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TMCNet:  Fraud Detection and Prevention (FDP) Market, 2023 - Opportunities in the Rise in the Use of Digital Technologies and Digital Banking for Payments and Applying AI and ML for FDP

[December 05, 2018]

Fraud Detection and Prevention (FDP) Market, 2023 - Opportunities in the Rise in the Use of Digital Technologies and Digital Banking for Payments and Applying AI and ML for FDP

DUBLIN, Dec 5, 2018 /PRNewswire/ --

The "Fraud Detection and Prevention (FDP) Market by Solution (Fraud Analytics, Authentication, and Governance), Service, Application Area (Identity Theft, Payment Frauds, Money Laundering), Organization Size, Vertical, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

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The global fraud detection and prevention (FDP) market size is expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period.

Fraud is not a new term and has existed since the beginning of commerce. However, recent technological advancements have greatly affected the scope of this term, as the most advanced techniques and mechanisms being used by fraudsters for committing frauds are bringing huge losses to organizations. Organizations are facing fraud related risks both internally and externally. Moreover, the risks have become multi-faceted and can be monetary, regulatory, or reputational caused by fraud types such as Automated Clearing House (ACH) frauds, wire frauds, credit/debit card frauds, and identity thefts.

Hence, a new holistic approach for handling frauds must be devised by organizations. Frauds can happen through any medium and agent. Although necessary steps have been taken by most of the organizations to prevent various kinds of frauds, a few companies are still not deploying preventive measures despite being completely aware of the risks they can face. The preventive measures and strategies to restrict occupational frauds are not adequately devised by organizations. Hence, organizations must define new mechanisms to manage insider threats for preventing any fraudulent activity by internal employees of organizations, who have access to the vital portfolios and data assets of organizations.

Technological advancements, penetration of digital technologies, and Bring Your Own Device (BYOD) trend in organizations have greatly influenced work practices and led to an unprecedented rise in data volumes. These factors have led to the adoption of automatic software-based applications for analyzing data in real time, which have replaced the traditional data mining applications and tools. This, in turn, the need to update legacy manual fraud detection methods. Hence, FDP vendors are coming up with new varieties of FDP solutions to detect and prevent all types of frauds committed by fraudsters.

Organizations are rapidly adopting FDP solutions due to the increasing number of fraudulent cases resulting in heavy financial losses. Governments across the globe are also enforcing stringent rules and regulations. These solutions provide a strong defense against unforeseen fraud incidents and help detect and prevent their occurrences, driving the growth of the FDP market. Moreover, the rise in the use of digital technologies and digital banking for payments and application of Artificial Intelligence (AI) and Machine Learning (ML) algorithms for FDP would provide huge opportunities for FDP vendors to expand their offerings and product portfolios for enterprises. However, the huge costs associated with deploying FDP solutions, the dearth of skilled security professionals to deal with fraudulent activities, and the lack of integration capabilities with the legacy systems are hindering the growth of the FDP market.

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Segmentation
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Assumptions for the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Fraud Detection and Prevention Market
4.2 Global Market, By Country, 2018
4.3 FDP Market, By Solution, 2018
4.4 Market Investment Scenario

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Revenue Losses Due to Frauds
5.2.1.2 Increase in the Frequency and Sophistication of Cyber Frauds and Attacks
5.2.1.3 Growing Use of Electronic Transactions
5.2.2 Restraints
5.2.2.1 Unavailability of Skilled Security Professionals to Deal With Fraudulent Activities
5.2.2.2 Lack of Integration Capabilities
5.2.3 Opportunities
5.2.3.1 Rise in the Use of Digital Technologies and Digital Banking for Payments
5.2.3.2 Applying AI and ML for FDP
5.2.4 Challenges
5.2.4.1 Increasing Difficulty in Detecting Fraudulent Activities at an Early Stage
5.2.4.2 Huge Cost Associated With Deploying FDP Solutions
5.3 Industry Trends
5.3.1 Use Case #1: Dataiku and Santeclair
5.3.2 Use Case #2: Threatmetrix and Kabbage
5.3.3 Use Case #3: Lexisnexis and Safe Federal Credit Union (Safe FCU)
5.3.4 Use Case #4: Bae Systems and Insurance Fraud Bureau (IFB)
5.3.5 Use Case #5: ACI Worldwide and Canadian Banks
5.3.6 Use Case #6: Experian and Orange (Telecom Company)
5.3.7 Use Case #7: Kount and Bodybuilding.Com
5.4 Innovation Spotlight
5.4.1 Latest FDP Innovations

6 Fraud Detection and Prevention Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Increasing Fraudulent Acivities to Drive the Adoption of Fraud Detection and Prevention Solutions
6.3 Services
6.3.1 Adoption of Services Driven By Organizations' Need to Deploy Fraud Detection and Prevention Solutions

7 Fraud Detection and Prevention Market, By Solution
7.1 Introduction
7.2 Fraud Analtyics
7.2.1 Predictive Analytics
7.2.1.1 Predictive Analytics Solutions Help Identify Potential Threats, Payment Frauds, Frauds in Insurance Processes, and Credit/Debit Card Frauds
7.2.2 Descriptive Analytics
7.2.2.1 Descriptive Analytics Involves Interpretation of Historical Data to Yield Useful Information
7.2.3 Social Media Analytics
7.2.3.1 Social Media Analytics Tools Help Identify Suspicious Patterns Through Specialized Algorithms for Effective Fraud Detection and Prevention
7.2.4 Big Data Analytics
7.2.4.1 Need for Advanced Analytical Solution That Proactively Defends Against Fraudulent Activities to Drive the Adoption of Big Data Analytics Solutions
7.3 Authentication
7.3.1 Single-Factor Authentication
7.3.1.1 Need for Simple and Less Complex Form of Authentication Solution to Boost the Growth of SFA
7.3.2 Multi-Factor Authentication
7.3.2.1 The Demand for Mfa to Secure the Data and Information Against Frauds to Provide Massive Opportunities to Mfa Solution Providers
7.3.3 Risk-Based Authentication
7.3.3.1 Need to Analyze Risk Levels and Apply Stringent Authentication Processes to Boost the Growth of Rba Solutions
7.4 Governance, Risk, and Compliance
7.4.1 Enterprises Widely Adopting Governance, Risk, and Compliance Solutions to Ensure the Fraud Management Systems are Up-To-Date
7.5 Others

8 Fraud Detection and Prevention Market, By Service
8.1 Introduction
8.2 Professional Services
8.2.1 Consulting Services
8.2.1.1 Consulting Services Help Optimize Organizations' Ability to Consume, Analyze, and Apply FDP Solutions to Protect Their Assets
8.2.2 Training and Education
8.2.2.1 Lack of Skilled Security Professionals Driving the Adoption of Training and Education Services
8.2.3 Support and Maintenance
8.2.3.1 Support and Maintenance Service Providers Help Enterprises in Providing Installation, Maintenance, and Other Support Activities
8.3 Managed Services
8.3.1 Managed Services Gaining Popularity as They Help Organizations Meet the Compliance Needs

9 Fraud Detection and Prevention Market, By Application Area
9.1 Introduction
9.2 Identity Theft
9.2.1 Fraud Detection and Prevention Solutions Actively Implemented By Enterprises to Prevent Theft of Identities for Financial Crime
9.3 Payment Fraud
9.3.1 Electronic Payment Fraud
9.3.1.1 Growing Popularity of Online Money Transactions, Electronic Payment Frauds has Become A Serious Issue
9.3.2 Mobile Payment Fraud
9.3.2.1 Adoption of Digital Payment Modes Acting as A Major Driving Factor for the Mobile Payment Fraud Solutions
9.3.3 Credit and Debit Card Fraud
9.3.3.1 Increasing Credit and Debit Card Transactions and Growing Fraudulent Activities in This Segment to Drive the Adoption of FDP Solutions
9.4 Money Laundering
9.4.1 to Prevent Money Laundering, Governments Across the World are Adopting New Laws and Regulations
9.5 Others

10 Fraud Detection and Prevetion Market, By Deployment Mode
10.1 Introduction
10.2 Cloud
10.2.1 Organizations to Avoid Costs Related to Hardware, Software, Storage, and Technical Staff By Using Cloud-Based Fraud Detection and Prevention Solutions
10.3 On-Premises
10.3.1 Need to Secure the In-House Applications, Platforms, and Systems Against Operational Frauds to Fuel the Demand for On-Premises FDP Solutions

11 Fraud Detection and Prevention Market, By Organization Size
11.1 Introduction
11.2 Small and Medium-Sized Enterprises
11.2.1 Growing Fraudulent Activities in Small and Medium-Sized Enterprises Encouraging Them to Deploy Fraud Detection and Prevention Solutions
11.3 Large Enterprises
11.3.1 Rise of Financial Losses and Hefty Fines for Regulatory Incompliance to Boost the Adoption of Fraud Detection and Prevention Solutions Among Large Enterprises

12 Fraud Detection and Prevention Market, By Vertical
12.1 Introduction
12.2 Banking, Financial Services, and Insurance
12.2.1 Growing Threat to Monetary Transactions Encourages Organizations to Deploy Fraud Detection and Prevention Solutions
12.3 Retail
12.3.1 Rising Demand for Ecommerce Transactions and Increasing Fraudulent Transactions to Boost the Growth of the Retail Vertical
12.4 Telecommunication
12.4.1 Huge Amount of Confidential Data of Customers Encourages the Organiztions to Implement Fraud Detection and Prevention Solutions for Averting Any Frauds
12.5 Government/Public Sector
12.5.1 Increase in Bribery, Corruption and Data Theft Enables the Government Institutions to Impart Fraud Detection and Prevention Solutions on A Large Scale
12.6 Healthcare
12.6.1 Threat Over Sensitive Information of Patients, Doctors, and Hospital History to Contribute to the Growth of Fraud Detection and Prevention Solutions in the Healthcare Vertical
12.7 Real Estate
12.7.1 Growing Rental Frauds, Identity Thefts, and Mortgage Frauds to Spur the Demand of Fraud Detection and Prevention Solutions in the Real Estate Vertical
12.8 Energy and Power
12.8.1 Frauds Over Billing and Loading, Tax and Supply to Fuel the Demand for Fraud Detection and Prevention Solutions in the Energy and Power Vertical
12.9 Manufacturing
12.9.1 Increasing Check Tampering, Money Laundering, and Asset Misappropriation Frauds to Increase the Adoption of Fraud Detection and Prevention Solutions in the Manufacturing Vertical
12.10 Others

13 Fraud Detection and Prevention Market, By Region
13.1 Introduction
13.2 North America
13.2.1 United States
13.2.1.1 Increasing Investments in FDP Solutions By Various Verticals to Prevent Frauds Will Drive the Overall Growth of the Market
13.2.2 Canada
13.2.2.1 Government Initiatives to Safeguard Network Systems Against Frauds Will Boost the Growth of FDP Market in Canada
13.3 Europe
13.3.1 United Kingdom
13.3.1.1 Growing Trend of Byod and Increased Use of Applications in Enterprises and Threat to Organizational Data Will Drive the Growth of FDP Market in United Kingdom
13.3.2 Germany
13.3.2.1 Rising Use of Online Transactions and Threat to Confidential Information Will Enhance the FDP Market Growth in Germany
13.3.3 Rest of Europe
13.4 Asia Pacific
13.4.1 China
13.4.1.1 Increasing Need to Secure APIS, Mobile Apps and Websites From Fraudsters Will Contribute to the Growth of FDP Market in China
13.4.2 Japan
13.4.2.1 Rise in the Number of Potential Frauds Due to High Internet Penetration Will Fuel the Growth of FDP Market in Japan
13.4.3 India
13.4.3.1 Growing Adoption of FDP Solutions Due to Rise of Mobile Applications Use, Digitalization of Various Services and Rise in Fraud Attacks Will Make the 0rganizations to Adopt FDP Solutions on A Large Scale
13.4.4 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Middle East
13.5.1.1 Increasing Frauds Across Energy and Power and BFSI Vertical Will Drive the FDP Market Growth in Middle East
13.5.2 Africa
13.5.2.1 Hefty Financial Losses Due to Fraudulent Attacks Across the Organizations Will Contribute to the Growth of FDP Market in Africa
13.6 Latin America
13.6.1 Brazil
13.6.1.1 Increasing Investements By SMEs and Large Enterprises Due to Growing Frauds Across Endpoints, Networks, and Applications Will Drive FDP Market Growth in Brazil
13.6.2 Mexico
13.6.2.1 Increasing Fraud Attacks on BFSI, Healthcare, Manufacturing, and Retail Verticals Will Drive FDP Market Growth in Mexico
13.6.3 Rest of Latin America

14 Competitive Landscape
14.1 Overview
14.2 Competitive Scenario
14.2.1 Partnerships, Agreements, and Collaborations
14.2.2 New Product Launches/Product Enhancements
14.2.3 Mergers and Acquisitions
14.2.4 Business Expansions

15 Company Profiles
15.1 Fico
15.2 IBM
15.3 Fiserv
15.4 FIS Global
15.5 ACI Worldwide
15.6 Bae Systems
15.7 Experian
15.8 Lexisnexis Risk Solutions
15.9 Iovation
15.1 Friss
15.11 Nice
15.12 DXC Technology
15.13 Dell Technologies
15.14 SAS Institute
15.15 SAP
15.16 First Data
15.17 Wirecard
15.18 Software AG
15.19 Easy Solutions
15.20 Distil Networks
15.21 Guardian Analytics
15.22 Kount
15.23 Securonix
15.24 Maxmind
15.25 Simility

For more information about this report visit https://www.researchandmarkets.com/research/zqpnw4/fraud_detection?w=5

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