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)
