Fraud Detection and Prevention Market Overview, Cost Structure Analysis, Growth Opportunities, and Forecast until 2029 | Fiserv (US), FIS Global (US), LexisNexis Risk Solutions (US), BAE Systems (UK), TransUnion (US), Experian (Ireland), Nice Actimize (US

Fraud Detection and Prevention Market by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Managed and Professional)), Fraud Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2028

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The key vendors in the global FDP market include Fiserv (US), FIS Global (US), LexisNexis Risk Solutions (US), BAE Systems (UK), TransUnion (US), Experian (Ireland), Nice Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), Neustar (US), F5 (US), Ingenico (France), AWS (US), Bottomline Technologies (US), ClearSale (Brazil), Genpact(US), Kount (US), Securonix (US), Accertify (US), Feedzai (Portugal), Caseware (Canada), PerimeterX (US), OneSpan (US), Signifyd (US), BioCatch (Israel), FRISS (Netherlands), MaxMind (US), DataVisor (US), Cleafy (Italy), Gurucul (US), Pondera Solutions (US), Riskified (US), Alloy (US), Castle (US), Sift (US), NoFraud (US), Featurespace (UK), Enzoic (US), Merlon AI (US), Kubient (US), SpyCloud (US), SEON (Hungary), Nethone (Poland), Trustcheckr (India), Deduce (US), Incognia (US), and Resistant AI (Czech Republic).

"The market expansion in FDP is driven by the growing adoption of cutting-edge technologies, such as batch processing, streaming analytics, and predictive analysis, which enable real-time fraud detection. Additionally, there is a rising demand to protect small and medium-sized enterprises (SMEs) from fraudulent activities, further contributing to the market growth will boost the overall development of the FDP market."

The global FDP market size is projected to grow from USD 27.7 billion in 2023 to USD 66.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. The market growth in FDP is fueled by factors such as increased use of digital technologies and IoT across industries, rising revenue losses and chargebacks due to fraud, and the adoption of fraud analytics and risk-based authentication solutions to combat fraud. These driving forces highlight the growing demand for advanced solutions to protect businesses from emerging threats, mitigate financial losses, and enhance fraud detection capabilities.

"By the BFSI segment, the banking and finance segment holds the largest market size."

The banking and finance sector holds the largest FDP market as it holds sensitive information about employees, customers, assets, offices, branches, and operations. Owing to the number of transactions (monetary and data-centric), the number of transactions, technological advancements, and digitalization of the financial sector, the possibility of fraud in this vertical is increasing significantly. The BFSI vertical faces internal and external fraud threats, such as card skimming, SMS phishing, social engineering, viruses and trojans, identity thefts, spyware and adware, website cloning, and cyberstalking. To avert these attacks, regulatory bodies worldwide have devised several regulations for organizations to achieve optimum security for customers and organizations' data.

Fraudsters and hackers are trying updated and advanced technologies to steal the credentials to access the (unauthorized) networks and systems. Therefore, banking and financial service providers spend millions of dollars updating their plans with the latest security measures.

"By verticals, the healthcare segment registered the highest CAGR during the forecast period."

The healthcare industry exhibits the highest CAGR in the FDP market. The healthcare vertical includes companies that generate and commercialize healthcare goods and services. Medical and pharmaceutical OEMs, health insurance firms, and private and public healthcare organizations are considered in the healthcare vertical. It also possesses data related to doctors, patients, staff, and administrators, which is personal and highly confidential. Owing to this vertical's sensitive information, this industry is becoming one of the prime targets for fraudsters. In the past, healthcare organizations either did not use anti-fraud measures or used them on a small scale. In recent times, as collateral and monetary losses have been increasing, spending in the global healthcare vertical has also been growing. The most common frauds in this vertical are excessive billing for services and items, fake drugs, and influenced prescription of medicines and other medical amenities. These fraudulent activities result in revenue loss and the loss of lives in the healthcare vertical.

"By services, the professional services segment will grow at the largest market size during the forecast period."

Professional services play a vital role in the FDP solution ecosystem. As these services are complex, service providers must possess high technical skills and expertise. Several FDP solution market vendors offer professional and consulting services based on client-specific requirements. They provide educational support, such as training and classroom lectures (online and offline), to help clients understand their solutions and related processes. They assess the risks associated with any project and help deploy better and enhanced FDP solutions or replace existing ones. The professional services segment is estimated to hold a higher FDP services segment market share.

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Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall FDP market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

Research Coverage

The report segments the FDP market and forecasts its size by offering (solutions and services),solutions (fraud analytics, authentication, GRC), services(professional services and managed services), deployment (on-premise and on-cloud), organization size (large enterprise and SMEs), type (check fraud, identity fraud, insider fraud, investment fraud, payment fraud, insurance fraud, friendly fraud, and other types), BFSI (banking and finance and insurance), vertical (BFSI, retail and eCommerce, government, healthcare, manufacturing, travel and transportation, real estate, telecommunication, and other verticals), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

This release was published on openPR.