Fraud Detection and Prevention (FDP) Market Growing at a Swift CAGR of 25.2% | Global FDP Market to Expand Owing to Rise in Application Frauds

Pune, Feb. 04, 2021 (GLOBE NEWSWIRE) — Global Fraud Detection and Prevention (FDP) Market Overview
Fraud detection and prevention software is being used by companies for detecting irregularities and identifying fraudulent behavior by scanning historical data. The global fraud detection and prevention (FDP) market size can reach a valuation of USD 139,853.2 million by 2026, growing at a swift growth rate of 25.2% during the forecast period (2019-2026), according to the latest report by Market Research Future (MRFR).

Adoption of digitalization and internet of things (IoT) have elicited the need for effective security measures to tackle cyberattacks. Rise of online banking and consequent rise of fake shopping sites can drive the market demand for detecting fraudulent transactions. The number of IoT connections to rise in the coming years and awareness of Ad frauds can bode well for the market. However, lack of adequate personnel for handling the mammoth task of identifying online theft and spurious attacks can hamper market growth.

COVID-19 Impact:
The COVID-19 pandemic has been a boon for the global fraud detection and prevention (FDP) market. Increasing use of mobile applications and transactions conducted digitally are likely to drive its use among organizations for protecting itself and its customers. The healthcare sector is badly hit as healthcare agencies are the target of cybercriminals as transactions are increased by hospitals and patient inflow is on an all-time high.

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Industry Trends:
Application fraud is expected to be a novel opportunity for players looking to expand their solutions. Financial institutions are witnessing application fraud incident rise since the pandemic owing to access to online services and use of mobile applications. Increase in data breaches and advances in attacks through bots and human farms can increase the scope of FDP application. With restrictions on movement, demand deposit application fraud and unemployment fraud are on the rise, with companies looking for viable solutions to resolve customer complaints.

Segmentation:
Based on solution, the fraud detection and prevention (FDP) market can be segmented into fraud detection, data synthesis, and authentication. The authentication solution is estimated to take the lead in the market owing to companies adopting secure methods for transactions and providing access to accounts. Rise of multi-factor authentication for preventing frauds can drive the segment growth.

By service, it is divided into managed services and professional services. The professional services segment is estimated to account for a large market share. This is attributed to the use of these services for ensuring efficient workflow. Hiring of consultants for formulating strategies in adherence to company guidelines as well as training programs used in bridging security gaps can drive the segment growth.

By application, it is segmented into electronic payment, insurance claims, money laundering, and others. The electronic payment application is expected to garner huge market shares owing to rising cases of phishing, astroturfing, and theft of credit and debit card data. Adherence to governance policies and utilization of consumer analytics and multifactor authentication for updating models for detecting fraud can bode well for the application growth.

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By organization size, it is segmented into large enterprises and small & medium enterprises. Large enterprises and their implementation of fraud detection solutions can drive the market growth. Management of business operations and monitoring of critical processes are vital drivers of the segment.

By vertical, the global FDP market caters to media & entertainment, telecommunication, travel & transportation, energy & power, manufacturing, real estate, healthcare, government, retail, BFSI, and others. The BFSI vertical is expected to lead in market demand owing to operations of insurance, stock broking, mutual funds, digital payments, and others. Adoption of rule-based methods and advanced analytics for overcoming frauds and malicious attacks can drive the growth in the global FDP market.

On the other hand, the retail segment is expected to exhibit 27.5% CAGR over the assessment period due to rise of online transactions and convenience of shopping online by customers. Protection of customer information can drive the adoption of FDP solutions by major companies in the vertical.

Regional Segmentation:
Geographical mapping of the fraud detection and prevention (FDP) market covers namely North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

North America is estimated to dominate the global FDP market owing to being an early adopter of latest technologies such as machine learning, AI, and IoT. Investments in such technologies for lowering revenue losses caused by cyberattacks can bode well for the market in the region. Stringent government policies and standards for preventing frauds and awareness of FDP among SMEs can bode well for the global market.

APAC is pegged to exhibit the fastest growth rate in the global fraud detection and prevention market owing to increased cases of frauds in China and India. Infrastructure development and adoption of new software for strengthening infrastructure security can bode well for the market. Adoption of security solutions can facilitate regional market growth.

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Competitive Analysis:
The fraud detection and prevention (FDP) market is fragmented owing to presence of various solution providers and market rivalry. Presence of third-party solution providers can increase the intensity of the competition. New malware threats and increased spending on digital advertising can lead to a range of solutions by companies. Assessment of fraud risks and detection of irregularities owing to evolution of current technologies can shape the strategy of key players.

List of Key Players Profiled in the Fraud Detection and Prevention (FDP) Market Research Report are:

• Accertify Inc.,
• IBM Corporation
• PayPal Holdings Inc.
• LexisNexis Risk Solutions Company
• F5 Networks Inc.
• iovation Inc.
• Oracle Corporation
• Experian PLC
• Distil Networks Inc.
• CardinalCommerce Corporation.

Browse Adjacent Markets: IT Security Market Research Reports & Consulting.

Industry News:
Com Olho, an India-based company, has attained a patent for detecting advertising frauds. The software can help companies in detecting rising digital frauds in the online advertising space and mitigates their overall risk. The use of AI and non-rule methods for detecting manipulation of data attribution and save on advertising spending.
F5 Networks is likely to update its portfolio by providing software and security solutions for its clients. It has moved from its hardware portfolio by providing load balancing solutions for cloud. It has acquired NGINX and Volterra for modernizing its portfolio.

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