According to a new report, published by KBV research, The Global Fraud Detection and Prevention Market size is expected to reach $103.89 billion by 2031, rising at a market growth of 18.2% CAGR during the forecast period.
The Solution segment dominated the Global Fraud Detection and Prevention Market by Component in 2023; thereby, achieving a market value of $61.02 billion by 2031. The growing adoption of digital transactions, online banking, and e-commerce has made organizations more vulnerable to sophisticated fraud schemes, prompting them to invest in advanced software solutions. Technologies like big data analytics, machine learning, and artificial intelligence (AI) are important enablers that let fraud detection systems evaluate enormous volumes of data quickly and precisely, lowering false positives and improving detection accuracy.
The SMEs segment is experiencing a CAGR of 19.7% during (2024 - 2031). The SMEs segment is driven by the increasing digitization of business operations, including the widespread adoption of e-commerce platforms, digital payments, and online services. As SMEs become more integrated into the digital economy, they face rising cyber fraud threats and financial crimes. Recognizing the potential financial and reputational damage from fraud, SMEs increasingly invest in affordable, scalable, easy-to-implement fraud detection solutions. Cloud-based FDP systems and managed services appeal to SMEs, offering cost-effective access to advanced fraud prevention technologies without requiring significant upfront investment or in-house expertise.
The Payment Fraud segment is leading the Global Fraud Detection and Prevention Market by Application in 2023; thereby, achieving a market value of $41.75 billion by 2031. The surge in mobile payments, contactless transactions, and cross-border e-commerce has increased vulnerabilities, making businesses more susceptible to fraudulent payment activities such as unauthorized transactions, phishing, and card-not-present (CNP) fraud. As a result, organizations are investing in advanced fraud detection technologies that offer real-time transaction monitoring, AI-powered analytics, and machine learning algorithms to quickly identify and prevent payment fraud.
The Retail & E-commerce segment exhibits a CAGR of 16.8% during (2024 - 2031). Telecom operators and IT service providers are adopting fraud management systems to ensure the security of customer accounts and protect their networks from unauthorized access. These industries are motivated to invest in sophisticated fraud detection and prevention technologies by increasing demand for secure communication services and stringent data privacy regulations such as GDPR and CCPA.
Full Report: https://www.kbvresearch.com/fraud-detection-and-prevention-market/
The North America region dominated the Global Fraud Detection and Prevention Market by Region in 2023; thereby, achieving a market value of $36.03 billion by 2031. The Europe region is expected to witness a CAGR of 17.7% during (2024 - 2031). Additionally, The Asia Pacific region would register a CAGR of 19% during (2024 - 2031).
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