Fraud Detection and Prevention (FDP) Market by Development Trends and Key Driving Factors to 2027

The fraud detection and prevention (FDP) market has been bifurcated based on end-use, component, application, fraud type, and region. With respect to component, the market has further been divided into service and solution. Under solution, the market has been categorized into monitoring & reporting, fraud analytics, governance, risk & compliance (GRC), and identity & authentication. The monitoring & reporting segment is speculated to expand at around 24.4% CAGR over the forecast period owing to rising pressure on organizations to report financial frauds to concerned authorities duly.
The electronic fraud segment accounted for a market share of almost 17.81% in 2020 and is anticipated to develop at a sturdy pace over 2021-2027. Growing incidences of fraud through digital payment channels and online scams are estimated to drive segmental growth in the forthcoming years.
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The fraud detection and prevention (FDP) market is anticipated to record substantial growth by 2027 owing to extensive use of digital and electronic payment methods worldwide.
On the application spectrum, the fraud detection and prevention (FDP) market has been segmented into electronic fraud, money laundering, identity threat, credit and debit fraud, and mobile frauds. The identity threat segment is poised to grow at a CAGR of above 24.9% over the projected timeframe due to prevalent use of FDP solutions for preventing misuse of identity and credentials of senior personnel.
In terms of end-use, the fraud detection and prevention (FDP) market has been segregated into education, banking, e-commerce, insurance, healthcare, and government. The government segment is foreseen to reach a considerable valuation by 2027, registering about 24.8% CAGR through the stipulated timeline. Widespread deployment of FDP for reducing internal fraud in government agencies is set to boost market uptake in the coming time period.
The LATAM fraud detection and prevention (FDP) market is seen to grow at a CAGR of approximately 26.6% over the estimated period on account of growing use of mobile payments and digital money transfers in Latin America. The MEA fraud detection and prevention (FDP) market accounted for over 4.88% of the overall industry revenue in 2020 and is slated to garner a notable valuation by the end of 2027. Mounting cases of internal fraud and money laundering across the Middle East & Africa are primed to support market expansion through the forecast period.
In 2020, the e-commerce segment recorded a market share of nearly 15.04% and is likely to observe robust expansion over the study period. Rising prevalence of sales frauds during online shopping is estimated to bolster segmental growth. The education segment attained around 4.17% market share in 2020 and is projected to showcase solid development over 2021-2027. Increased ransomware attacks on educational institutes are likely to propel revenue growth of the segment through the review period.
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Fraud detection and prevention encompasses methods undertaken to monitor and track any unusual attempts to obtain property or money through fraud. Recent studies have highlighted the role of latest technologies, such as machine learning and Big Data analytics, in identifying unusual patterns to detect and prevent fraudulent activities. Thus, increased focus on developing effective solutions like data-driven models that utilize machine learning algorithms on Big Data in order to determine if a transaction is fraudulent or legitimate has augmented industry expansion in recent years.
Under service, the fraud detection and prevention (FDP) market has been classified into managed services and professional services. The professional services segment is expected to amass notable gains by 2027, progressing at a CAGR of approximately 25.4% through the assessment timeline. This growth is attributed to increased deployment of AML and FDP software through outsourcing.
In 2020, the managed services segment in fraud detection and prevention (FDP) market registered a sizable market share of nearly 35.44% and is slated to witness steady expansion through the review period. Rising trend of using managed security-as-a-service, which includes fraud protection, is likely to fuel product demand.
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