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The Key Players Adopted the Strategy for Mergers and Acquisitions to Increase their Geographic Presence in Fraud Detection and Prevention Market
Fraud Detection and Prevention (FDP) is a methodology related to the identification of real time and potential frauds within an organization and preventing them. Fraud detection techniques help organization to discover historical as well as new frauds in process. MarketsandMarkets forecast the FDP market size to grow from USD 14.36 billion in 2016 to USD 33.19 Billion by 2021, at a CAGR of 18.2%. Demands for effective FDP solutions and real time operations are increased because of the growing volume of online payment transactions.
The key players in the FDP market include IBM Corporation (U.S.), Oracle Corporation (U.S.), FICO (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), CSC (U.S.), BAE Systems (U.K.), and others. These players have adopted various strategies such as partnerships, agreements, mergers and acquisitions, and new product developments to achieve growth in the global FDP market.
The FDP market witnessed a lot of partnerships, agreements, and collaborations by key players from 2014 to 2016. BAE System joined SWIFT security to offer FDP solutions preventing future frauds in customer environment. ACI Worldwide teamed up with PT Indopay Merchant Services to launch UP ecommerce payment solutions to help banks and merchants. Fiserv partnered With Zementis, Inc., to launch a new fraud detection model to its Financial Crime Risk Management Platform (FCRM). FICO and Guidewire teamed up together to help detect, investigate, & prevent personal auto claims frauds. SAP entered into strategic agreement with DigitalRoute to enhance SAP Big Data Integrator solution enabling users identify network frauds.
The key players also adopted the strategy for mergers and acquisitions to increase their geographic presence and expand their product portfolio to untapped markets. Fiserv acquired ACIís Financial Services Unit to provide Fiservís clients digital banking & electronic payment solutions. IBM acquired IRIS Analytics to strengthen fraud detection analytics solutions. Moreover, CSC acquired Fixnetix to offer a wide range of managed services solutions to the clients minimizing risks.
The major players also launched new products and offering, to strengthen their product portfolio and to expand their offerings to newer clients. FICO launched FICO Falcon Platform to help enterprises for fraud management, providing real time protection from frauds across multiple payment channels. ThreatMetrix unveiled the availability of Summer í16 release to offer digital footprint authentication for fraud prevention and threat detection. SAP enhanced its analytics solutions portfolio to detect complex fraud patterns and financial crimes. IBM announced the major updates and advanced analytics capabilities to IBM i2 Safer Planet intelligence portfolio to identify, predict, and prevent criminal, terrorist, and fraudulent activities.
FDP vendorsí worldwide are continuously adding innovation to their products and services to protect the organizations, banking & financial institutes, against advanced frauds. Furthermore, FDP solutions are being increasingly adopted in various verticals, such as BFSI, retail, telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, travel and transportation, media, and entertainment which have led to the growth of the market across the globe.
Fraud Detection and Prevention Market by Solution (Fraud Analytics and Authentication), Application Areas (Insurance Claims, Money Laundering, Electronic Payment), Service (Professional and Managed), End-User, Vertical - Global Forecast to 2021
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