Fraud Detection and Prevention Market Predicted To Grow Exponentially By 2025
More Information @ http://bit.ly/2BSXRQ5 While the demand for FDP services has been rising across several regions such as Europe, MEA and APAC, North America is likely to emerge as one of the more profitable revenue terrains for fraud detection and prevention industry share. The financial and insurance sector in the U.S. was valued at USD 1.5 trillion and represents one of the most liquid financial markets in the world.
More Information @ http://bit.ly/2BSXRQ5
While the demand for FDP services has been rising across several regions such as Europe, MEA and APAC, North America is likely to emerge as one of the more profitable revenue terrains for fraud detection and prevention industry share. The financial and insurance sector in the U.S. was valued at USD 1.5 trillion and represents one of the most liquid financial markets in the world.
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<strong>Fraud</strong> <strong>Detection</strong> <strong>and</strong> <strong>Prevention</strong> <strong>Market</strong> to grow at<br />
23% CAGR till <strong>2025</strong>: Global <strong>Market</strong> Insights Inc.<br />
<strong>Fraud</strong> <strong>Detection</strong> <strong>and</strong> <strong>Prevention</strong> <strong>Market</strong> driven by Increasing electronic <strong>and</strong> digital<br />
payment methods sector dem<strong>and</strong> in the world to surpass USD 80 billion by <strong>2025</strong> <strong>and</strong><br />
will witness 23% CAGR during the forecast timespan.<br />
Mounting instances of online or offline frauds have been taking a toll on various<br />
industries of late, thereby fueling fraud detection <strong>and</strong> prevention (FDP) market<br />
trends. According to a 2018 report by Association of Certified <strong>Fraud</strong> Executives<br />
(ACFE), various enterprises around the globe experience a revenue loss of over 5<br />
per cent per annum due to fraud which translates to a hefty loss of USD 4 trillion per<br />
year.<br />
<strong>Fraud</strong> <strong>Detection</strong> <strong>and</strong> <strong>Prevention</strong> <strong>Market</strong><br />
<strong>Fraud</strong>s in any domain lead to a misuse of humongous amount of tax money,<br />
increase in goods <strong>and</strong> services prices, <strong>and</strong> are a potential threat to human life.<br />
Electronic mail attacks <strong>and</strong> phishing have led to a drastic effect in the banking,<br />
educational, retail, <strong>and</strong> other sectors. A recent fraud instance in India drew the<br />
attention of the masses where an Indian public sector banking <strong>and</strong> financial service<br />
company was duped of Rs. 11,400 crores, the reports cited.<br />
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The incessant occurrence of frauds calls for a comprehensive approach for fraud<br />
detection <strong>and</strong> prevention as compared to the former fragmented approaches. With<br />
increasing frequency of such threats, dem<strong>and</strong> for fraud detection <strong>and</strong> prevention<br />
solutions is anticipated to surge immeasurably over the forecast period, thereby<br />
augmenting the industry outlook.<br />
The onset of enhanced FDP solutions can help various companies operate<br />
competently while saving costs, eventually leading to a robust rise in fraud detection<br />
<strong>and</strong> prevention market share. As per reports by Global <strong>Market</strong> Insights Inc., the FDP<br />
market share is anticipated to surpass a considerable USD 80 billion mark by the<br />
end of <strong>2025</strong>.<br />
The most common industry verticals that witness high fraud alerts <strong>and</strong> cases on a<br />
consistent basis include the banking, insurance, healthcare, government, education,<br />
<strong>and</strong> e-commerce sectors. The paragraphs below elaborate on 3 pivotal end-use<br />
oriented trends defining FDP industry outlook of late.<br />
Robust fraud increase in the banking, insurance, <strong>and</strong> finance (BFSI) sector<br />
Accounting to a huge number of monetary <strong>and</strong> data centric transactions,<br />
technological developments, <strong>and</strong> introduction of digitalization of financial sector, the<br />
probabilities of frauds in the BFSI segment are extensively high.<br />
The escalating fraud ratio has exemplified the need for the organizations to adopt the<br />
FDP solutions on a large scale in order to forestall any fraudulent attacks. This has<br />
led the banking segment to hold a substantial percentage of FDP market share over<br />
the forecast period.<br />
Of late, banks <strong>and</strong> financial institutions detect duplicitous transactions through<br />
complex algorithms while data analysts in the insurance sector are vigorously<br />
looking forward to the depletion of fraud by bringing into action numerous FDP<br />
algorithms <strong>and</strong> techniques to detect threat patterns <strong>and</strong> anomalies.<br />
The robust proliferation of FDP solutions in the BFSI industry is also evident from the<br />
fact that numerous finance companies are striving to adopt these systems in their<br />
operational processes. As per trusted reports, Visa, an American multinational<br />
financial service company recently announced the deployment of a new fraud threat<br />
detection <strong>and</strong> restricting technology developed to bolster the transaction security <strong>and</strong><br />
the authenticity of its payment network.<br />
FDP market share from banking sector will also depict a rise on account of rising<br />
product deployment in credit & debit card applications. Estimates claim that credit &<br />
debit card fraud application segment accounted for 30% of fraud detection <strong>and</strong><br />
prevention industry share in 2018 <strong>and</strong> is expected to register a substantial revenue<br />
by the end of the projected timeline. This can be attributed to the increase in digital<br />
payment usage, trend of cashless transactions, <strong>and</strong> rising deployment of chips in<br />
credit & debit cards that banks provide on a consistent basis.<br />
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<strong>Grow</strong>ing number of frauds in educational institutions<br />
The global FDP market size from education sector is speculated to encounter a<br />
significant growth rate between the forecast years, owing to the dearth of the internal<br />
controls, uncertain reporting channels, <strong>and</strong> insufficient management reviews <strong>and</strong><br />
fraud monitoring.<br />
According to authentic reports, In May 2011, Stanford University’s reputation<br />
registered a setback when 5 of its medical school professors were rebuked for<br />
breaking the school’s policy. The members were paid to offer promotional speeches<br />
on the account of drug makers.<br />
<strong>To</strong> obstruct the prevalence of frauds, the educational institutions have been<br />
instructed to take preventive measures by employing a hotline with a motive to<br />
address the suspicious behavior. It provides the students <strong>and</strong> the management a<br />
way to anonymously report a suspected fraud. As a leading model, the Texas A&M<br />
University System promotes the use of its risk, fraud, <strong>and</strong> misconduct hotline. It has<br />
been claimed that the reporting program is available 24x7.<br />
Elevating retail <strong>and</strong> e-commerce duplicity<br />
The retail sector has been a long-time victim of the counterfeit payments or in-store<br />
credit frauds. With more retailers opting the e-commerce means of trade, the online<br />
transactions are anticipated to rise whilst increasing the number of duplicity<br />
encounters. This calls for the dem<strong>and</strong> for fraud detection <strong>and</strong> prevention solutions<br />
given that digital payments are at their peak.<br />
It has been claimed that integrating a software technology to restrict the occurrence<br />
of fraud would prove to be of a great help to the merchants <strong>and</strong> the issuers. As the<br />
expanse of e-commerce industry widens, especially across the emerging economies<br />
of the APAC, fraud detection <strong>and</strong> prevention market size will exhibit a massive<br />
surge.<br />
The major players operating in the FDP market include ACI Worldwide, Avast<br />
Software, SAP, SAS Institute, <strong>and</strong> many others. Aided by a vast end-use l<strong>and</strong>scape,<br />
FDP industry trends are likely to undergo a massive transformation in the years<br />
ahead.<br />
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About Global <strong>Market</strong> Insights<br />
Global <strong>Market</strong> Insights, Inc., headquartered in Delaware, U.S., is a global market<br />
research <strong>and</strong> consulting service provider; offering syndicated <strong>and</strong> custom research<br />
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