Fraud Detection and Prevention Market Overview:

The fraud detection and prevention market growth is projected to grow from USD 165.2 Billion in 2023 to USD 407.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2023 - 2032). 

The fraud detection and prevention sector is rising due to the increasing requirement to reduce fraud losses and preserve income from legitimate transactions. Big data, data analytics, predictive modelling, deep learning, cloud computing, machine language, and artificial intelligence (AI) are some of the cutting-edge technologies that have recently emerged and are accelerating industry growth. Additionally, the industry is growing as a result of the rise in real-time transactions and the number of online and mobile banking services. To reduce both internal and external fraud, financial and governmental organisations are increasingly implementing FDP solutions, which is boosting the local and worldwide economies.

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Key Players:

Key Companies in the fraud detection and prevention market include,

• iovation Inc. (US)
• IBM Corporation (US)
• CardinalCommerce Corporation (US)
• Oracle Corporation (US)
• Experian PLC (Ireland)
• PayPal Holdings Inc. (US)
• Distil Networks Inc. (US)

Market segmentation:

The market for fraud detection and prevention has been divided into solution, service, application, organisation size, and vertical segments.

The Fraud Detection and Prevention market has been divided into three solution groups: data synthesis, authentication, and fraud detection.

The Fraud Detection and Prevention market has been segmented into managed service and professional service based on services.

Insurance claims, money laundering, electronic payments, and other applications make up the Fraud Detection and Prevention business.

The Fraud Detection and Prevention market has been segmented into small and medium-sized businesses and big businesses based on organisation size.

The BFSI, retail, telecommunication, government, travel & transportation, healthcare, real estate, energy & power, manufacturing, media & entertainment, and others sectors make up the Fraud Detection and Prevention market.

By Solution:

• Fraud Detection
• Authentication
• Data Synthesis

By Service:

• Professional Service
• Managed Service

By Application:

• Insurance Claims
• Money Laundering
• Electronic Payment

By Organization Size:

• SME
• Large Enterprises

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Regional analysis:

North America is anticipated to lead the fraud detection and prevention market from 2023 to 2032 and grow at a considerable CAGR. The area was the first to adopt digital technologies for fraud detection, such as AI, IoT, and machine learning, and it continues to invest in strategies that reduce the escalating revenue losses brought on by fraudulent assaults on enterprises. The substantial presence of major international businesses, system integrators, distributors, and resellers in the area also contributes to the Fraud Detection and Prevention Market share held by North America.

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