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)