NEW YORK, Nov. 28, 2023 /PRNewswire/ — The fraud detection and prevention market size is estimated to increase by USD 47.39 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 20.22% during the forecast period. The growth of the fraud detection and prevention market is significantly driven by the increased adoption of cloud-based services. Government agencies increasingly choose cloud-based solutions due to their versatility and scalability, catering to various needs like authentication, video management, biometric storage, and big data processing. Cloud data security becomes a paramount concern for agencies handling massive daily data volumes, prompting the adoption of cloud services, especially among defense organizations lacking dedicated security infrastructure. Consequently, the rise in cloud-based service adoption and increased security needs improve the demand for military-grade cybersecurity solutions, thus boosting the growth of the fraud detection and prevention market during the forecast period. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) –  buy the report

Global Fraud Detection And Prevention Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on Component (Solutions and Services), End-user (Large enterprise and SMEs), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• During the forecast period, significant market share growth is anticipated in the solutions segment. The rise in adoption of fraud detection and prevention solutions within organizational IT departments is driven by increasing instances of intrusion, the necessity for robust fraud prevention measures, and security breaches. Notably, Biometrics authentication emerged as a leading revenue contributor within the solutions segment.

Geography Overview
By geography, the global fraud detection and prevention market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global fraud detection and prevention market.

• During the forecast period, North America is projected to contribute 39% to the global market, influenced by several factors. Notably, the presence of key vendors like IBM, Intel, Symantec, Akamai Technologies, Check Point Software Technologies, and Cisco Systems in the US sustains the country’s dominance in the global fraud detection and prevention market. The region faces increased cyber threats due to technological advancements in data utilization, cloud-based system deployment, boosting increased demand for fraud prevention solutions within IT organizations. Consequently, these elements are set to boost the growth of the fraud detection and prevention market in North America.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

Global Fraud Detection And Prevention Market – Market Dynamics
Leading trends influencing the market 

• Technological advancements in fraud detection solutions, exemplified by innovations like Sift Digital Trust & Safety Suite, an AI-based fraud detection solution launched by DG Financial Technology Inc and Scudetto Corporation in Japan, boost market growth by combating e-commerce fraud and optimizing fraud prevention operations.
• Sift utilizes artificial intelligence to detect and mitigate various forms of online fraud, including account takeover and credit card fraud, minimizing losses from fraudulent activities and enhancing revenue, thus driving growth in the fraud detection and prevention market.

Major challenges hindering the market growth

• Complex IT infrastructure set as a challenge for fraud detection and prevention due to interconnected systems from IoT, cloud computing, big data, and mobile devices lacking robust security features.
• Difficulty in ensuring security and authenticity within intricate networks hampers fraud detection and prevention vendors, potentially impeding market growth during the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report

What are the key data covered in this Fraud Detection And Prevention Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Fraud Detection And Prevention Market between 2023 and 2027
• Precise estimation of the size of the Fraud Detection And Prevention Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Fraud Detection And Prevention Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Fraud Detection And Prevention Market vendors

Related Reports:

Predictive Analytics Market: The predictive analytics market size is estimated to grow at a CAGR of 22.24% between 2022 and 2027. The market size is forecast to increase by USD 2,1601.17 million.

Healthcare Fraud Detection Market: The healthcare fraud detection market share is expected to increase by USD 1.26 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 14.26%.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Component
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
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Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio