The COVID-19 pandemic has positively affected the global fraud detection and prevention market in 2020. The growth of this market can be majorly attributed to advances in fraud detection and prevention software, such as a customizable browser-based interface and pre-defined scenarios for historical and real-time warnings. For example, Software AG, a pioneer in fraud detection and prevention software, offers detection and prevention apps based on the CEP engine. In a large-scale industry, this can save $10 million in revenue due to higher fraud detection time.
Furthermore, fraud detection and prevention reduce revenue loss by detecting and preventing fraud across several financial channels in real time. Due to the rising risk of frauds, the most prevalent of which is data breaching, fraud detection and prevention is rising in popularity in the large-scale company sector. For example, leading fraud detection and prevention companies offer benefits such as analyzing massive amounts of data in less time and storing relevant data for low-latency responses. Fraud detection and prevention also helps the organization prosper by preventing energy theft and market manipulation.
Pre and Post Covid-19 Market Estimations:
The global fraud detection and prevention market was accounted for $18.8 billion in 2018, and is expected to surpass $145.7 billion by 2026. The global market was estimated to grow at a CAGR of 29.6% before the outbreak of COVID-19 pandemic. The market is predicted to flourish due to the COVID-19 pandemic.
|Timeframe||Market Size (2020)||CAGR Figures (2019-2026)|
|Pre- Covid-19 Estimates||$30.0 billion||26.5%|
|Post-Covid-19 Estimates||$31.5 billion||29.6%|
According to a recent report published by Research Dive, the global fraud detection & prevention market is projected to witness an additional growth in 2020 and is predicted to follow the trend until the end of the analysis period, irrespective of the Covid-19 pandemic. Fraud detection and prevention is gaining popularity due to the capacity to recognize and respond to new odd online traffic patterns that can lead to data breaches.
Furthermore, the fraud detection and prevention market has grown as a result of the availability of high-performance testing and flexibility in the data visualization process, both of which can prevent fraud in a real-time scenario. Software AG, for instance, offers fraud detection and prevention solutions that can handle 0.3% to 0.5% of in-process transactions that are missed.
Furthermore, the usage of numerous common adapters to enable secure communication and flexibility in a framework aids in the real-time updating of fraud scenarios. For example, fraud using debit and credit cards is on the rise. Users can detect restricted online traffic by combining fraud detection and prevention with advanced event processing engines.
Nonetheless, fraud detection and prevention use a combination of real-time transaction data and previous consumer behavior research to detect and prevent various sorts of fraud. These factors are predicted to fuel the growth of the fraud detection and prevention market in the forecast period.
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