Sep 11, 2019 (MarketersMedia via COMTEX) -- Market Research Future published a research report on "Fraud Detection and Prevention Market Research Report- Global Forecast 2027" - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Pune, India - September 11, 2019 /MarketersMedia/ --
The market for fraud detection and prevention is probable to observe an impressive CAGR of 25.24% during the forecast period (2018-2027) and surpass a valuation of USD 139 billion. The application tools for fraud detection and prevention are majorly used to verify a vast range of data sources to recognize discrepancies and anomalies, especially in transaction activities.
The increased number of electronic transactions is contributing to the exponential growth of the market. The ongoing technological advancements and stringent government regulations are also to reinforce fraud prevention and detection systems within organizations, which is fueling the demand for these solutions in greater ways. On the other hand, substantial increased electronic transactions couples with the introduction of stringent privacy laws for various end-use industry verticals is portraying as a favor to the market during the forecast period.
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iovation Inc., IBM Corporation, Oracle Corporation, PayPal Holdings Inc., CardinalCommerce Corporation (Visa Inc. Class A), Distil Networks, Inc., LexisNexis Risk Solutions Company, Experian PLS, Accertify Inc. (American Express Company), F5 Networks Inc., Kaalbi Technologies Pvt. Ltd, Signifyd Inc., Guardian Analytics Inc., Kount Inc., Clearsale SA, Pindrop Security Inc., ACI Worldwide Inc., BioCatch Ltd.
The segmental analysis of Fraud Detection and Prevention Market has been conducted based on solution, service, application, organization size, and vertical.
In terms of solution, the market includes fraud detection, authentication, and data synthesis. The study tells that in 2017, the authentication segment had the largest market share and is anticipated to remain highly profitable in the coming years. Also, it is projected that the segment will expand at 28.1% CAGR with the growth is likely to drive by the surging usage of authentication solutions to secure networks and gateways. Further, the fraud detection segment spots the second spot and is probable to maintain its position throughout the assessment period.
In terms of service, the market has been segmented into professional service and managed service. Among which, the professional service segment was valued at USD 9,802.6 million in 2017 and now is set to expand at 25.6% CAGR by 2027. The demand for fraud detection and prevention centric professional services is one of the rising factors in the market. Also, consultation services, implementation services, and support & maintenance services are anticipated to remain sought-after in the foreseeable future. The professional services segment will persist in outperforming the managed services segment.
In terms of application, the market is also segmented into insurance claims, money laundering, and electronic payment. The electronic payment segment is anticipated to maintain its leading position of 2027, acquiring a double-digit CAGR of 26.8%. The progress of this market is driven by the upward popularity of electronic payments platforms.
In terms of organization size, the market has been segmented into large enterprises, and small & medium enterprises (SMEs). In 2017, the large enterprise segment occupied 68.7% market share. The segment is anticipated to observe a robust CAGR of 24.9% during the assessment period. Fraud detection solutions are an essential need of large enterprises in support of amplified incidences of fraudulent and malicious cyber-attacks. The small & medium enterprise segment is anticipated to grow at 25.9% CAGR during the forecast period.
In terms of vertical, the market is also categorized into BFSI, government, real estate, manufacturing, media & entertainment, telecommunication, retail, travel & transportation, energy & power, and healthcare. The BFSI segment had over one-fourth market in 2017 and was valued at USD 3,846.9 million. The segment is anticipated to inflate at a healthy pace in the foreseeable years.
Key regions covered in the study of global fraud detection prevention market include regions of Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).
Of these, North America has the largest market share in terms of value. The region is likely to hold its leading market position throughout the review period. A robust adoption rate and existence of key market players are the major factors that support the market growth in North America. In the meantime, Asia Pacific market is likely to witness the highest CAGR and capture the second spot by 2027.
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