The global fraud detection and prevention market is driven by the usage of artificial intelligence (AI) and machine learning (ML) for curbing fraudulent activities, primarily mobile frauds, and those in the banking, financial services, and insurance (BFSI) sector. The market was valued at $20,614.4 million in 2018, and is predicted to advance at a CAGR of 15.1% during the forecast period (2019–2024). The key elements in the process are to identify the fraud risk, assess the likelihood of the risks, and take measures before any significant damage is done.
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Under the application segment, the fraud detection and prevention market is categorized into identity theft, payment frauds, money laundering, and others. Among these, the payment frauds category dominated the market in 2018, and it is expected to continue on this path during the forecast period. This is mainly due to the increase in the volume of electronic payments, which is resulting in a rise in the fraudulent activities in the payment sector. A key driver for the market is itself the rising need to protect web-based payment transactions.
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. 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.
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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.
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