Fraud Detection and Prevention Global Market Report 2022: Role of Machine Learning in Fraud Detection Gaining Prominence

DUBLIN, July 11, 2022 /PRNewswire/ — The “Fraud Detection and Prevention – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

The global market for Fraud Detection and Prevention estimated at US$19.5 Billion in the year 2020, is projected to reach a revised size of US$46.4 Billion by 2026, growing at a CAGR of 14.8% over the analysis period.

Global Fraud Detection and Prevention Market to Reach $46.4 Billion by 2026

The global fraud detection and prevention market is heading for impressive gains on account of rising incident and sophistication of frauds coupled with continuing focus on the use of latest technology to timely detect the fraud activity. A fraud represents an illegal act intended to obtain consumer data or credential for specific gains, mainly monetary.

Fraud detection and prevention solutions are software applications that offer sophisticated analytical tools to detect and prevent fraud in real-time. These tools analyze data from different sources to identify anomalous patterns by detecting doubtful trends, transactions and situations. Fraud detection and prevention tools verify user identity, maintain data integrity and prevent unauthorized access to data.

These platforms have gained considerable attention in the recent years due to increasing digitalization, popularity of online or Internet banking, advent of cloud services, and growing sophistication of frauds. Rising concerns pertaining to high incident of frauds and associated considerable loss of revenue for organizations are creating new avenues for fraud detection and prevention solutions. The market growth is favored by financial crimes, cyber-attacks and digital frauds that are making it extremely challenging for businesses to grow while maintaining consumer trust.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Digital Transformation of Businesses and Need to Ensure Security of Sensitive Data to Spur Market Demand
Global Digital Data Created (In Zettabytes) for the Years 2015, 2020, 2025, and 2030
Digital Transformation Accelerates Demand for Tools to Safeguard Enterprise Data: Global Digital Transformation Spending (In US$ Billion) for 2017-2023
Rise in Moneylaundering Cases Drives the Uptake of Fraud Detection and Prevention Solutions
Rising Incidences of ATOs & Phishing Emails Augment Fraud Detection Demand
Booming e-Commerce Industry Aggravates the Risk of Fraud
Global e-Commerce Opportunity (In US$ Billion) for Years 2018, 2020, 2022 & 2024
Types of E-Commerce Frauds
COVID-19 Pandemic Elevates Opportunities
Global B2C eCommerce Sales in US$ Trillion for the Years 2017, 2019, 2021 and 2023
Global eCommerce Market as a % of Retail Sales for the Period 2017, 2019, 2021 and 2023
Rise of Digital Banking Brings Out BFSI as the Largest Spender on Fraud Prevention
Global Digital Banking Opportunity (In US$ Billion) for Years 2018, 2020, 2022 and 2024
Global Digital Transaction Value (In US$ Billion) for Years 2018, 2020, 2022 and 2024
Global Internet Users in Billion for the Years 2014 through 2020
Risk Analysis in Real-Time to Thwart Frauds in Banking Sector
Increase in the Use of Artificial Intelligence and Machine Learning in Banking Sector to Boost Fraud Detection and Prevention Market
Anomaly Detection: An Overview
Cumulative Global Online Fraud (In US$ Billion) Between 2020 to 2024 by Region
Growing Global IoT Ecosystems Pushes Up the Risk of Fraud
Global Number of IoT Connected Devices (In Billion) for the Years 2016, 2018, 2020, 2022 & 2025
Opportunity Indicator: Global Spending (In US$ Billion) on IoT for the Years 2019, 2020, 2021, 2022 & 2024
IoT Enabled Fraud, a Major Concern for Merchants in the Current Scenario
Data Analytics & AI Helps Crack Down on Fraud Detection
Blockchain for Fraud Prevention: A New & Potent Weapon in the Making
Blockchain’s Powerful Fraud Prevention Features
AI Set to Raise the Bar in Fraud Detection
Businesses Increasingly Adopt Customer-centric Fraud Prevention Techniques
Increasing Volume of Non-cash Payment/Transaction Volumes Drive Uptake of Fraud Detection and Prevention Market
Is COVID-19 Scenario Making Payment Space to Bid Adieu to Cash Payments?
More Payment Options
Rise in Application of Hybrid Analytical Approaches
Healthcare Networks Confront Growing Threat of Cyberattacks
Fraud Protection Software for eCommerce Businesses and the Travel Industry
Role of Machine Learning in Fraud Detection Gaining Prominence