Fraud Detection and Prevention Market to Reach $241.23 Billion in 2031: Allied Market Research

Allied Market Research

Allied Market Research

The rise of big data analytics and cloud computing services, along with the proliferation of mobile payments, are driving the growth of the global fraud detection and prevention market. However, the high cost of fraud detection and prevention solutions is limiting market growth. Due to the outbreak of the Covid-19 pandemic, business operations have shifted to a remote work environment. This increased the need for fraud detection and prevention solutions.

Portland, OR, June 13, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global fraud detection & prevention market generated $29.80 billion in 2021 and is estimated to reach $241.23 billion in 2031, with a CAGR of 23.8% from 2022 to 2031. The report provides comprehensive analysis of evolving market trends, top investments, key segments, value chain, regional scenario and competitive landscape.

The rise of big data analytics and cloud computing services, along with the proliferation of mobile payments, are driving the growth of the global fraud detection and prevention market. However, the high cost of fraud detection and prevention solutions is limiting market growth. On the other hand, technological advancements and the increasing adoption of anti-fraud management system solutions in developed and developing regions create new opportunities in the coming years.

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Covid-19 scenario:

  • Due to the outbreak of the Covid-19 pandemic, business operations have shifted to a remote work environment. Many organizations have adopted a culture of working from home and remote working. This led to vulnerabilities in data and information security. This improved the need for fraud detection and prevention solutions.

  • In addition, many industries, such as retail and healthcare, have adopted IoT-connected technologies. Digital payments have also risen sharply. Therefore, the need for fraud detection and prevention solutions grew to provide the necessary layers of security and protection against fraudulent activity.

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The report offers a detailed segmentation of the global Fraud Detection and Prevention market based on component, organization size, implementation, industry, and region.

Based on components, the solutions segment accounted for the highest share in 2021, with nearly two-thirds of the total market share, and is expected to maintain its dominance in 2031. However, the services segment is estimated to show the highest CAGR of 25.3. % from 2022 to 2031.

Based on the vertical sector, the BFSI segment had the largest share in 2021, accounting for more than a fifth of the global fraud detection and prevention industry However, from 2022 to 2031, it is estimated that the retail segment will have the largest CAGR of 26.6%.

Based on region, North America contributed the highest share in 2021, accounting for more than two-fifths of total market share, and is expected to continue its leading status into 2031. However, Asia-Pacific is expected to display the fastest CAGR of 26.1% over the forecast period.

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Leading players in the global fraud detection and prevention market analyzed in the study include IBM Corporation, SAS Institute Inc., Oracle Corporation, SAP SE, Fair Isaac Corporation, ACI Worldwide, BAE Systems, Experian PLC, NCR Limited, Precisely and LexisNexis.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research offers global enterprises as well as medium and small businesses an unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, leads the organization to deliver high-quality data and insights. We have professional business relationships with various companies and this helps us to dig up market data that helps us generate accurate tables of research data and confirm pinpoint accuracy in our market forecasts. All data presented in the reports published by us has been extracted through primary interviews with top executives of leading companies in the respective field. Our secondary data procurement methodology includes in-depth online and offline research and discussion with expert professionals and industry analysts.

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