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Fraud Detection and Prevention Market To Witness a CAGR of 15.1% during 2019–2024

Factors such as the surging usage of artificial intelligence (AI) and machine learning (ML) for minimizing fraudulent activities, increasing need to protect the online banking and insurance sectors, and rising frequency of phone scamming against the geriatric population are expected to drive the growth of the fraud detection and prevention market at a CAGR of 15.1% during the foreseeable period (2019–2024). According to P&S Intelligence, the market size is projected to reach $47,903.1 million by 2024 from $20,614.4 million in 2018. Moreover, the market is witnessing a trend of surging usage of the hybrid analytical approach.

The surging concern about mobile frauds is one of the main factors boosting the fraud detection and prevention market growth. The number of online transactions through mobile devices is surpassing that of transactions through desktop devices across the world. This leads to the rise in cases of fraudulent activities. For instance, around 30% of all the vulnerable transactions were made through mobile devices in 2018, and this percentage increased to about 49% in 2019. Moreover, cybercriminals are widely using mobile emulators that operate to mimic various iOS- and Android-based mobile devices.

Based on enterprise, the fraud detection and prevention market is classified into large enterprises and small and medium-sized enterprises (SMEs). Out of these, the large enterprises category accounted for a larger market share in 2018, and it is expected to witness the same trend during the forecast period as well. This is due to the fact that large enterprises are more prone to both external and internal threats, as these organizations are more technologically active and have complex business operations. Also, these firms are increasingly deploying cloud-based and analytic solutions.

Moreover, on the basis of deployment type, the fraud detection and prevention market is classified into on-premises and cloud-based. Between the two, the cloud-based category is projected to record faster growth during the forecast period. This can be attributed to the increasing preference of end users for cloud-based fraud detection and prevention solutions, as this mode of deployment allows them to store and access vast amounts of data and keep track on operations security in a relatively convenient manner in real-time.

Globally, the North American fraud detection and prevention market accounted for the largest share in 2018, and it is also expected to maintain the same trend in the coming years. This is mainly due to the surging adoption of cloud solutions by large enterprises and SMEs for several operations. This is leading to the rising number of fraudulent activities in the region. Furthermore, the robust research and development (R&D) for the integration of advanced technologies in fraud detection and prevention systems will drive the regional market growth.

Thus, the surging usage of AI and ML for minimizing fraudulent activities and the rising frequency of phone scamming against the geriatric population are projected to propel the market growth in the coming years.

Read More: https://www.psmarketresearch.c....om/market-analysis/f