Massive amount of data and use of advanced technology is making enterprises vulnerable to data theft and fraud incidents. This growing amount of data also complicates the management and analysis of data. Large, more profitable and potentially successful businesses are constantly on the radar for cheat threats, criminal activities, and fraudulence. Hence, data protection and fraud detection become vital for the enterprises of all size and industrial activities. Rising threats, growing demand and advancing applications of these solutions are the major drivers for the global fraud detection and prevention market. The fraud detection and data protection industry is aiming at strong growth within the next few years to come.
Segmentation in Fraud Detection Market
Basic segmentation in the global fraud detection and prevention market is based on the types of solutions, end-users, business verticals where they are deployed and geographic regions. The solutions segment is divided into two sub-segments, which include authentication and fraud analytics. The fraud analytics segment is further categorized into predictive analytics, visual, social media, customer, and other types of analytics. Authentication types include strong authentication, multifactor authentication, and single factor authentication.
Small and medium businesses as well as large enterprises are the basic types of end users for these solutions. Based on business verticals, the fraud detection and prevention market is segmented into insurance, consumer goods, retail, banking and financial services, public sector, government sector, telecommunication, information technology, and other industries. On the basis of geographic regions, the market is divided into four basic segments. These segments include Latin America, North America, Asia Pacific (including Japan) and Europe.
Forecasting Reports from 2014-18
Applications and solutions available in of the products in fraud detection and prevention market are used as analytical solutions. These solutions help finding possibilities and occurrences of fraud, doubtful situations and provide a robust mechanism to prevent them. As a result, there is an upsurge in demand for these products from different industrial verticals. Technological advancements in the market also play a vital role in the innovative applications and powerful resolving abilities of these solutions. As a result of all this, the market is expected to maintain a healthy CAGR from 2013 to 2018.
According to the market research reports, the fraud detection and prevention market is expected to maintain a CAGR of 15.9% from 2013 to 2018. At the anticipated compound annual growth rate, the market is expected to grow from $3.61 billion in 2013 and reach past $7.55 billion by the end of 2018. North America is projected to hold maximum market shares, while developing markets will witness impressive growth as well.