Fraud Detection and Prevention Market - Worldwide Forecasts and Analysis (2014 - 2019)

From: Fast Market Research, Inc.
Published: Mon Jan 12 2015

Fraud Detection and Prevention Market by Solution (Fraud Analytics, GRC Solution, Authentication Solution (Single-Factor, Multi-Factor/ Strong), Reporting and Visualization Tool) - Worldwide Forecasts and Analysis (2014 - 2019)

Fraud detection and prevention solutions and services are the offerings from IT vendors which helps enterprises to take counter measures to fight fraud incidents and occurrences. These solutions detect fraud incidents and prevent enterprises from losing revenue. This report fraud detection and prevention solutions refer to the IT solutions, systems and services which are used to analyze the data and find anomalies and patterns (to find deterrence from usual course) and the solutions which regulate user access by verification and authentication along with the services helpful in the ecosystem.

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With time the number of fraud cases are increasing but the major concern is that the losses caused by these incidents are increasing at higher growth rate. Enterprises in such circumstances are being enforced to take counter measures. Industries having transactions which (mostly monetary transactions) are prime target of fraudsters. Banking, financial sector, insurance, and public sector are among such industries and hence demand for these solutions is significantly high in these industries. Retail, telecommunications, manufacturing, transportation, real estate, healthcare and education are other industries where penetration is observed to be high.

Rise in online transactions frauds, cards related frauds and insurance claim frauds are the prime factors which are driving growth rates in banking and financial services, insurance, and retail sectors. As per the study, authentication would remain major revenue generating pocket but fraud analytics would be rising at higher growth rate. High growth rate in SMEs will drive the growth rates in region Asia-Pacific followed by Latin America.

Major challenges in this market include low awareness level of fraud possibilities in SMEs, high costs of deployments, and unavailability of pre deployment measures of performance. Though awareness level in SMEs is increasing and the impact of this factor will decrease in due course of time but the cost and pre deployment measures would remain primary concern in the market.

For the market sizing and forecasting, several assumptions have been taken into consideration such as economic, regulatory, and technological. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.

The report will help the market leaders/new entrants in this market in the following ways -

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