Rise in the enterprise data and its complexity, industry-specific requirements, and increase in the cost of fraud, are some of the factors acting as drivers for the fraud detection & prevention market. Apart from these, technological advancements and regulatory changes will also drive the demand for fraud detection & prevention.
The emergence of big data analytics, rise in demand for cloud-based security solutions, and rapid increase in mobile banking fuel the growth of the global fraud detection & prevention market. On the other hand, the high cost of fraud detection and prevention solutions hamper the growth to a certain extent. Nevertheless, the need for strong authentication methods is expected to create a number of opportunities for the key players in the industry.
The global fraud detection & prevention market was estimated at $15.83 billion in 2017 and is expected to reach $40.61 billion by 2023, growing at a CAGR of 17% from 2017 to 2023.
Based on service, the professional service segment held the major share in 2017, generating more than half of the total market. The managed service, on the other hand, would cite the fastest CAGR of 17.4% during the estimated period.
Based on the solution, the authentication segment contributed to nearly three-fifths of the total market share in 2017 and is expected to retain its top status throughout the forecast period. Simultaneously, the fraud analytics segment would showcase the fastest CAGR of 17.7% till 2023.
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Based on geography, North America accounted for more than one-third of the total market revenue in 2017 and is projected to rule the roost by 2023. At the same time, the Asia-Pacific region would grow at the fastest CAGR of 18.2% throughout 2017–2023.
Profiling Key Players: ACI Worldwide, BAE Systems, SAP SE, IBM Corporation, Oracle Corporation, and others.
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