The global fraud detection and prevention (FDaP) market is likely to grow considerably in the coming years due to the incorporation of technologies such as artificial intelligence and data mining. According to a report published by Fortune Business Insights, titled “ Fraud Detection And Prevention Market, Size, Share And Global Trend By Component (Solutions, Services), Deployment (Cloud, On-Premise), Organization Size (SMEs, Large Enterprises), Vertical (BFSI, IT And Telecommunication, Retail And Consumer Packed Goods, Government, Real Estate, Energy And Utilities, Travel And Transportation, Manufacturing, Healthcare And Life Sciences, Media And Entertainment, Others) And Geography Forecast Till 2026,” the market was valued at US$19,269.8 Mn 2018. Fortune Business Insights has predicted that the market will reach US$ 1,10,041.3 Mn by the end of 2026, thereby exhibiting a CAGR of 25.48%.
Increasing e-commerce activities have led to a subsequent rise in online financial transactions. Mobile and internet banking facilities are gaining rapid popularity and an increasing adoption of these services will create the need for efficient security networks. The need to enhance payment gateways and ensure secure transactions has led to several innovations. The number of vendors providing secure transactional services has also risen in recent years. Altogether, the aforementioned factors will lead to a rising uptake of fraud detection and prevention software, which in turn will aid the growth of the global market in the forthcoming years.
Advances in FDaP Software Will Bolster Growth
The demand for fraud detection systems have influenced existing companies to better their products operate in compatibility with the latest payment gateways. In order to meet this demand, companies have been persistently investing in updating their products. The demand for SDaP software also has led to several product launches in recent years. In April 2019, BAE systems launched an enhanced NetReveal platform with an aim of tackling cyber frauds and crimes. The system was launched to identify cybercrimes by meeting regulatory requirements and working in accordance with system security standards. Fortune Business Insights has predicted that product launches and updates will contribute to the increasing demand for fraud detection and prevention software across the world. Furthermore, the escalating demand will favor the growth of the global FDaP market in the forthcoming years.
Besides product launches, the global software detection and prevention market will derive significant growth from the advent of AI-integrated software. The report segments the market based on parameters such as component, deployment, application, and regional demographics. Fortune Business Insights has identified leading product types and signifies the impact of recent advancements in these product types on the global market. The need to balance demand-supply ratio has gained more emphasis in recent years due to the unprecedented rise in the use of online platforms for financial transactions. Encouraged by the high demand, companies are identifying the areas where this market holds potential and many have successfully nailed the business strategies.
Fortune Business Insights has profiled some of the renowned companies in the market and has provided an insight into key activities such as mergers, investment, and takeovers. Some of the leading companies that are operating in the global fraud detection and prevention market are Fico, IBM, Fiserv, Inc., FIS Global, ACI Worldwide, BAE Systems, Experian Information Solutions, Inc., Software AG, Nice, DXC Technology, Dell Technologies, and SAS Institute.
Need and Importance of #Fraud #Detection And #Preventionhttps://t.co/hWZca2YEc7#accesscontrol #identity #cybersecurity @IBM @Fiserv @FISGlobal @BAESystemsInc @SoftwareAG @NICEComms @DXCTechnology @Dell pic.twitter.com/KAJOp0jdUS
— Atish (@Atish97072869) September 10, 2019