The fraud detection and prevention market is projected to grow at a CAGR of 22.20%, with an estimated market size of USD 25.1 billion in 2021 to USD 83.6 billion by 2028. Increased demand from multiple end-use sectors drives the fraud detection and prevention market. The rising use of digitalization and IoT is one of the primary drivers of the market's growth. As more money is lost to fraud, there is a growing demand for equipment that can identify and prevent it. Due to other significant factors like the advancement of cloud technologies, the rise of online apps, and the expansion of mobile banking services, the market for fraud detection and prevention will grow slower.
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Rosing demand for online applications and mobile banking services
A sudden rise in the number of fraudulent websites and mobile applications has been caused by the increasing use of online applications and mobile banking services. Fake websites and online apps are becoming more prevalent in other industries, including manufacturing, retail & e-commerce, and healthcare. Customers are lured into fraudulent online purchases by these websites and programs, which closely imitate real retail stores and home delivery services. Customers in the banking industry are increasingly focusing on mobile applications for various uses, including online payments, statement reviews, filing complaints, and providing feedback, among others.
Restraints: Lack of professionals & awareness across emerging economies
The absence of professionals and a competent workforce to upgrade FDP solutions across emerging nations impedes market expansion. Businesses maintain all of their crucial documentation and client data on the servers. Therefore, firms must safeguard their data from money launderers. However, occasionally sophisticated cyberattacks and fresh anonymous threats are anticipated to threaten conventional FDP solutions. The lack of acceptance and responsiveness across developing nations is another market barrier to growth.
Key Market Players
The fraud detection and prevention market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are Iovation Inc. (U.S.), IBM Corporation (U.S.), CardinalCommerce Corporation (U.S.), Oracle Corporation (U.S.), Experian PLC (Ireland), PayPal Holdings Inc. (U.S.), Distil Networks Inc. (U.S.), LexisNexis Risk Solutions Company (U.S.), Accertify Inc. (U.S.) and F5 Networks Inc. (U.S.).
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