Fraud Detection & Prevention Market Size Worth $56.56 Billion By 2025Professional OrganizersUpdated on Feb 19, 2020 View more like this | Visit SAN FRANCISCO, CA | Contact Information Technology |
The global fraud detection & prevention market size is expected to reach USD 56.56 billion by 2025, growing at a CAGR of 18.9% over the forecast period, according to a new report by Grand View Research, Inc. Technological advancements coupled with increasing penetration of Internet have created new opportunities for criminals to commit frauds and cyberattacks for personal gains. There is a growing concern across industries to curb threats and financial losses stemming from cyber scams such as Distributed Denial-Of-Service (DDoS), ransomware, and malware. As a result, organizations are increasingly deploying fraud detection and prevention solutions to minimize/mitigate risks posed by hackers to a business.
Technological advancements such as IoT-based payments, wearable payments, contactless payments, e-transactions, and digital wallets have positively influenced the use of digital payment for online transactions and at point-of-sale terminals. Payment providers are offering digital wallet options such as Apple Pay, PayPal, and Alipay across various online platforms to ensure a seamless experience. Since payment providers act as an intermediary between the browser and banks, all risks associated with transactions are often borne by them. The proliferation of digital frauds and sophisticated cyberattacks has necessitated enterprises to adopt robust solutions for preventing malicious acts.
The demand for these solutions is primarily driven by banking, telecom, retail & e-commerce, and healthcare firms. Since these firms have a high transaction volume, they happen to generate and store a large amount of personal information. Cybercriminals are observed using sophisticated techniques such as botnets, Account Take Over (ATO) via malware, and phishing to commit acts of fraud. Moreover, they use emails, text messages, web browser pop-up windows, or even telephone calls to manipulate users to disclose information such as bank account numbers, balance information, and passwords.
As technology continues to evolve, hackers are expected to continue taking advantage of exploiting vulnerabilities. The growing awareness of attacks is expected to enable individuals and enterprises to understand, address, and diversify their risk strategies. Fraud detection acts as the first line of defense in curbing cyberattacks. Similarly, it enables organizations to strengthen their data privacy, customer due diligence, compliance policies, cyber analytics, and fraud monitoring, along with customer identification, authentication, and risk assessment.
Click the link below:
https://www.grandviewresearch.com/industry-analysis/fraud-detection-prevention-market
Further key findings from the report suggest:
Technological advancements such as IoT-based payments, wearable payments, contactless payments, e-transactions, and digital wallets have positively influenced the use of digital payment for online transactions and at point-of-sale terminals. Payment providers are offering digital wallet options such as Apple Pay, PayPal, and Alipay across various online platforms to ensure a seamless experience. Since payment providers act as an intermediary between the browser and banks, all risks associated with transactions are often borne by them. The proliferation of digital frauds and sophisticated cyberattacks has necessitated enterprises to adopt robust solutions for preventing malicious acts.
The demand for these solutions is primarily driven by banking, telecom, retail & e-commerce, and healthcare firms. Since these firms have a high transaction volume, they happen to generate and store a large amount of personal information. Cybercriminals are observed using sophisticated techniques such as botnets, Account Take Over (ATO) via malware, and phishing to commit acts of fraud. Moreover, they use emails, text messages, web browser pop-up windows, or even telephone calls to manipulate users to disclose information such as bank account numbers, balance information, and passwords.
As technology continues to evolve, hackers are expected to continue taking advantage of exploiting vulnerabilities. The growing awareness of attacks is expected to enable individuals and enterprises to understand, address, and diversify their risk strategies. Fraud detection acts as the first line of defense in curbing cyberattacks. Similarly, it enables organizations to strengthen their data privacy, customer due diligence, compliance policies, cyber analytics, and fraud monitoring, along with customer identification, authentication, and risk assessment.
Click the link below:
https://www.grandviewresearch.com/industry-analysis/fraud-detection-prevention-market
Further key findings from the report suggest:
- The global fraud detection & prevention market was valued at USD 17.33 billion in 2018 and is expected to grow at a CAGR of 18.9% from 2019 to 2025
- The fraud analytics solutions segment accounted for the largest revenue share of over 44.0% in 2018
- The managed services segment is anticipated to grow at the highest CAGR of 22.0% of over the forecast period
- The payment fraud application segment accounted for the largest revenue share of over 40% in 2018
- The large enterprise segment was valued at USD 13.02 billion in 2018
- The North American market accounted for the largest revenue share of over 32.0% in 2018.
