Fraud Detection And Prevention Market Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecasts During 2020

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Japan, Japan, Fri, 25 Dec 2020 02:18:19 / Comserve Inc. / — Fraud detection & prevention market was $18,817.5 million in 2018 and is predicted to generate a revenue of $123,391.8 million by 2026.

Fraud detection & prevention market was $18,817.5 million in 2018 and is predicted to generate a revenue of $123,391.8 million by 2026.
Fraud detection uses various technologies, tools, and applications to track illegal activity with data in companies and helps secure the data in the most cost-effective and safe way. The prevention of fraud is primarily required in the banking and insurance sector. Since most of the banking data is confidential, measures are required to be taken to prevent fraud across this industry.
Increasing use of artificial intelligence and machine learning in fraud detection & prevention is predicted to be the major driving factor for the growth of the fraud detection & prevention market. Increasing online shopping is also predicted to upsurge the fraud detection & prevention market.

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The cost of software and services for fraud detection & prevention is very high, and it is expected to be the biggest restrictions on the growth of the fraud detection & prevention market. Moreover, lack of skilled labor is predicted to hamper the growth of the market in the forecast period.

Depending on type, the fraud detection & prevention market is segmented into external and internal. External type segment accounted for $11,629.2 million in 2018 and is predicted to generate a revenue of $70,456.7 million by 2026. Internal type segment accounted for $7,188.3 million in 2018 and is predicted to generate a revenue of $52,935.1 million by 2026.

Depending on component, the fraud detection & prevention market is segmented into solution and services. Solution component accounted for $8,938.3 million in 2018 and is predicted to generate a revenue of $62,929.8 million by 2026. Service component accounted for $9,879.2 million in 2018 and is predicted to generate a revenue of $60,462.0 million by 2026.

Depending on application, the fraud detection & prevention market is segmented into money laundering, credit & debit fraud, mobile fraud, identity threat and electronic fraud. Credit & debit fraud application segment accounted for $5,645.3 million in 2018 and is predicted to generate a revenue of $34,549.7 million by 2026. Money laundering application segment accounted for $5,268.9 million in 2018 and is predicted to generate a revenue of $35,413.4 million by 2026.

Depending on end user, the fraud detection & prevention market is segmented into banking, insurance, government, healthcare, e-commerce, education and others. Banking end user segment accounted for $5,344.2 million in 2018 and is predicted to generate a revenue of $32,081.9 million by 2026. Insurance end user segment accounted for $2,069.9 million in 2018 and is predicted to generate a revenue of $14,066.7 million by 2026.

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Depending on region, the fraud detection & prevention market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America market accounted for $6,586.1 million in 2018 and is predicted to generate a revenue of $40,102.3 million by 2026. Europe market accounted for $4,139.9 million in 2018 and is predicted to generate a revenue of $28,997.1 million by 2026.
Some of the key players in the fraud detection & prevention market are Oracle Corporation, IBM Corporation, SAP SE, Lavastorm, ACI Worldwide, SAS Institute Inc., Fair Issac Corporation and NCR limited, among others.

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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The post Fraud Detection And Prevention Market Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecasts During 2020 appeared first on Comserveonline.

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