The fraud detection and prevention market is likely to grow with an estimated CAGR of 17.5% from 2023 to 2033. The market share was worth USD 31,447.6 million in 2023. Due to the increasingly high demand for fraud detection and prevention in IT & software companies, the market is anticipated to generate high revenue of USD 1,58,196.5 billion by 2033.
The rising demand for fraud detection and prevention is due to an increase in frauds & revenue loss in terms of money, assets, & other properties. The market share is anticipated to increase in the adoption of fraud detection and prevention from 2023 to 2033. An increase in online transactions is the key factor boosting the sales of fraud detection and prevention solutions.
Many fraud detections occur while processing data. Hackers are attacking the sites, and with advanced technology and knowledge, they make fraud monitoring, which is likely to raise fraudulent transactions. To avoid such frauds, the rise in fraud detection and prevention is likely to increase the market size in the coming year.
Rising e-payment systems, online money transfers, and data breaches are supposed to increase the fraud detection and prevention market growth. Adopting fraud detection and prevention is likely to save time in detecting fraud as it detects on a real-time basis.
Many industries, such as e-commerce, healthcare, and corporate sectors, are anticipated to increase the adoption of fraud detection and prevention to secure from fraudulent transactions and data stolen.
The market growth is estimated to boost in the coming years compared to the historical year (2022). It surged with a huge valuation of USD 22.8 billion in 2022 due to increasing online & payment frauds across the globe.
There are a few limitations in demand for fraud detection and prevention services, such as unprofessional related fraud detection and lack of integrated capabilities, which decline the sales of fraud detection and prevention in the market. This factor can restrain and have a negative effect on the growth of the market share.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 17.5% |
| Market Size (2023) | USD 31,447.6 million |
| Market Size (2033) | USD 1,58,196.5 million |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
While working & doing activities on the digital platform, it saves time, reduces paperwork, and can help end users do any work online anywhere within network areas. Therefore, the market trends & opportunities are likely to rise with the great innovative technology.
Many key industries, such as financial, banking, healthcare, e-commerce, and manufacturing, are looking for a solution to get out of such frauds.
The fraud detection and prevention software is likely to overcome these situations and help to secure your private transactions, money, and other valuable data on your devices. This factor increases the sales of fraud detection and prevention in the forecast period from 2022 to 2032.
The adoption of fraud detection and prevention is anticipated to raise awareness and trust among consumers and prevent any fraud.
Based on the fraud type segment, apart from check fraud, online fraud, investment fraud, insurance fraud, and identity fraud, payment fraud is likely to dominate the fraud detection and prevention market share during the forecast period.
Hackers steal money from your bank account with online intercept transactions; they use various tricks and hacks by fake WAP, cookie theft, key logger, viruses, phishing, and others.
Increasing cashless payments are boosting hackers to engage in online transactions on which they can complete their tasks. This factor leads to the adoption of fraud detection and prevention.
As per the market report on fraud detection and prevention, this factor is rising in the fraud detection and prevention statistics in the forthcoming year.
Principal Consultant
The segment is further categorized into BFSI, retail and commerce, government, healthcare, manufacturing, travel, and transportation based on the vertical segment. Retail and commerce are likely to lead the global market share of fraud detection and prevention in the forecast period.
Retail and commerce are expected to grow massively all around the globe due to buying products & services online and transacting payments through online payment modes, which raises the fraud detection and prevention market trends.
Many consumers spend time on retail and e-commerce websites to fulfill their desire for personal and home-use products.
Therefore, the hackers have targeted innocent customers & led scams. It is a powerful segment that contributes to fraud detection and prevention, as per the market survey report for sales of fraud detection and prevention services.
Historic CAGR:
| Regions | Historic CAGR (2018 to 2022) |
|---|---|
| United States Market CAGR | 18.4% |
| United Kingdom Market CAGR | 17.7% |
| China Market CAGR | 18.1% |
| Japan Market CAGR | 17.1% |
| South Korea CAGR | 16.8% |
CAGR (2023 to 2033):
| Regions | CAGR (2023 to 2033) |
|---|---|
| United States Market CAGR | 17.5% |
| United Kingdom Market CAGR | 16.8% |
| China Market CAGR | 18.9% |
| Japan Market CAGR | 4.6% |
| South Korea CAGR | 15.5% |
The United States market of the North American region is anticipated to dominate the fraud detection and prevention market size in the forecast period, with a CAGR of 16.7%.
Per the fraud detection and prevention market survey, the North American region is living with high-tech and cybernetic adoption compared to the other regions. This encourages hackers to attack the prominent region, which leads the way to increase fraud detection and prevention in North America.
The United Kingdom market is likely to stand second after the United States in the fraud detection and prevention market, which increases fraud detection and prevention adoption trends.
The United Kingdom market is anticipated with a CAGR of 16.4% during the forecast period. The United Kingdom is a wealthy country, and the country's quality of life is high with tourism, industries, and manufacturing; therefore, they need to secure their wealth around the industries with the adoption of fraud detection and prevention market.
Other countries such as China, Japan, and South Korea are also likely to rise in demand for fraud detection and prevention services in the coming year, given the rising amount of service-based industries in these countries.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The manufacturing and leading companies are the key competitors in the fraud detection and prevention market analysis. Some leading companies are BAE System plc, Nice Actimize, ACI Worldwide Inc., FICO, LexisNexis, TransUnion, Kount, Inc, and others.
Through mergers, acquisitions, partnerships, and collaborations, these companies are likely to increase revenue from adopting fraud detection and prevention services in the coming year. These prominent companies are going to raise the market demand for fraud detection and prevention solutions with advanced features in the forecast period.
Recent Developments in the Fraud Detection and Prevention Market
A CAGR of 17.5% is predicted for the coming years.
Japan held a growth rate of 17.1% in 2022.
Online fraud is contributing to the growth of the industry.
A CAGR of 18.9% is expected for China by 2033.
BAE System plc., Nice Actimize, and FICO are key players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Components 5.1. Solutions: Fraud Analytics, Authentication, Government, Risk and Compliance 5.2. Services 5.2.1. Professional Services 5.2.2. Managed Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Fraud Type 6.1. Check Fraud 6.2. Identity Fraud 6.3. Internet/Online Fraud 6.4. Investment Fraud 6.5. Payment Frauds 6.6. Insurance Fraud 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment Mode 7.1. Cloud 7.2. On-premises 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Organization Size 8.1. SMEs 8.2. Large Enterprises 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vertical 9.1. BFSI 9.2. Retail and Commerce 9.3. Government 9.4. Healthcare 9.5. Manufacturing 9.6. Travel 9.7. Transportation 9.8. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. BAE Systems plc 20.2. Nice Actimize 20.3. FICO 20.4. TransUnion 20.5. Kount, Inc 20.6. RSA Security LLC 20.7. Fiserv, Inc. 20.8. ACI Worldwide 20.9. SecuroNix 20.10. Feedzai 21. Assumptions & Acronyms Used 22. Research Methodology
Explore Technology Insights
View Reports
Fraud Detection and Prevention Market
