MarketsandMarkets forecasts the Fraud Detection and Prevention Market size to grow from USD 20.9 billion in 2020 to USD 38.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.8% from 2020 to 2025. Increased in the adoption rate of digitalization and IoT and increase in the revenue loss due to fraud to boost the growth of FDP market across the globe during the forecast period.
By component, Solutions segment to hold the largest market size during the forecast period
The growth in the FDP solutions industry is associated with the increasing number of ransomware and endpoint breaches, and the growing cloud environment. FDP solutions built on ML algorithms, such as deep learning, neural network, and support vector machines, are capable of providing defense against those threats whose patterns and signatures are not available. The adoption of FDP solutions is growing; consequently, which boosts the adoption of FDP services. These services are enabling enterprises to safeguard their on-premises systems, data centers, cloud, and virtualized environments.
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In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
According to Flexera, a computer software company, enterprises are set to spend around 15-16% of their revenue into cloud hosting services by 2020. Another study by Cisco stated that “53% of organizations host at least 50% of their infrastructure in the cloud.” The investment in cloud services and shifting of businesses from traditional to cloud are expected to accelerate the adoption of cloud-based solutions and services by enterprises. Owing to the increasing pace of digitalization, security breaches and fraud cases especially identity theft and online fraud has also increased. These increasing trend of eCommerce and online retail and digital payments has increased the adoption rate of online FDP solutions among end-user verticals to combat with fraud and compliance intruders.
The FDP market includes major vendors, such as BAE Systems (UK), Nice Actimize(US), FICO (US), LexisNexis(US), TransUnion(US), Kount (US), Software AG(Germany), RSA Security(US), Fiserv(US), FIS (US), NCR Corporation (US), Capgemini SE(France), Splunk (US), DXC Technologies (US), ACI Worldwide(US), Experian(Ireland), DataVerify(US), SecuroNix (US), Accertify (US), Feedzai (US), CaseWare (Canada), Jumio (US), CardinalCommerce(US), Fcase (US), FRISS(Netherland), MaxMind (US), Gurucul (US), Datavisor (US), Digital Resolve (US). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the FDP market.
BAE Systems was founded in 1999 and is headquartered in London, UK. The company operates in five different business segments, which include electronic systems, cyber and intelligence, platforms and services, air, and maritime. It develops and delivers advanced defense and aerospace systems for air force, military, and naval forces. Its electronic systems segment offers Electronic Warfare (EW) systems, Electro Optical (EO) sensors, commercial digital engines, military communication systems, and data links. It offers a range of products to various military platforms and advanced electronics, IT, and customer services. Some of the key subsidiaries of BAE Systems are BAE Systems Integrated System Technologies, BAE Systems Maritime (Submarines), and BAE Systems Military Air and Information. For fraud detection and prevention, BAE Systems provides the NetReveal compliance solutions suite recognized as a best-in-class solution for AI in financial services for workflow and automation. The fraud detection and prevention service of BAE Systems includes the NetReveal OnDemand (NROD) solution, which is a holistic hosted ‘as-a-Service’ solution that can reduce IT spend and minimize system maintenance. The unique Anti-Money Laundering (AML) service includes all things from preparing and ingesting data from varying sources to hosting, configuration, and tuning and management of the AML system, which is also considered to be world-class for AML. BAE Systems has a presence in the KSA, UK, US, Australia, and India.
Founded in 1999 and headquartered in New Jersey, US, NICE Actimize is the largest provider of financial crime, and risk and compliance solutions for regional and global financial institutions, as well as government regulators. More than 100 of the worlds top global financial institutions and regulatory bodies rely on NICE Actimize to increase their insights into real-time customer and employee behavior, transactions, and activities. As a result, these organizations have reduced and prevented financial crime activities, minimized money laundering exposure, increased investigator efficiency, and improved regulatory compliance and oversight. NICE Actimize helps financial institutions detect and prevent frauds, manage regulatory compliance, and quickly and accurately identify money laundering threats, protecting them from financial crime, regulatory, and reputational risks. Its solutions provide institutions a clear, holistic, and consolidated view of risks across the enterprise. They also provide an innovative, flexible technology that enables enterprises to efficiently resolve issues and keep up with the rapidly changing regulatory landscape.
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With the sudden rise in digital payments in the COVID-19 era, we also see a rise in fraudulent activities by cybercriminals. In this ongoing pandemic situation, payment options, such as online payments, Unified Payments Interface (UPI), wallets, and Unstructured Supplementary Service Data (USSD), are vulnerable to several fraudulent and cyberattacks that are lucrative targets for fraudsters. Different types of frauds, such as mandate frauds, CEO frauds, round-the-corner threats, cargo thefts, and procurement frauds, have increased during this pandemic time. Organizations can think to invest in next-level authentication methods that include ML, behavioral biometrics, real-time monitoring of frauds, and blockchain to get themselves and their customers safeguarded from fraudulent attacks. According to a recent article by PwC, organizations need to prepare the following five things in this pandemic situation: prepare for extended remote working, educate the workforce on threats, communicate across the entire stakeholder group including vendors, third parties and other business partners, and sharpen the fraud detection program.
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