Fraud Detection And Prevention Market to Grow by USD 86.68 Billion (2024-2028),Vendor Strategies Boost Growth, AI-Powered Market Evolution Report - Technavio

The fraud detection and prevention market is set to expand significantly, with a projected increase of USD 86.68 billion at a CAGR of 27.17% between 2023 and 2028. This growth is driven by the increasing adoption of cloud infrastructure services, including big data and machine learning, which enhance fraud detection tools, AI fraud prevention, and cybersecurity solutions. Industries such as healthcare, manufacturing, government, IT, and telecom are implementing advanced payment fraud detection, identity theft protection, and real-time fraud monitoring solutions to combat financial crimes. The growing reliance on fraud analytics software, banking fraud prevention, and e-commerce fraud tools has led to an increase in fraud prevention vendors offering sophisticated security solutions. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Segmentation

By Component

• Solutions
• Services

By End-User

• Large Enterprises
• SMEs

By Geography

• North America

  • United States

  • Canada

• Europe

  • Germany

  • Spain

  • United Kingdom

• APAC

  • China

  • Japan

  • India

• South America

  • South Africa

• Middle East and Africa

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Market Dynamics

Drivers

• Rise in Cloud-Based Services: Businesses are integrating cloud-based fraud detection solutions to protect against identity theft, money laundering, and payment fraud. Sectors such as healthcare, manufacturing, and government leverage these solutions to secure electronic payments and prevent revenue losses.
• Technological Innovations: The adoption of big data analytics, blockchain, and online applications enhances fraud detection capabilities, particularly in financial institutions and SMEs.

Trends

• Advancements in Fraud Prevention Technologies: AI-driven fraud detection and real-time monitoring are becoming critical for mitigating phishing scams, fake card activations, and digital fraud in sectors such as banking, insurance, and telecommunications.
• Growing Demand for Risk-Based Authentication: The shift toward biometric authentication and multi-layered fraud detection software is transforming security frameworks in e-commerce, government, and financial services.

Challenges

• Complex IT Infrastructure: The integration of cloud solutions, big data, and blockchain has increased cybersecurity risks. Businesses struggle with maintaining fraud analytics software due to a lack of trained cybersecurity professionals and the growing sophistication of fraudulent activities.

Regional Market Trends

North America

• United States
• Canada

North America is projected to contribute 40% to the market's overall growth, driven by the expansion of cloud-based fraud detection services and AI-powered cybersecurity solutions. The United States remains the largest market due to increasing fraud prevention investments in healthcare, manufacturing, finance, and government sectors.

Europe

• Germany
• Spain
• United Kingdom

European countries are focusing on advanced fraud prevention strategies in banking and insurance to combat financial fraud and identity theft.

APAC

• China
• Japan
• India

The APAC region is witnessing rapid adoption of cybersecurity solutions due to the rising number of digital transactions and online banking fraud cases.

South America

• South Africa

Middle East and Africa

The market in these regions is driven by government-led initiatives to enhance fraud detection frameworks in financial institutions and telecom sectors.

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Key Players

• ACI Worldwide Inc.
• BAE Systems Plc
• Besedo Ltd.
• Consultadoria e Inovacao Tecnologica S.A.
• Dell Technologies Inc.
• Equifax Inc.
• Experian Plc
• Fair Isaac Corp.
• Fiserv Inc.
• Forter Ltd.
• Global Payments Inc.
• International Business Machines Corp. (IBM)
• NICE Ltd.
• Oracle Corp.
• RELX Plc
• SAP SE
• SAS Institute Inc.
• SEON Technologies Kft.
• Software AG
• Visa Inc.

Future Insights

The fraud detection and prevention market will continue expanding with AI-driven fraud analytics, blockchain security, and advanced authentication technologies. Enterprises and SMEs are expected to accelerate investments in fraud prevention tools and cybersecurity solutions to mitigate emerging financial and data security threats.