The fraud detection and prevention market has witnessed an exponential growth over the years and has transformed into a billion dollar market, worldwide. North America is among the largest market for fraud detection and prevention due to the vast presence of well-established players that include, IBM, SAS, FICO, NICE, and others. These companies hail from the USA, and have a strong presence of vendors as well as a high number of customers adds to the sector’s strength in the region. The North American region is technologically developed and also highest in the fraudulent activities, which is the primary driver for growth in the market. The wide adoption of fraud detection and prevention solutions gain traction in the BFSI, retail, healthcare, and manufacturing industries, which is expected to witness a double-digit growth.
The advanced technology such as artificial intelligence is among the key factors that fuels growth in the fraud analytics solution segment. This technologically advanced solution analyzes the huge amount of stored data, obligatory to prevent fraud, both from internal and external threats. It emerged as an attractive solution to prevent fraudulent activities and provide end-to-end solutions to the industries. Key vendors of fraud detection and prevention market in the region aim for more innovations of such solutions over the next five years. These technologies play a pivotal role in the BFSI sector, in the area of security and compliance. The increase in financial crimes due to the growth of digitization led fraudsters to commit crimes such as money laundering, information thefts, and others. Hence, the banking and financial organizations prioritize Artificial Intelligence as an advanced technology solution, which is projected to expand rapidly.
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Europe is also considered as the second largest region for fraud detection and prevention market. The region is also one of the major markets for fraud detection and prevention on the global level. This is attributed to the high presence of solution providers and cybersecurity regulations. The European fraud detection and prevention market is driven by countries such as the UK, Germany, France, Italy, and Spain. The prominent fraud detection vendors such as BAE Systems and Software AG are headquartered in Europe.
Among the countries, the UK accounted for the highest market share, which is expected to witness a strong growth rate over the forecast period. This is due to the well established IT infrastructure of digital payment technologies, which contributed to the highest share in the European fraud detection and prevention market.
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The Asia-Pacific is among the fastest growing regions in the fraud detection and prevention market. Rising cloud computing world across the small & medium enterprises coupled with increasing use of smartphones in India and China accelerated the growth of fraud attacks in this region. Hence, the adoption of Artificial Intelligence and machine learning technology boosted the demand for fraud detection and prevention solutions in this region. Consequently, the fraud detection and prevention market in this region is in its development stage and is expected to witness significant growth over the next decade.
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The ROW includes the Middle East & Africa and South America, which accounted for market shares of around 65% and 35%, respectively in 2017. These include some of the developing economies and their growth per capita income coupled with an increase in digitization, which contributes to the demand for fraud detection and prevention solution and tools in the ROW region. This, in turn, leads to a rise in the demand for fraud detection and prevention market.