Global Market Insights adds global Fraud Detection and Prevention Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
Asia Pacific is anticipated to grow at a fast rate over the forecast time span owing to factors such as fast-growing economies and rise in the awareness of small and medium scale enterprises. Countries, such as India and China, are deploying these fraud detection and prevention systems, which are mainly due to the growth in fraudulent incidents in this region owing to the rise in online payments and transactions.
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Fraud Detection and Prevention Market size is expected to grow rapidly as there is a need to restrict the rising fraud globally. Companies are more prone to fraudulent incidents, which result in huge financial losses. As the size of the enterprise increases, the amount of data also increases and its analysis becomes a complex task, which increases the risk of fraudulent activities. Hence, the demand for fraud detection and prevention market is growing at a fast rate as it assists in preventing this critical data from attacks.
Traditional methods of fraud detection have been replaced by advanced techniques, which involve statistical modeling, data mining, and machine learning techniques, accentuating the fraud detection and prevention market growth.
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Various occupational frauds experienced by the enterprises include physical asset theft, information theft, internal financial theft, and supplier or procurement frauds. The BFSI sector is the main area of focus of the fraudsters as they are engaged in huge monetary transactions and card payments. This makes the adoption of fraud detection and prevention market more important, preventing frauds by spotting them at an initial stage.
Fraud detection and prevention systems avert unauthorized access by verifying user identity and data integrity and thus preventing fraud accidents. Furthermore, with a rise in solutions, such as increased use of digital data mode, high usage of internet enabled devices, and cloud services, the vulnerability of enterprises toward fraud has increased rapidly, further fueling the fraud detection and prevention market demand.
Rising revenue losses faced by enterprises, industry-specific requirements, and rise in the cost of fraud are major factors driving the industry growth. Technological advancements and stringent laws are also booming the fraud detection and prevention market demand. The emergence of e-banking and e-commerce, high usage of IP-based services, and Internet-based transactions are a few reasons augmenting the fraud detection and preventing market growth.
The fraud detection and prevention market can be segmented on the basis of solutions, services, application, and industry verticals. Solutions can further be sub-segmented into fraud analytics and authentication. The fraud analytics include customer, predictive, social media, big data, and behavioral analytics. Authentication includes single-factor authentication and multi-factor authentication.
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