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Fraud Detection and Prevention (FDP) Market Size

Report ID: GMI1775
Published Date: Dec 2022
Report Format: PDF

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Fraud Detection and Prevention Market Size

Fraud Detection and Prevention Market size valued at USD 30 billion in 2022 and is set to grow at over 25% CAGR from 2023 to 2032. Growing preference for electronic & digital payment methods to support the market growth.

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The short transaction period leading to a booming number of digital channels and payment methods is increasing the complexity of the payment chain, thereby boosting the demand for fraud prevention and detection services and solutions. Stringent government regulations regarding noncompliance with FDP standards to mitigate money laundering and other cybercrimes are also likely to enhance business revenue. Furthermore, the increasing use of AI and ML in the BFSI sector to help prevent fraud is projected to augment the demand for FDP services.

Fraud Detection and Prevention Market Report Attributes
Report Attribute	Details
Base Year:	2022
Fraud Detection and Prevention Market Size in 2022:	USD 30 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	25%
2032 Value Projection:	USD 250 Billion
Historical Data for:	2018 to 2022
No. of Pages:	270
Tables, Charts & Figures:	526
Segments covered:	Component, Fraud, Application, End-user, and Region
Growth Drivers:	Increasingly stringent penalties on non-compliance with FDP regulations Rise in revenue loss due to numerous financial frauds Growing use of electronic and digital payment methods Increase in the frequency of cyberattacks and frauds Rapid surge in deployment of AI and big data analytics
Pitfalls & Challenges:	Lack of skilled professionals High upfront costs associated with FDP solutions

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of fraud detection and prevention was crossed USD 30 billion in 2022 and is set to record a CAGR of 25% from 2023 to 2032 on account of the increasing use of electronic and digital payment platforms globally.

The education sector is projected to reach USD 8.5 billion by 2032 due to the lack of internal controls and management evaluations for internal frauds across the educational sector.

The market for fraud detection and prevention in Europe was held over 27.5% of the revenue share in 2022 and is poised to exhibit substantial growth owing to the growing consumer preference for online shopping, coupled with the proliferation of digital payment methods.

The prominent companies operating in the global market are AVG Technologies, Fiserv, Inc., FRISS, IBM Corporation, SAP SE, SAS Institute Inc., and SpyCloud, Inc., among others.