Fraud Detection And Prevention Market Size Worth $62.70 Billion By 2028: Grand View Research, Inc.
Grand View Research, Inc. , 20 May 2021
The global fraud detection and prevention market size is expected to reach USD 62.70 billion by 2028, registering a CAGR of 15.4% over the forecast period, according to a new report by Grand View Research, Inc. Rise in incidences of mobile payment frauds, phishing, and card frauds, and their subsequent impact on businesses and resultant financial losses are anticipated to drive market growth over the forecast period. Digital transformation is the new buzzword, as businesses transform the way they interact with their customers. However, increased digitization has also exposed businesses to online frauds and scams.
Key suggestions from the report:
An increase in the number of fraudulent activities reported worldwide and increased reliance on online transactions will create opportunities for market growth. The solution segment is expected to register a CAGR exceeding 10.0% from 2021 to 2028. The need to identify behavior or patterns associated with fraudulent activities among enterprises is a key factor expected to favor the segment growth. The proliferation of analytic tools to detect threats or anomalies in organization data is expected to favor fraud analytical solutions growth
Consistent internet access has paved way for digital transactions. However, cyber frauds becoming rampant at an alarming rate has led to the increased demand for fraud detection solutions to curb payment fraud incidences. Larger enterprises have the spending capacity to secure customer as well as business data, and this has resulted in the segment capturing the highest market share in 2020. However, with fraud activities occurring at an alarming frequency, small- & medium-sized enterprises are also expected to increase spending on security solutions over the forecast period.
North America has always been at the forefront of technology developments and digitization of processes. Therefore, the region captured the highest market share in 2020, with increased demand from several tech companies in the region
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