Market Overview:
Statistical surveying Future (MRFR) predicts the Global Fraud Detection and Prevention Market size to hit USD 139,853.2 Million at 25.2% CAGR from 2019 to 2026 (figure period). The developing need to relieve misrepresentation misfortunes and to keep up with income from certified exchanges is driving the extension of the extortion recognition and avoidance industry. The approach of cutting-edge innovations like enormous information, information examination, prescient demonstrating, profound learning, distributed computing, machine language, and AI are helping the market development.
In addition, the rising number of on the web and portable financial administrations, joined with the expanding number of ongoing exchanges, is supporting the market development. Monetary and government foundations are continuously embracing FDP answers to relieve both outer and interior misrepresentation, adding to the local and worldwide economy.
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Market Segmentation:
The MRFR report highlights an inclusive segmental analysis of the global fraud detection and prevention market based on vertical, organization size, application, service, and solution.
By solution, the fraud detection & prevention market is segmented into data synthesis, authentication, and fraud detection.
By services, the global fraud detection and prevention market is segmented into managed service and professional service.
By application, the global fraud detection and prevention market is segmented into electronic payment, money laundering, insurance claims, and others.
By organization size, the global fraud detection and prevention market is segmented into large enterprises and small & medium enterprises.
By verticals, the global fraud detection and prevention market is segmented into media and entertainment, travel and transportation, energy and power manufacturing, real estate, healthcare, government, telecommunication, retail, BFSI, and others. Of these, the BFSI segment will lead the market over the forecast period.
Regional analysis:
The fraud detection and prevention market is divided into North America, Asia Pacific, Europe, South America, the Middle East, and Africa. The North American region holds the largest market share and is expected to grow further from 2019 to 2026. North America is the first to acquire new technologies, AI and IoT, and machine learning for fraud detection. The region is continuously investing in a solution to minimize losses due to fraud attacks on the organization. The presence of prominent market players and many new entrants in the region also increases the market's growth. Other regions are growing significantly and will contribute to the market in the forecast period.
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Industry news:
ADCB- Egypt launches an AI-powered fraud detection solution with the collaboration with SAS.
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