North America to Witness Signification Growth in Fraud Detection & Prevention Market through 2024

Increasing use of IP-based services and emergence of e-banking and e-commerce to propel global fraud detection and prevention market through 2024

According to TechSci Research report, “Global Fraud Detection and Prevention Market By Component, By Fraud Type, By Deployment Type, By Organization Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024”, global fraud detection and prevention market is expected to grow at significant rate during forecast period on account of increasing cases of frauds, rising inclination towards cloud services and growing use of digital data mode. As enterprises expand, the amount of data also increases which elevates the risk for fraudulent activities, which in turn, is driving global fraud detection and prevention market.

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Global fraud detection and prevention market can be segmented based on component, fraud type, deployment type, organization size, end user industry and region. In terms of solution, the market can be bifurcated into fraud analytics, authentication and others. Fraud analytics is witnessing high demand as it is responsible for analyzing various kinds of data and converting them into insights and taking necessary steps to prevent fraud. Based on enterprise, global fraud detection and prevention market size is categorized into large enterprises and SMEs. Large enterprises are witnessing high adoption of fraud detection and prevention solutions and services owing to increase in financial losses and hefty fines for regulatory incompliance. Among end users, BFSI leads global fraud detection and prevention market as this vertical holds crucial information of employees, customers and assets. Moreover, due to digitization of the financial sector and increasing trend of online transaction, there is increased risk for fraud, thereby further driving growth of this segment in the market.

Fiserv Inc., IBM Corporation, Fair Isaac Corporation, ACI Worldwide, Inc., DXC Technology Company, SAP SE, SAS Institute Inc., Oracle Corp., BAE Systems PLC, Dell Technologies Inc., etc. are some of the leading players operating in global fraud detection and prevention market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. In 2017, Fair Isaac Corp. launched FICO card comprise manager solution so as to detect card frauds. In 2018, Fiserv introduced step-up authentication and identity verification to reduce fraudulent activities in call centers.

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“North America accounts for significant share in global fraud detection and prevention market and the region is expected to continue its dominance during forecast period as well on account of early adoption of online based services and e-tailing in countries like US and Canada. Moreover, surging investment in fraud detection and prevention solutions by various verticals and presence of leading players in the region is further expected to bolster the growth of North America fraud detection and prevention market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Fraud Detection and Prevention Market By Component, By Fraud Type, By Deployment Type, By Organization Size, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global fraud detection and prevention market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global fraud detection and prevention market.

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