Fraud Detection & Prevention Market 2022 Business Scenario | Key players - IBM Corporation, BAE Systems, SAP SE, Oracle Corporation

iCrowd Newswire
25 Jan 2022, 04:32 GMT+10

The global fraud detection & prevention market was estimated at $15.83 billion in 2017 and is expected to reach $40.61 billion by 2023, growing at a CAGR of 17% from 2017 to 2023. The report offers a detailed analysis of the top winning strategies, top investment pockets, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

Key industry players - ACI Worldwide, BAE Systems, SAP SE, IBM Corporation, Oracle Corporation, and others.

The emergence of big data analytics, rise in demand for cloud-based security solutions and rapid increase in mobile banking fuel the growth of the global fraud detection & prevention market. On the other hand, the high cost of fraud detection and prevention solutions hamper the growth to a certain extent. Nevertheless, need for strong authentication methods is expected to create a number of opportunities for the key players in the industry.

Based on geography, North America accounted for more than one-third of the total market revenue in 2017 and is projected to rule the roost by 2023. At the same time, the Asia-Pacific region would grow at the fastest CAGR of 18.2% throughout 2017–2023.

Based on service, the professional service segment held the major share in 2017, generating more than half of the total market. The managed service, on the other hand, would cite the fastest CAGR of 17.4% during the estimated period.

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Based on the solution, the authentication segment contributed to nearly three-fifths of the total market share in 2017 and is expected to retain its top status throughout the forecast period. Simultaneously, the fraud analytics segment would showcase the fastest CAGR of 17.7% till 2023.

Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Tags: Big Data Analytics, Fraud Detection & Prevention Market, Cloud Computing Services, fraud detection