The global fraud detection and prevention market size was US$ 27.8 billion in 2020. The global fraud detection market is forecast to reach the value of US$ 138.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 17.8% during the forecast period from 2021-2030. 

Factors Influencing

• Increasing cases of fraudulent activities have been forcing organizations to adopt fraud detection and prevention methods. As a result, it would fuel the market growth in the coming years. 
• The advent of big data analytics, cloud computing, and growing advancements in the industry are forecast to fuel the market for fraud detection and prevention. Cloud infrastructure enables remote server access to the organizations to manage the data and applications. It also increases the probability of cyber-attacks. Thus, organizations prefer fraud detection and prevention solutions to save their data. 
• The high cost associated with the solutions and the services may slow down the market growth during the analysis period. 
• The demand for fraud analytics solutions is predicted to grow significantly, as it helps monitor the data and recognize the fraud. Moreover, increasing advancements in the industry would benefit the market players during the analysis period. 

Geographic Analysis

North America is forecast to hold the highest share in the global fraud detection and prevention market. The growth of the region would be due to the rapidly increasing fraudulent activities, increasing adoption of AI-based solutions. Moreover, the increasing demand for machine learning and the Internet of Things (IoT) for fraud detection is forecast to benefit the North American market during the forecast timeframe. 

The Asia-Pacific region is projected to record rapid growth in the global fraud detection and prevention market. It is due to the increasing adoption of fraud detection and prevention software and the growing use of cloud-based services in government and private sectors. Moreover, the rising cases of fraudulent activities would benefit the global fraud detection and prevention market in the Asia-Pacific region. 

COVID-19 Impact Analysis

The global fraud detection and prevention market witnessed a sudden upsurge in the demand for efficient solutions. Due to the COVID-19 epidemic, various government and private organizations began operating on the virtual model. It increased the dependency on cloud-based systems. Thus, the fraudulent activities abruptly increased. To prevent the data from fraud, organizations began adopting fraud detection and prevention solutions to keep their data safe and encrypted.

Moreover, the sudden increase in the number of users created an opportunity for fraudsters to obtain insurance claims from hospitals and governments. Thus, the healthcare sector, banking sector, and government organizations adopted fraud detection and prevention software to track the source of fraud activities and prevent the data from cyber attacks. 

Competitors in the Market

• FICO
• Fiserv
• FIS Global
• Oracle Corporation
• IBM Corporation
• SAP SE
• Lavastorm
• ACI Worldwide
• SAS Institute Inc
• NCR Limited
• Other prominent players

Market Segmentation

By Deployment Type

• Cloud
• On-Premises

By End-User

• Small & Medium Enterprises (SMEs)
• Large Enterprises

By Industry Vertical

• BFSI (Banking, Financial Service & Insurance)
• Retail
• Healthcare
• Real Estate
• Manufacturing
• Others

By Services

• Professional Services
• Managed Services

By Solution

• Fraud Analytics
• Authentication

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America