Fraud Detection and Prevention Market is expected to reach USD 117.01 billion by 2030
The increasing government initiatives to combat fraudulent activities drive the growth of the fraud detection and prevention market.
The Global Fraud Detection and Prevention Market is valued at USD 29.99 billion in 2023, and is expected to reach USD 117.01 billion by 2030, with a CAGR of 16.5% from 2024 to 2030, according to new research by Next Move Strategy Consulting.
The growth of the fraud detection and prevention market is significantly propelled by the increasing initiatives taken by governments worldwide to combat fraudulent activities. Governments increasingly recognize the economic and societal impact of fraud, which spans across sectors, such as finance, healthcare, public services, and others.
In response to these growing concerns, governments are implementing various measures, including stricter regulations, increased oversight, and the promotion of advanced technologies, such as artificial intelligence (AI) and data analytics.
For instance, in January 2022, the U.K. launched its first Government Cyber Security Strategy to protect essential services and data on which citizens rely, including housing benefits, voter registration, electoral management, school grants, and social care provision.
These initiatives raise awareness about the importance of fraud detection and prevention and create a favorable environment for businesses to invest in innovative fraud prevention solutions. As a result, the fraud detection and prevention market is experiencing substantial growth, driven by government-led efforts and the heightened awareness of the need to protect against fraud in today's digital age.
Furthermore, the increase in cyber-attacks by hackers and data miners, which can disrupt computers, steal data, or exploit a compromised computer as a base for further attacks, intensifies the need for fraud detection and prevention. Cybercriminals employ diverse tactics for launching cyber-attacks, such as malware, phishing, ransomware, denial of service, and other techniques. There is a consistent demand for fraud detection and prevention solutions to counter these types of attacks.
However, the high cost of fraud detection and prevention solutions is restraining the growth of the market. On the contrary, the introduction of artificial intelligence (AI) and machine learning (ML) create a new era of opportunity for the fraud detection and prevention market. These advanced technologies have revolutionized how businesses and organizations combat fraudulent activities, offering a proactive and highly-effective approach to identifying and mitigating risks.
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According to the report, the leading market players in the fraud detection and prevention market include IBM Corporation, Thales Group, Oracle Corporation, SAP SE, BAE Systems, F5, Inc., SAS Institute, Inc., NICE Actimize, Ltd., Fair Isaac Corporation (FICO), ACI Worldwide, Inc., and others.
For instance, in June 2023, Oracle launched new cloud-native services to help banks manage risk and strengthen their finance and risk management processes. This service empowers banks with full balance sheet and income statement modeling, allowing them to model any financial instrument in any currency down to the transaction level. It accomplishes this through a high-performance, scalable, and common cash flow engine.
Also, in April 2023, IBM launched the IBM Security QRadar Suite, which provides cutting-edge tools to counter ever-evolving security challenges and elevate cybersecurity strategies. It integrates essential components, including threat detection, investigation, and response technologies, underscoring IBM's substantial commitment to pioneering solutions.
In addition, in March 2023, F5, Inc. announced a partnership with Visa, a global payments technology company, to empower merchants to create a secure, personalized, and seamless online experience for their customers. This aims to enhance the beginning of the customer's online journey, providing them with a frictionless shopping experience while ensuring the security of their transactions. This partnership aims to simplify authorizations and reduce credit card fraud by implementing F5's cybersecurity solutions and Visa's payment expertise.
Key Insights from the Fraud detection and prevention market Report:
The information related to key drivers, restraints, and opportunities and their impact on the fraud detection and prevention market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of key players in the global fraud detection and prevention market along with their competitive analysis are provided in the report.