According to the research report titled ‘Fraud Detection and Prevention (FDP) Market Size By Type (External, Internal), By Component (Solution {Fraud Analytics, Identity and Authentication, GRC, Monitoring and Reporting}, Service {Professional Service, Managed Service}), By Application (Money Laundering, Credit and Debit Fraud, Mobile Fraud, Identity Threat, Electronic Fraud), By End-Use (Banking, Insurance, Government, Healthcare, E-commerce, Education), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Denmark, Netherlands, Sweden, China, Japan, India, Singapore, Australia, South Korea, Brazil, Mexico, Argentina, Colombia, UAE, Saudi Arabia, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global fraud detection and prevention (FDP) market is expected to surpass USD 80 billion by the year 2025.
 

According to the report, surging corporate economic crimes such as money laundering, which result in humongous monetary losses to nations, are primarily driving the fraud detection and prevention market growth. Rapid digitalization among enterprises is accelerating fraud attacks. These crimes not only lead to global and regional economic slowdown but also cause substantial economic losses to countries. Moreover, flourishing smartphone industry in tandem with surging need for real-time transactions has boosted the adoption of digital payment systems. Major payment service providers are primarily focusing on developing innovative solutions to reduce the risk of payment frauds, thereby aiding the expansion of the market.
 

The report cites that the service segment is expected to expand with a CAGR of 25% during 2019-2025. Rising deployment of FDP solutions in various enterprises is a major factor fueling the growth of the segment.
 

Based on application spectrum, the report cites that credit & debit card frauds segment held 20 % share in fraud detection and prevention market in the year 2018 and is predicted to register continuous growth during the estimated timeframe. Rising utilization of chips in credit & debit cards which do not require authentication during small-value transactions is facilitating the business scenario.
 

In terms of end-use, the report states that the education segment is estimated to grow significantly during the forthcoming years. Lack of internal controls, unclear channels for reporting, lack of management reviews, and insufficient staff to monitor fraud are contributing towards the popularity of FDP services in education sector.
 

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Considering the geographical landscape, Asia-Pacific fraud detection and prevention market is presumed to grow with a CAGR of 25% between 2019-2025. Booming e-commerce sector, high digital illiteracy rates and increasing adoption of digital payment systems is leading to rising prevalence of fraud, hence driving the market growth.  
 

Webroot Inc., Verifi Inc., Trulioo, Spycloud Inc., SAS Institute Inc., SAP SE, LexisNexis Risk Solutions, IBM Corp., Guardian Analytics, GreatHorn Inc., FRISS, Fidelity National Information Services, Inc., First Data Corp., Fiserv Inc., Experian PLC, ESET, spol. s r.o., DXC Technology Co., AVG Technologies, Avast Software S.R.O., Arbutus Software Inc. and ACI Worldwide Inc. are the prominent companies operating in the fraud detection and prevention market.