Fraud Detection and Prevention Market Promising Growth Opportunities & Forecast 2018-2028
                     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. Additionally, the banking industry's increasing 
use of A.I. and machine learning and the rise in SME demand would increase the prospect of 
expanding the fraud detection and prevention market. The market will be constrained, and its 
growth will further be stifled by large investments in internal fraud detection solutions. 
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Fraud Detection and Prevention Market Dynamics 
 
Drivers: 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. During the forecast period, the rise in start-up activity, the number 
of internet users, and the use of digital payment methods are all anticipated to support the 
expansion of the global fraud detection and prevention market. 
 
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. 
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billion-by-2028-Exclusive-Market-Research-Report-by-Markets-N-Research.html 
 
Opportunities: Rising demand for A.I. and machine learning in the banking sector 
 
The financial and banking sectors were early adopters of risk-prevention technologies. Due to 
the massive internet data exchanges, financial organizations are very vulnerable. By 2020, the 
number of Indians using online banking is expected to triple to 150 million, raising the 
danger of fraud, according to Facebook and BCG. Financial institutions are now focusing on 
both real-time fraud detection and financial risk mitigation. Systems for detecting fraud are 
developing as pattern recognition becomes more prevalent. Artificial intelligence has greatly 
improved thanks to machine learning technology, which can protect businesses from insider 
fraud and identify abnormalities in people who might leak data. The popularity of FDP 
solutions is increasing along with the demand for A.I. and machine learning. 
 
The authentication category is estimated to be the largest growth in the steam engine 
market during the forecast period 
 
The authentication category dominated the market. Businesses have long used authentication 
systems to protect sensitive data and consumer login information. As fraud efforts in 
customer-facing apps get more sophisticated, businesses rely on advanced authentication 
solutions like voice biometrics, single-factor authentication, and multi-factor authentication. 
 
Small and medium enterprise (SMEs) is estimated to be the largest growing market 
category during the forecast period 
 
The small and medium enterprises (SMEs) segment is projected to grow the fastest during the 
forecast period. The growth is mostly attributable to the rising need for security solutions, 
adapted by an expanding number of start-ups in countries like Germany, Canada, Brazil and 
Israel, among others. Due to an increase in fraudulent activities caused by the speeding up of 
digital transformation across industries, it is projected that the large enterprise market will 
experience considerable development in the years to come. 
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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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