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Global Fraud Detection and Prevention Market Size, Share & Trends Analysis.

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The global fraud detection and prevention market is expected to reach USD 92.3 billion by 2030, growing at a CAGR of 16.8% during 2023-2030. The market is being driven by the increasing adoption of artificial intelligence and machine learning, the rise in demand for cloud services and systems, and the increasing use of transactions through mobile applications.

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The BFSI segment is expected to hold the largest share of the market in 2023. This is due to the fact that the BFSI sector is a major target for fraudsters, as it deals with sensitive data. The amount of transactions and digitalization of payment in the BFSI sector also makes it a prime target for hackers.

The digital ad frauds category is expected to register the fastest growth rate during the forecast period. This is due to the increasing use of digital advertising and the growing sophistication of fraudsters.

The high cost involved in the installation of fraud detection and prevention solutions is predicted to hamper the growth of the market. Additionally, the lack of skilled professionals across all the verticals is considered to be the biggest restraint for the fraud detection and prevention market over the forecast period.

Some of the key players in the global fraud detection and prevention market include:

  • IBM

  • SAS

  • FICO

  • Experian

  • Oracle

  • SAP

  • Symantec

  • Cisco

  • Dell

  • Hewlett Packard Enterprise

These companies are investing heavily in research and development to develop innovative fraud detection and prevention solutions. They are also expanding their product portfolio and geographic reach to gain a competitive edge in the market.

The global fraud detection and prevention market is a growing and dynamic market. The market is expected to witness significant growth in the coming years, driven by the factors mentioned above.

Here are some of the key trends that are expected to shape the global fraud detection and prevention market in the coming years:

  • Increasing adoption of artificial intelligence and machine learning

  • Rise in demand for cloud services and systems

  • Increasing use of transactions through mobile applications

  • Growing sophistication of fraudsters

  • Increasing focus on customer experience

  • Regulatory compliance

The global fraud detection and prevention market is a promising market with a lot of growth potential. The market is expected to witness significant growth in the coming years, driven by the factors mentioned above. Companies operating in the market are advised to focus on innovation and adopt new technologies to stay ahead of the competition.

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