Banks, governments, and financial institutes in this region face ever-increasing challenges related to frauds compelling them to implement advanced technological approaches for managing fraud protection. It is one of the most affected regions in the world by money laundering and terrorist financing crime activities as a result, it has the highest number of FDP providers. North America is expected to be the largest contributor in terms of the market size in the FDP Market. North America to hold the largest market size during the forecast period These increasing trend of eCommerce and online retail and digital payments has increased the adoption rate of online FDP solutions among end-user verticals to combat with fraud and compliance intruders. Owing to the increasing pace of digitalization, security breaches and fraud cases especially identity theft and online fraud has also increased. Another study by Cisco stated that "53% of organizations host at least 50% of their infrastructure in the cloud." The investment in cloud services and shifting of businesses from traditional to cloud are expected to accelerate the adoption of cloud-based solutions and services by enterprises.
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In deployment mode, cloud deployment to grow at a higher CAGR during the forecast periodĪccording to Flexera, a computer software company, enterprises are set to spend around 15-16% of their revenue into cloud hosting services by 2020. FDP solutions help in reducing digital frauds, illegal transactions, tax evasion attempts, and other payment corruptions by identifying and detecting fraudulent activities in the system and reporting them to assigned authorities on time. Money launderers or criminals may forge fake signatures and Identifications (IDs) to commit digital frauds using someone's identity. These FDP solutions can work simultaneously to provide fraud-proof enterprise environments. The number of frauds is growing at a significant rate however, it is the surge in revenue loss which is driving the demand for FDP solutions. The demand for FDP solutions is increasing as they can help enterprises detect fraudulent activities and prevent their occurrence. On the basis of solutions, the FDP Market is segmented into fraud analytics, authentication, and GRC solutions. Hence, FDP vendors are producing new varieties of FDP solutions to detect and prevent all types of frauds committed by fraudsters.īrowse in-depth TOC on "Fraud Detection and Prevention Market"īy component, Solutions segment to hold the largest market size during the forecast period
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This, in turn, increases the need to update legacy manual fraud detection methods. These factors have led to the adoption of automatic software-based applications for analyzing data in real time, which have replaced the traditional data mining applications and tools. Technological advancements, penetration of digital technologies, and Bring Your Own Device (BYOD) trend in organizations have greatly influenced work practices and led to an unprecedented rise in data volumes.
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