"The fraud detection & prevention
market in Asia-Pacific is projected to grow at a significant rate during the
forecast period, owing to increase in fraud incidents in emerging economies
such as India, China and Japan. Furthermore, upcoming new visualization tools
and applications, in addition to customer analytics and predictive analytics,
may further increase the demand for these solutions"
Akshay Jadhav
Analyst, ICT Research at AMR.
Fraud Detection & Prevention Market by
Solution, Services, Deployment Type, End User, and Industry Vertical: Global
Opportunity Analysis and Industry Forecast, 2016-2023, the global fraud detection & prevention
market was valued at $13,644 million in 2016, and is expected to reach $40,610
million by 2023, growing at a CAGR of 17% from 2017 to 2023. The banking,
financial services & insurance (BFSI) and manufacturing sectors are
expected to dominate the global market. North America was the leading
contributor to the global revenue, whereas, Asia-Pacific is projected to be
dominant region by 2023.
In 2016, BFSI
accounted for maximum revenue share, owing to frequent incident of fraudulent
activities, specifically in mobile transactions. For instance, in January 2018,
HID Global collaborated with ThreatMark, a threat and fraud detection
technology provider to develop new features to improve the ability of financial
organizations to identify cyber threats such as malware, identity theft, and
account takeover.
Rise in demand for advanced authentication
provides numerous growth opportunities for market expansion in the government
sector. In addition, the retail segment is projected to grow at a highest CAGR
of 18.7%, owing to rise in incident of card-related frauds, transactions, and
revenue loses. The authentication segment generated the highest revenue in
2015, as organizations largely invest on technologies that can protect data
from security risks and malware attacks. The fraud analytics solution is
expected to grow at the highest CAGR, as these solutions analyze various forms
of data and then covert them to actionable insights. In addition, rise in
adoption of advanced analytics techniques and competitive intelligence that
involves tactful data collection & collation, analysis, and formation of
meaningful insights that enables in making strategic business decisions
supplements the fraud detection & prevention market growth.
In 2016, North America accounted for a major
share in the global fraud detection & prevention market. However,
Asia-Pacific is expected to dominate by 2023, owing to increase in rate of
Internet penetration in India, China, Japan, Malaysia, and Singapore as
organizations need to protect corporate and personal information from fraud
attacks. Furthermore, the need to support secure enterprise mobility practices
within organizations is expected to boost the demand for fraud detection &
prevention solutions.
Key Findings of the Fraud Detection &
Prevention Market:
- In 2016, authentication
dominated the overall fraud detection & prevention solutions segment,
in terms of revenue, and is projected to grow at a CAGR of 16.4% during
the forecast period.
- Managed services is estimated
to grow at the highest CAGR of 17.4 % during the forecast period
- On-premises deployment type is
anticipated to generate the highest revenue by 2023.
- Small & medium enterprises
(SMEs) is projected to grow at the highest CAGR of 17.8% during the
forecast period.
- The retail segment is expected
to witness the highest growth rate of 18.7% during the forecast period.
- In 2016, North America
generated the highest revenue in the global market, while Asia-Pacific is
expected to grow at a significant CAGR of 18.2%.
Prominent players, such as IBM Corporation,
BAE Systems, SAP SE, Oracle Corporation, ACI Worldwide, and others, focus on
product launch, acquisition, and partnership for expansion in the market. For
instance, in 2016, IBM Corporation acquired IRIS Analytics, a privately held
company specializing in real-time analytics to help combat fraud.
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