One of the main factors propelling the market's expansion is the increased adoption rate of digitalization and IoT. The market for fraud detection and prevention devices is seeing increased demand as the amount of revenue lost to fraud rises. The market for fraud detection and prevention will have slower growth due to other important factors like the development of cloud technologies, the rise of online applications, and the expansion of mobile banking services. The market for fraud detection and prevention will expand more quickly due to the integration of big data analytics and the huge increase in business data output.
The payment fraud category in the fraud detection and prevention market is expected to be the fastest-growing segment during the forecast period
The payment fraud segment is projected to grow the fastest during the forecast period. Consumers' increasing preference for e-wallets and cashless payment methods has opened doors for scammers. Due to bugs or vulnerabilities in certain applications, fast access to banking and financial reserves can be possible. The requirement to patch all application vulnerabilities and the ability to identify such frauds in real-time are hence factors in the segment's growth.
BFSI category of the fraud detection and prevention market to record the highest CAGR from 2022 to 2028
BFSI is expected to account for the highest CAGR of the fraud detection and prevention market from 2022 to 2028. Due to the industry's rapid digitalization and electronification of processes, incumbents in the banking and financial services sector have become the preferred target for cybercriminals. Additionally, as more consumers access products like mutual funds, stockbroking, and insurance digitally through various touchpoints, businesses are forced to create preventive technologies to monitor fraud and their activities. Additionally, increasing identity theft and card fraud incidents worldwide encourage authentication solutions in this market.
The Asia Pacific is anticipated to grow at a significant rate in Fraud detection and prevention market share from 2022 to 2028
The Asia Pacific is the fastest-growing region in the fraud detection and prevention market. The region's businesses and governments have improved their security infrastructure due to digital acceleration. In Asian nations, several awareness programs for fraud prevention and detection are promoted as part of the security architecture. Due to the rise in fraud cases, businesses are predicted to employ advanced security solutions, favoring regional market expansion throughout the projection period. In addition, the pandemic outbreak sparked a spike in the use of digital services; this tendency is anticipated to continue beyond the pandemic. Several businesses in Asia Pacific switched to digital platforms to interact with their clients, raising the possibility of fraud.
Market Key Players:
Key players in the fraud detection and prevention market include Iovation Inc. (US), IBM Corporation (US), CardinalCommerce Corporation (US), Oracle Corporation (US), Experian PLC (Ireland), PayPal Holdings Inc. (US), Distil Networks Inc. (US), LexisNexis Risk Solutions Company (US), Accertify Inc. (US) and F5 Networks Inc. (US).