Mobile Virtual Private Network (VPN) Market and its Growth Landscape in the Foreseeable Future

Field workers, physicians, and the medical staff are rapidly adopting these solutions to access sensitive medical records and healthcare applications via wireless networks. On the basis of distribution channel, Geographically, in 2017, North America contributed the largest revenue to the mobile VPN market, and it is also anticipated to continue leading it during the forecast period. Within the continent, in 2017, the telecommunications sector registered the dominating revenue share in the North American market, due to the significant adoption of mobile devices here.

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However, the Asia-Pacific region is predicted to witness the highest CAGR, of more than 30.0%, in the market during the forecast period.t of these, in 2017, the partners and distributors category contributed over 40.0% revenue to the market. The category is also predicted to dominate the market during the forecast period, as they offer better on-premises services compared to other suppliers. This is mainly attributed to the strong encryption algorithms of VPN with long-key strengths that help in securing confidential data at the time of transmission, which is critical for private and public enterprises.

Geographically, in 2017, North America contributed the largest revenue to the mobile VPN market, and it is also anticipated to continue leading it during the forecast period. Within the continent, in 2017, the telecommunications sector registered the dominating revenue share in the North American market, due to the significant adoption of mobile devices here. However, the Asia-Pacific region is predicted to witness the highest CAGR, of more than 30.0%, in the market during the forecast period.

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Nowadays, organizations prefer using centrally managed remote offices that help them provide a secure access to confidential data to their workforce at a low cost. Further, to reduce operational costs and maintain a local presence, enterprises are providing remote access to business-critical applications so that their employees can work from anywhere. Hence, mobile VPN is a vital solution for such enterprises, where employees have to access the company’s network via wireless devices.

It has been witnessed that the banking, financial services, and insurance sector spend a large portion of its revenue in mobile security services and products. Moreover, banks are aiming on protecting customers’ account details along with safeguarding the payment gateways. This has become especially important since the penetration of mobile devices in the bank-customer interaction environment. Thus, the surging need for the protection of data among companies is anticipated to offer huge growth opportunities to the mobile VPN market.

Hence, the increasing adoption of mobile VPN in various industries is expected to boost the growth potential for the market.

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Broadening Customization in Music Industry is Leading Driver of the Music Composing Software Market

A major driving factor of the music composing software market is the growing media and entertainment industry. As per the U.S. Department of Commerce, International Trade Administration, the global media and entertainment market reached a value of $1.9 trillion in 2016. The market is growing due to factors including digitization, multiple-devices, multiple-platforms, and technological advancements. The demand for music composition software is increasing for composing different forms of music for a wide variety of media and entertainment segments, such as movies/cinemas, advertising, gaming, television, publishing, music, and the internet.  

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Several opportunities are also being provided to the musicians to participate in music contests and live concerts by different organizations such as the American Society of Composers. A key trend being observed in the music composing software market is the rising availability of online music tutorials, which make extensive use of this software. Moreover, these tutorials are often free, which further leads to their increased popularity among musicians who are beginners. 

Another factor leading to the growth of the music composing software market is the increasing inclination towards music composing software. Musicians, music schools, and individuals in countries such as the U.K., Australia, the U.S., Canada, and Germany have started making use of this software. In addition to this, the demand for music composing software is also growing due to the increasing number of musicians. 

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For example, LinkedIn Corporation provides music composition training and tutorials, through its online learning platform Lynda.com, that make use of different music composition software. The online tutorials help improve the skill sets of users based on the course selection, which include beginner, intermediate, and advanced levels.

Global Music Composing Software Market Segmentation

By Instrument Simulation

• Piano
• Pipe organ
• Guitar
• Full orchestra
• Drums and percussions

By Operating System

• Windows
• MAC
• iOS
• Android
• Linux
• BSD

By Deployment Type

• On-premises
• Cloud   

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US Electric Bus Charging Station Market Will Generate Massive Revenue in Future

The key drivers for the U.S. electric bus charging station market are favorable government schemes and regulations and the rising demand for electric buses. The market generated revenue of $20.9 million, in 2018, which is expected to grow at a CAGR of 37.1% during 2019–2025 (forecast period) to $184.5 million in 2025. Alternatively termed charge points, electric recharging points, and electric vehicle supply equipment (EVSE), such stations are used to charge battery electric buses (BEB) and plug-in hybrid electric buses (PHEV).

Based on product, the U.S. electric bus charging station market is classified into plug-in, inductive, and pantograph charging. Among these, plug-in stations held the largest value share, in 2018, because of their earlier adoption in the country. However, by 2025, pantograph charging is projected to become the highest revenue generating classification, as such stations charge the buses rather quickly, thus reducing the total journey time and helping transport operators maximize their revenue.

The rising requirement for electric buses is automatically pushing the installation rate of the charging infrastructure. In the country, buses are used for public and military transport purposes, and most of the vehicles are purchased by the government at the federal and state levels, with city and county governments also stepping up efforts. For example, the city of Columbus, in Ohio, has decided to procure 200 electric buses and charging stations for public transit. Similarly, Louisville, in Kentucky, plans to increase the number of electric buses in its fleet to 15.

Another major growth driver for the U.S. electric bus charging station market is the fall in the prices and augmentation in the efficiency of batteries. The price of bulk battery orders reduced to around $333/kWh in 2018 from around $1,000/kWh in 2010. Batteries make up for up to 40% of the electric bus cost, therefore the falling battery prices allow automakers to decrease the purchase cost of the vehicles, which is further leading to their high adoption. This is having a direct positive effect on the installation of charging infrastructure across the country.

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Therefore, with the federal, state, and municipal governments doing their bit to increase the share of electric buses in their fleet, the demand for EVSE would continue to grow in the U.S.

Market Segmentation by Product

• Plug-In Charging
• Pantograph Charging
• Inductive Charging

Market Segmentation by Connector

• J1772
• CCS
• Others

Market Segmentation by Charger

• Off-Board
• On-Board

Market Segmentation by Charging

• Fast Charging
• Slow Charging

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APAC CAD Software Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue Analysis

When geography is taken into consideration, China was the largest APAC CAD software market during the historical period, accounting for 31.9% of the regional revenue in 2018. The reason for this is the growing number of engineering universities and the expansion of the media & entertainment and automotive industries in the country. The highest CAGR is expected to be recorded by India during the forecast period due to the growing demand for CAD software from the aerospace & defense and automotive industries.

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The popularity of CAD software in the automotive industry is one of the major driving factors for the APAC CAD software market. The requirement for high-quality components is increasing significantly in the automotive industry in APAC. Because of this, auto part buyers are also trying to focus on the quality of their products. In addition, numerous connected cars are predicted to be on the roads in the coming years, due to which automobile designers are becoming more inclined toward using advanced solutions supported by CAD software for developing error-free products.

Another major factor leading to the growth of the APAC CAD software market is the surging adoption of the software in the packaging industry. Due to technological advancements, the complexity of designs in the packaging machinery has increased. This has resulted in the growing adoption of CAD software by engineers and designers to increase the efficiency and throughput. Through simulation and communication control tools, the software enables engineers to provide unconventional modeling. Furthermore, the software is also being increasingly utilized in the industry because of the rising demand for smart packaging.  

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A major trend being observed in the APAC CAD software market is the rising adoption of mobile CAD. The software is made accessible on mobiles through an application which allows the users to edit, view, and share their designs. Mobile CAD enables engineers to create 3D models and drawings of products, in addition to allowing them to improve efficiency and productivity through design execution. Moreover, engineers can easily solve problems on the shop floor itself by using mobile CAD.

Hence, the proliferation of CAD usage in the packaging and automotive industries because of an increase in the demand for innovative and more efficient products is leading to the growth of the market.

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Advancing IT Industry Taking the India Structured Cabling Market Forward in Coming Years

Ever-increasing digitization, supported by the national government’s Digital India initiative, is taking the Indian structured cabling market forward. Companies in the country are looking to make their campuses world-class and intelligent while saving money at the same time with the implementation of structured cabling.

Companies want more bandwidth for video conferencing and digital audio streaming. As these processes are being increasingly utilized in the government, commercial, telecommunications and industrial spaces, the structured cable market in India continues to prosper.

On the brighter side, the nationwide demand for Wi-Fi services is on the rise, giving market players lucrative opportunities in the present and immediate future. Category 5 and Category 5e UTP were the cables of choice for over a decade, but a shift is now being seen toward Category 6 and 7, driven by the need for greater data transfer rate and higher bandwidth.

Coming to the recent scenario (2013–2017), copper cables enjoyed the largest share in terms of revenue in the India structured cable market. While copper cables will still be the most widely sold in 2018–2023, the demand for fiber components will see the sharpest surge. In terms of the type of wire, Category 7 wires gained the most during the historical period, and the same trend will continue through 2018–2023.

Now, since Bangalore, the IT hub of India, is in its southern part, this is where the sector generated the highest revenue during the historical period. However, during the forecast period, the market is expected to witness the highest CAGR in the eastern part of the nation.

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Players are gearing up to meet consumer demands and consolidate their position in the domain by launching more products or establishing manufacturing plants across the country. Belden Inc. announced plans in 2017 to set up a manufacturing facility in Pune for ethernet switches, fiber optics and copper cables, and coaxial cables. 

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Video Streaming Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue Analysis

The categories of the video streaming market based on offering are service and solution. Between the two, in 2018, the higher revenue share of 94.6% was contributed by the solution category. Along with being extremely popular in the entertainment sector, video streaming solutions have become an important component for sales, marketing, business development, and corporate communications. 

This has resulted in their wide applications for personal as well as professional use. The solution category is further subcategorized into IPTV, OTT, and pay TV; among which the fastest-growing subcategory is the OTT. The video streaming market is witnessing the trend of the shift toward the OTT platform. It has been observed that in countries, such as the U.S., more than 150 million people have opted for OTT services, whereas more than 180 million people, use smart TVs.

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Further, people are opting for personalized content, which is pushing companies to offer high-margin visual entertainment by offering users bundled services. The rising popularity of OTT can be correlated to the rising consumer preference for specific content and better connection reliability offered by the service providers.

Market Dynamics

Trends

• Shift toward OTT platform
• Increasing deployment of interactive video content

Drivers

• Increasing popularity of social media platforms
• Increasing connectivity is propelling the growth of video streaming market
• Rising growth of video streaming market in developing countries
• Impact analysis of drivers on market forecast

Restraints

• Restrictions by government for broadcasting international television shows
• Piracy concern
• Impact analysis of restraints on market forecast

Opportunities

• High growth in education sector
• Use of AI in data analytics

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One of the major drivers of the video streaming market are the surging popularity of social media platforms, which can be credited to the improved access to the internet and connectivity. For instance, an explosive growth of 99% was exhibited by the video content on media platforms, such as YouTube in 2017. 

Further, these platforms are now increasingly being used as an advertising revenue model for generating income. Based on this model, YouTube has generated maximum revenue, which is closely followed by Facebook Inc. An increase of $40 million to the revenue was registered by Coursera in 2018. Currently, the largest market for online courses is North America.

Therefore, the market for video streaming is headed toward a bright future in the forecast period due to the increased access to the internet and the ability to access the content as per the consumer preference. 

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Electric Vehicle Supply Equipment Market to Grow Nearly 10.7% through 2025

The electric vehicle supply equipment market is being positively impacted by the increasing sale of electric vehicles, investments being poured in by manufacturers, and government support for installing such charging stations. The market is predicted to witness a 10.7% CAGR during the forecast period (2020–2025) to see an increase in its revenue to $2.7 billion in 2025, from $1.5 billion in 2019. A charging point can have numerous connections, only one of which can be used at any particular time.

EVSE Market Report

Based on type, the EVSE market is bifurcated into direct current (DC) and alternating current (AC) chargers. Of these, AC chargers held the larger share during the historical period (2014–2019), as they are cost-effective in their operation, installation, and manufacturing. During the forecast period, DC chargers will witness swifter growth, owing to their faster charging ability, which is also why they are mostly installed along highways, rather than at homes.

The major driving factor for the EVSE market growth is the rapid adoption of EVs, which is resulting in the increasing need for electricity supply infrastructure. With the air pollution levels increasing due to the burning of fossil fuels in conventional vehicles, electric variants are being promoted in numerous nations. The International Energy Agency reports a 2 million surge in EV sales, which crossed the 5 million mark in 2018. These sales are further expected to grow at a rate of 30% in the coming years, thereby boosting EVSE deployment.

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The government of several countries are taking efforts to install EV charging stations. For instance, the South Korean government has targeted the deployment of 10,000 fast chargers by 2022. Similarly, India has plans to install 2,700 charging stations by 2023, in cities with more than 4 million residents. In the same vein, Canada sanctioned $4.6 million in 2019 for the installation of 92 DC chargers, while the Californian government has proposed a funding of $900 million for the deployment of 250,000 charging points by 2025.

Hence, with the growing adoption of EVs, the demand for equipment to supply electricity will keep increasing.

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C-RAN Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue Analysis

In 2018, the global cloud and centralized radio access network (C-RAN) market reached $936.3 million and is expected to generate $2,159.2 million in 2024, witnessing a 15.9% CAGR during the forecast period (2019–2024). The market is growing due to the reduction in hardware costs, rising data traffic, and increasing penetration of 5G technology. C-RAN allows real-time virtualization and large-scale deployment in addition to providing collaborative radio technology support.

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Moreover, C-RAN is a primary aspect for the growth of wireless technologies, such as 5G. When component is considered, the C-RAN market is categorized into services, infrastructure, and solution. The infrastructure category dominated the market during the historical period (2014–2018) and is further expected to account for the major share of the market during the forecast period. 

This is because of the rising investments in 5G and other technologies, such as 4G and LTE, by mobile operators. The category is further classified into fronthaul, baseband units (BBU), and remote radio units (RRU), among which, the BBUs classification held the largest share of the market during the historical period. On the basis of application, the C-RAN market is divided into targeted outdoor urban areas, suburban & rural areas, large public venues, and high-density urban areas. 

The large public venues application accounted for the largest share of the market during the historical period and is projected to retain its position during the forecast period. The targeted outdoor urban areas application is expected to grow at the fastest pace during the forecast period as these areas include commercial and residential spaces that created a large demand for C-RAN for transforming networks to 5G and LTE. A major trend being observed in the C-RAN market is the growing adoption of network virtualization technology. 

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Enterprises around the globe are becoming more inclined toward virtualization in order to gain an edge over their competitors, primarily in terms of network capabilities. Network virtualization is being adopted by various financial organizations, cloud service providers, and enterprise data centers. In addition to this, both large and small organizations are also taking benefit of network virtualization for speed, efficiency, and scalability.

Thus, the market is growing due to the rising penetration of 5G technology and rapidly increasing data traffic.

  

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Robotic Process Automation Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

In 2017, the global robotic process automation (RPA) market reached a value of $1,195.9 million and is projected to register a 36.2% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the surging demand for virtual workforce, reduction in workforce cost, greater ease of doing business, and decreasing cost of automation software and services. RPA is a technology that helps in configuring computer software for capturing and interpreting existing applications to trigger several responses, process transactions, communicate with other digital systems, and manipulate data.

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When process is taken into consideration, the robotic process automation market is categorized into decision support & management, interaction solution, and automated solution. Out of these, the automated solution category dominated the market during the historical period (2013–2017) and is projected to hold the largest share of the market during the forecast period as well. 

This is ascribed to the expansion of banking, financial services, & insurance (BFSI) industry, which has been adopting RPA increasingly in order to enhance efficiency and decrease cost. On the basis of industry, the robotic process automation market is divided into telecom & IT, manufacturing, BFSI, retail & consumer goods, healthcare & pharmaceuticals, and others (which include transport & logistics, travel & tourism, and hospitality). 

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Among these, the telecom & IT division accounted for the largest share of the market during the historical period and is expected to retain its position during the forecast period. RPA allows telecom companies to manage their back-office tasks with ease and deal with a large number of rule-based operational and repetitive tasks. The surging requirement for virtual workforce is a key factor contributing to the growth of the robotic process automation market. 

The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.

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Spintronics Market Outlook: Top Companies, Trends and Growth Factors Details for Industry Development

In 2019, the global spintronics market generated a revenue of $362.7 million and is projected to attain a value of $12,845.6 million by 2030, witnessing a 34.8% CAGR during the forecast period (2020–2030).

On the basis of end user, the healthcare division is predicted to register the fastest growth during the forecast period, which is attributed to the technological advancements in spintronic-based magnetic sensors. These sensors are projected to be used for detecting tumor cells in the human body.

In terms of device type, the metal-based category is held the larger share of the spintronics market in 2019, as metal-based spintronics, including giant magneto resistance (GMR) and tunnel magneto resistance (TMR), offer low energy consumption and high-speed data transfer.

The semiconductor-based category is projected register higher CAGR during the forecast period, as these spintronics consume less power and are more efficient. The sales of semiconductor-based spintronics is further predicted to increase in the coming years because of the rising adoption of internet of things and increasing deployment of 5G.

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Geographically, North America dominated the spintronics market in 2019, which was primarily ascribed to the rising requirement for spintronics due to the expanding cloud market in the region. 

Apart from this, the import of optical hardware, including spintronic-based transmitters and receivers, has risen because of their increasing requirement for supporting 5G network infrastructure in North America. 

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How Rising Concerns Regarding Food Safety Contributing in Microbial Identification Market Growth?

Numerous pathogenic microorganisms, such as parasites, viruses, or fungi cause infectious diseases that can spread from one person to another directly or indirectly.  Some common examples of these infections are tuberculosis, AIDS, malaria, measles, and hepatitis.

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The World Health Organization reported that in 2014, around 9 million people were affected with tuberculosis and 1.5 million died because of the disease across the globe. Similarly, in the same year, 114,900 people lost their lives to measles, and every year, more than 780,000 and 500,000 people die due to complications associated with Hepatitis B and Hepatitis C, respectively. Infectious diseases are one of the most common causes of global deaths and pose a huge burden on healthcare resources and result in high healthcare expenditure. Therefore, for the timely identification of the causative organism and proposal of a treatment plan, the need for microbial identification is becoming dire.

Microbial identification requires various products, such as consumables, services, and instruments & software. In the coming years, the highest demand is expected to be generated for consumables, which majorly include reagents and kits and plates and media. As microbial identification most commonly relies on phenotypic methods, such as observing changes in culture and media, consumables, such as pipettes, petri dishes, covers, tubes, centrifuge tubes media, vials, reagents, and slides, are most commonly used in laboratories for establishing the quality of the reagents being used for experiments. This is expected to contribute to the microbial identification market growth immensely, with a P&S Intelligence study predicting the CAGR to be 6.0% in the coming years.

In today’s times, concerns regarding food safety and quality is growing. Due to the unhealthy and polluted environment, an increased presence of toxins, pathogens, and chemicals is being observed in food products. As per the University of Rhode Island Department of Food Safety Education, around 33 million people suffer from foodborne illnesses each year in North America. In order to establish the safety of food products, one of the most reliable methods is using microbiological techniques for microbial identification. Many food safety regulatory authorities and agencies deploy these techniques as standard operating procedures, which makes microbial identification imperative.

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How is the Shift from Conventional to New Automobile Assembly Techniques Driving Hot Melt Adhesives Market?

At the present time, there is a surging need for making vehicles lightweight in order to increase their fuel efficiency. Because of this, there has been a shift in preference from traditional to new automotive assembly techniques. Conventionally, mechanical fasteners and welds, which provided increased strength and high performance, were utilized for bonding different parts of vehicles. However, now that the need for fuel-efficient vehicles had risen, manufacturers have started using lighter gauge metals, nonferrous metals, plastics, and coated steels for new vehicle designs. 

Attributed to this, the usage of holt melt adhesives for joining different automobile parts is rising.

Hot melt adhesives, also known as hot glue, are thermoplastic adhesives applied using a hot glue gun. As per a report by P&S Intelligence, in 2017, the global hot melt adhesives market generated a revenue of $7,353.1 million and is projected to attain a value of $10,259.7 million in 2023, witnessing a 5.7% CAGR during the forecast period (2018–2023). Among all the regions, namely Asia-Pacific (APAC), Europe, North America, and Rest of the World, Europe created the largest demand for hot melt adhesives during 2013–2017; however, during 2022–2023, the APAC region is expected to create the highest requirement for these adhesives. 

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The different product types of hot melt adhesives are styrenic block copolymer (SBC), polyamide (PA), metallocene polyolefins (MPO), ethylene vinyl acetate (EVA), polyurethane (PU), amorphous polyalphaolefins (APAO), and polyester. The EVA category was the largest in demand during 2013–2017 and is further predicted to retain its position during the forecast period. This is attributed to the different advantages of this product, such as long shelf life, quicker setting time, and suitability in a range of temperatures. In addition, the expansion of the construction and automobile industries is also creating increasing demand for EVA. The fastest growth in demand is projected to be witnessed by the PU category in the coming years. 

When application is taken into consideration, the hot melt adhesives market is divided into diapers, footwear, automobile, bookbinding, packaging products, furniture, textile, electronics, and others (which include filter and floristry industry). Out of these, the largest demand for hot melt adhesives was created for the packaging products application during 2013–2017 and situation is expected to remain the same in the near future as well. The fastest growth in demand is predicted to be registered by the furniture application in the coming years, owing to the growing need for fulfilling the demand of the rising population in countries including Germany, China, and India.  

The rapid expansion of the packaging industry, which is occurring due to swift industrialization, is a key factor driving the requirement for hot melt adhesives. The rising purchasing power of individuals and changing consumption trend have resulted in the development of varied and eco-friendly products. The developing countries, primarily, are extensively making use of hot melt adhesives in packaging and automotive industries. The growing spending power in countries including Indonesia, China, and India has led to an increase in demand for various products such as electronics, clothes, and footwear, all of which use hot melt adhesives in different applications.

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Emotion Analytics Market Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast

In 2018, the emotion analytics market generated $164.7 million and is projected to reach $1,419.2 million in 2024, advancing at a CAGR of 46.8% during the forecast period (2019–2024). The market is witnessing growth due to the surging demand in the automotive sector, rising adoption of business intelligence (BI) and data analytics, and increasing demand for emotion analytics in the retail sector. Emotion analytics software reviews non-verbal cues such as body language, gesture, and facial expressions and the tone of a person for providing richer insights into the human expression of emotion.

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On the basis of type, the emotion analytics market is categorized into video analytics, speech analytics, facial analytics, text analytics, and others (which include electrocardiogram, eye tracking, and electromyography). Among these, the facial analytics category dominated the market in 2018 and is further predicted to retain its position during the forecast period. This is because a large number of enterprises are utilizing face analytics for analyzing customers’ feelings regarding their services and products through facial expressions since facial expressions are strongly linked with emotions.

In terms of application, the emotion analytics market is divided into competitive intelligence, public safety & law enforcement, customer experience management, workforce management, sales & marketing management, and others (driver monitoring and market research). Among these, the largest share of the market was held by the customer experience management division in 2018. With the growing market competition, the expectations of the customers are changing, because of which the retailers are engaging in new initiatives and investments that are designed to cater to the needs of evolving customers.    

  

A key driving factor of the emotion analytics market is the increasing requirement for emotion analytics in the retail sector. Emotion analytics allows retailers to analyze the perception of customers for their products. This further helps the e-commerce retailers in understanding the emotions of the customers even if they are not present in front of them. The retailers can track the emotions of the customers while they look at different products and then accordingly design websites on the basis of preference of customers. As the e-commerce industry is growing rapidly, the demand for emotion analytics is also rising.

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Market Segmentation by Type

• Text Analytics
• Speech Analytics
• Facial Analytics
• Video Analytics
• Others (Electromyography, Eye Tracking, and Electrocardiogram)

Market Segmentation by Enterprise Size

• Large Enterprise
• Small and Medium Enterprise (SME)

Market Segmentation by Application

• Customer Experiences Management
• Sales and Marketing management
• Public Safety & Law Enforcement
• Workforce Management
• Competitive Intelligence
• Others (Market Research and Driver Monitoring)

Market Segmentation by Industry

• Banking, Financial Services, and Insurance (BFSI)
• Information Technology (IT) & Telecom
• Healthcare
• Media & Entertainment
• Automotive
• Government
• Retail
• Others (Hospitality, Manufacturing, and Gaming)

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Why Banking, Financial Services, and Insurance (BFSI) Sector is Key Fraud Detection and Prevention Market Driver?

Globally, North America held the largest share in the fraud detection and prevention market in 2018 and is projected to maintain its lead during the forecast period. The Asia-Pacific (APAC) region is expected to advance the most quickly during the forecast period, due to the rapid economic growth, establishment of large enterprises, and expanding IT domain in the region. 

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The leading regional market players offering such solutions are IBM Corporation, Experian plc, RELX Group, Oracle Corporation, and BAE Systems plc. On the basis of enterprise size, the fraud detection and prevention market is bifurcated into large enterprises and small and medium enterprises (SMEs).  Among the two, the large enterprises bifurcation held the larger market share in 2018, and it is also expected to dominate it in the forecast period. 

Large enterprises are quickly adopting such software to protect their massive business data and information from any misconduct. Additionally, they have higher budgets, which gives them more purchasing power. The need for protecting online financial platforms from fraudulent activities and inherent risks is mainly due to the rapid digitalization. Payment frauds are mostly unauthorized transactions processed by a cyber-criminal. 

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It is challenging to eliminate the threat in the e-commerce domain; however, updating the software and network security systems can help in this regard. The fraud detection and prevention market is burgeoning on account of the rising electronic payment rate across the globe. Thus, with the need to curb web-based payment frauds, this application category is expected to dominate the market during the forecast period.

Therefore, on account of the dire need to protect sensitive information from perpetrators, the market is predicted to witness considerable progress during the forecast period.

Market Segmentation by Type

• Internal
• External

Market Segmentation by Deployment Type

• On-Premises
• Cloud-Based

Market Segmentation by Platform

• Web-Based
• Mobile-Based

Market Segmentation by Enterprise Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

Market Segmentation by Application

• Identity Theft
• Payment Frauds
• Money Laundering
• Others (Banking Transactions and Fund Transfers)

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