COVID-19 Impact on Fraud Detection and Prevention (FDP) Market

IBM (US) and SAS Institute (US) are Leading Players in COVID-19 impact on Fraud Detection and Prevention (FDP) Market

As per MarketsandMarkets, the COVID-19 impact on the global Fraud Detection and Prevention (FDP) market size is projected to grow from USD 23.4 billion in 2019 to USD 38.6 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 28.4% during the forecast period, considering the optimistic scenario. Organizations are facing fraud-related risks, both internally and externally. Moreover, the risks have become multi-faceted and can be monetary, regulatory, or reputational caused by fraud types.

Major technology vendors in the global FDP market include IBM (US), FICO (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), NICE Systems (Israel), Experian (US), LexisNexis Risk Solutions (US), FRISS (Netherlands), Dell Technologies (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), TransUnion (US), Kount (US), Hitachi Vantara (US), and Simility (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and mergers and acquisitions, to strengthen their presence in the FDP market.

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IBM caters to a wide customer base in the regions of the Americas, EMEA, and Asia Pacific. IBM sustains the digital and IT operations of the world’s most critical organizations. The company in this situation is focusing on multiple stages of business continuity readiness for clients and is ensuring the key essential services of clients are up and running. IBM is offering free tools to track reported COVID-19 cases. Hence, citizens, researchers, and even government officials can use the data-rich tools to get currently available information from various official sources. Using IBM Cognos Analytics, IBM has developed a new, interactive global dashboard to show the spread of COVID-19 across the globe. The COVID-19 data reflected in this dashboard is pulled from state and local governments and the World Health Organization.

SAS Institute is one of the major players focusing on the emerging concept of fraud detection and prevention. SAS Institute is helping customers to access, deploy, and implement SAS Institute’s cloud analytics across the hybrid environment. In response to the COVID-19 pandemic, SAS Institute has developed a Business Continuity Management (BCM) plan for crisis management as well as for the resumption of key customer-facing services, such as technical support. SAS has also incorporated a communicable disease plan in its BCM policies to prepare SAS for timely and efficient response in the event of an infectious disease. SAS launched a COVID-19 Data Analytics Resource Hub to help organizations, businesses, and individuals across industries with the challenges due to the pandemic situation.

Related Reports:

COVID-19 Impact on Fraud Detection and Prevention (FDP) Market by Fraud Type, Verticals and Region - Global Forecast to 2021

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Report Code
TC 7672
RI Published ON
6/1/2020
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