customer management. Using CDD-X technology advancements rather than adding more individuals will support managers in striking the correct balance of headcount and financial crime and compliance management (FCCM).
Major players in the fraud detection and prevention market are IBM Corporation, FICO, Oracle Corporation, SAS Institute, BAE Systems, DXC Technology, SAP SE, ACI Worldwide, Fiserv, Inc., ThreatMetrix company, NICE system Ltd., F5 Networks Inc., Equifax Inc., Cybersource Corporation, and Global Payments Inc.
North America was the largest region in the fraud detection and prevention market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fraud prevention market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Fraud Detection And Prevention Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide fraud detection and prevention market overviews, fraud detection and prevention market analyze and forecast market size and growth for the whole market, fraud detection and prevention market segments and geographies, fraud detection and prevention market trends, fraud detection and prevention market drivers, fraud detection and prevention market restraints, fraud detection and prevention market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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