Fraud Detection and Prevention Market Industrial Forecast and Trends from 2017 to 2024: Global Market Insights Inc.
Fraud Detection and Prevention Market growth is presented in this latest research report that reviews industry growth drivers, trends, regional factors & companies as well as provides forecasts for next few years. 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 Traditional methods of fraud detection have been replaced by advanced techniques, which involve statistical modeling, data mining, and machine learning techniques, accentuating the fraud detection and prevention market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. 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 IPbased services, and Internet-based transactions are a few reasons augmenting the fraud detection and preventing market growth. The fraud detection and prevention market provides a variety of services, such as examining customer transactions, creation of a controlled atmosphere, fraud risk assessment, sharing of information, strategic consulting, communication, and detection of fraud, augmenting the industry growth. Huge costs involved in the 1|Page