Global Fraud Detection Market Set to Surge to USD 1,58,196.5 million by 2033 Amid Rising IT Sector Demand | FMI Analysis

Fraud detection and prevention market poised for significant growth driven by rising demand from IT and software sectors and advancements in security solutions.

NEWARK, DE, UNITED STATES, January 21, 2025 /EINPresswire.com/ -- The fraud detection and prevention industry is expected to grow rapidly at a compound annual growth rate (CAGR) of 17.5% between 2023 and 2033. Interestingly, it has grown by 15.4% between 2018 and 2022, which is an indication of the increasing demand for effective fraud detection tools. Forecasts indicate that the market value will rise from USD 31,447.6 million in 2023 to USD 1, 58,196.5 million in 2033, indicating the considerable growth potential and increasing significance of fraud detection and prevention strategies in a range of sectors.

This is a very important market in the protection of fraudulent activities against individuals and organizations in terms of identity theft, financial fraud, and cybercrime. A significant rise in sophisticated fraud schemes and further digitization makes the need for fraud detection and prevention solutions ever greater.

One of the major driving forces in the fraud detection and prevention industry is the growing awareness among organizations of the financial and reputational hazards connected with fraud. Organizations are thus investing in advanced fraud detection technology and solutions for detecting and preventing fraudulent activity. Furthermore, the increased application of AI and ML technology has significantly enhanced the capabilities of fraud detection and prevention systems, which can identify trends, abnormalities, and suspicious behavior in real-time.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.futuremarketinsights.com/report-sample#5245502d47422d3134383635

However, the market is also constrained by several constraints and problems. The intricacy and sophistication of the fraud schemes used currently, which keep changing and evolving to evade detection, are some of the major constraints. There is a constant need for innovation and investment in advanced fraud protection technology.

Another challenge is balancing fraud protection and client experience. The correct balance must be struck to eliminate false positives and provide a frictionless client journey.

The business of fraud detection and prevention has some good development potential despite these challenges. Growing use of mobile and digital payments, increasing growth in e-commerce, development of online banking, and online financial services all act as fertile soil for fraudsters and are causing an ever-increasing demand for sophisticated, end-to-end solutions in fraud detection and prevention. Changing regulatory landscapes-higher compliance demands-present market participants with opportunities to help organizations accomplish their regulatory duties while minimizing the risk of fraud.

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬

The United Kingdom is predicted to develop at a CAGR of 16.8% through 2033, owing to the rising sophistication of fraud schemes and the necessity for enhanced security measures.
In India, the market is expected to develop at a rapid 22.1% CAGR by 2033, owing to increased digitalization of financial services and a greater emphasis on fraud prevention in the banking sector.
In the United States, the market captured a CAGR of 17.5% in 2022 in the global market.
Japan’s market has a compound annual growth rate of 6%, as per the forecast for 2022 in the global market.
China’s fraud detection and prevention market is expected to develop at an 18.9% CAGR by 2033, owing to increased awareness of fraud risks and the adoption of severe regulatory frameworks.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:

The fraud detection and prevention market is highly competitive with many large companies providing high technology with highly advanced solutions. Major competitors in the market include IBM, SAS Institute, FICO, NICE Actimize, and Experian. There are a number of solutions for fraud detection and prevention offered by these firms, including AI-based analytics, real-time monitoring, and more.

They cater to several industries, including banking, insurance, retail, and healthcare, by helping organizations reduce the risks associated with fraud and financial crimes. Such organizations want to lead the market through offering their customers powerful and comprehensive fraud detection and prevention solutions, which they emphasize on innovation and continuous development.

𝐓𝐨 𝐆𝐚𝐢𝐧 𝐈𝐧-𝐃𝐞𝐩𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐁𝐫𝐨𝐰𝐬𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.futuremarketinsights.com/reports/fraud-detection-and-prevention-market

𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

IBM offers a whole fraud detection and prevention platform based on sophisticated analytics, artificial intelligence, and machine learning algorithms to identify and prevent fraud in different types of industries: banking, insurance, and retail. Their products include identity and access management, transaction monitoring, and anomaly detection.

SAS Institute provides fraud detection and prevention solutions that utilize data analytics, machine learning, and predictive modeling in order to identify and mitigate fraud risks. Their solutions cover insurance fraud, payment fraud, healthcare fraud, and cybersecurity. They provide real-time monitoring, pattern detection, and risk grading.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬

By Components:

Solutions Fraud Analytics, Authentication, Government, Risk and Compliance
Services {Professional Services, Managed Services}

By Fraud Type:
Check Fraud
Identity Fraud
Internet/Online Fraud
Investment Fraud
Payment Frauds
Insurance Fraud
Others

By Deployment Mode:
Cloud
On-premises

By Organization Size:
SMEs
Large Enterprises

By Vertical:
BFSI {Banking and Financial, Insurance}
Retail and Commerce
Government
Healthcare
Manufacturing
Ravel
Transportation
Others

By Region:
North America
Latin America
Europe
Asia Pacific
The Middle East and Africa

𝐔𝐧𝐥𝐨𝐜𝐤 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭𝐬 & 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 @ https://www.futuremarketinsights.com/industry-analysis/digital-transformation

𝐓𝐨𝐩 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐭𝐨 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭:

The global ePayment system market revenue totaled USD 78,965.6 million in 2022, according to Future Market Insights (FMI). The market is expected to reach USD 602,292.2 million by 2033, growing at a CAGR of 20.1%. As of 2023, the market is expected to be valued at USD 96,401.1 million.

The 3D secure payment authentication market is anticipated to reach USD 1.28 billion in 2023 and record a CAGR of 12.2% between 2023 and 2033. The 3D secure payment authentication market is expected to reach USD 4.06 billion in 2033.

𝐀𝐮𝐭𝐡𝐨𝐫:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector across verticals in APAC, EMEA, and the Americas reflecting his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

𝐀𝐛𝐨𝐮𝐭 𝐅𝐮𝐭𝐮𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 (𝐅𝐌𝐈)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

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