Global Fraud Detection and Prevention Market 2019-2023 | 20% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The global fraud detection and prevention market is expected to post a CAGR of more than 20% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global fraud detection and prevention market 2019-2023. (Graphic: Business Wire)
The incidences of data breaches and files getting stolen by hackers have increased substantially over recent years. For example, the number of data records that were taken in 2017 was more than double than in 2015. This is compelling enterprises across the globe to increasingly adopt fraud detection and prevention (FDP) solutions to manage access to their resources effectively. With the growing number of data theft across the globe, the demand for FDP solutions will increase during the forecast period.
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As per Technavio, the use of blockchain technology in fraud detection and prevention will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Fraud Detection and Prevention Market: Use of Blockchain Technology in Fraud Detection and Prevention
Many companies are experimenting with blockchain-based FDP solutions to prevent fraud in financial and non-financial transactions. The implementation of blockchain simplifies financial transactions and eliminates human intervention, thereby ensuring security and transparency. Also, the absence of a centralized ledger makes it very difficult for hackers to commit fraud. During the forecast period, the adoption of blockchain-based FDP solutions is expected to gain traction among enterprises.
“Growing adoption of identity-as-a-service (IDaaS) solutions and the use of machine learning in fraud detection will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Fraud Detection and Prevention Market: Segmentation Analysis
This market report segments the global fraud detection and prevention market by end-users (retail, energy and utilities, telecom and IT, BFSI, and others) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by EMEA and APAC, respectively. However, during the forecast period, the EMEA region is expected to emerge as the largest market for fraud detection and prevention solutions. This is due to the growing awareness of FDP solutions among enterprises in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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