A recently published report by Research Dive states that the global fraud detection and prevention market is classified into five segments namely type, component, application, end user, and region.
- Type – The external sub-segment garnered revenue of $11,629.2 million in 2018 and is predicted to rise further at a CAGR of 25.2% in the analysis period. This growth is due to the increasing number of data breaches, theft of sensitive data, and banking frauds that are contributing to the sub-segment’s growth.
- Component – The service sub-segment garnered revenue of $9,879.2 million in 2018 and is predicted to witness further growth at a CAGR of 25.4% from 2019 to 2026. Due to the rising illegal occurrences, many governments and organizations have been trying to put an end by securing any confidential data that maybe available online. These initiatives are expected to boost the sub-segment’s market growth.
- Application – The credit and debit fraud application sub-segment garnered a revenue of $5,645.3 million in 2018 and is predicted to gain momentum at a CAGR of 25.4% in the forecast period. A majority of the people today use credit and debit which could have a security risk in the banking sector. This is expected to push the growth of the credit and debit fraud application sub-segment.
- End User – The banking sub-segment garnered a revenue of $5,344.2 million in 2018 and is expected to grow further at a CAGR of 25.1% during the forecast period. The banking sector is one of those sectors that holds a large amount of not just sensitive data, but makes large transactions as well. It is one of the prominent factors that is contributing to the sub-segment’s market growth.
- Region – The North America region is one of the largest contributors to the market with revenue share of $6,586.1 million in 2018. It is expected to increase further at a steady CAGR of 25.3% in the analysis period. The prominent presence and utilization of artificial intelligence and machine learning in most companies of the region has further contributed to the growth of the market.
Key Market Players
The report also contains a diverse list of key players and their initiatives working towards the growth of the market. The initiatives include mergers, product launches, partnerships, and collaborations. Some of the key players are listed below –
- Oracle Corporation
- SAP SE
- ACI Worldwide
- Fair Issac Corporation
- IBM Corporation
- SAS Institute, Inc
- NCR Limited
Global Market Estimations
As per the latest report by Research Dive, the global fraud detection and prevention market is predicted to witness a rise in revenue from $18,817.5 million in 2018 to over $123,319.8 million by 2026 at a steady CAGR of 26.5% in the forecast period 2019-2026.
The field of e-commerce has brought upon not only convenience to customers but also new challenges. One of the major challenges is fraud detection and prevention. The exponential rise of online purchases has also led to the rise of the number of online transactions. These factors have added to the growth of the fraud detection and prevention market.
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