HOME Research Insight New Product Developments, to Achieve Growth in the Global FDP Market

New Product Developments, to Achieve Growth in the Global FDP Market

Fraud Detection and Prevention (FDP) is a method used to identify real-time and potential frauds within an organization and prevent them. Fraud detection techniques help organizations discover historical as well as new frauds in the process. MarketsandMarkets forecasts that the FDP market size is expected to grow from USD 16.62 Billion in 2017 to USD 41.59 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.1%.

The key players in the FDP market include IBM (US), FICO (US), Oracle (US), SAS Institute (US), BAE Systems (UK), DXC Technology (US), SAP (Germany), ACI Worldwide (US), Fiserv (US), ThreatMetrix (US), NICE Systems (Israel), Experian (US), and LexisNexis (US). These players have adopted various strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product developments, to achieve growth in the global FDP market.

The FDP market has witnessed a lot of partnerships, agreements, and collaborations by key players from 2014 to 2017. In April 2017, FICO partnered with EC Wise to streamline the cybersecurity risk assessment and mitigation. In the same month, FICO partnered with Ethoca to provide fraud management to card issuers and minimize the loss associated with fraudulent activities. In April 2016, FICO partnered with Guidewire Software, a global provider of software products and services to Property/Casuality (P/C) insurers. FICO and Guidewire would work together to help insurers detect, investigate, and prevent personal auto claims frauds. In May 2016, BAE Systems partnered with NFU Mutual to protect itself from the evolving fraudulent activities. In May 2015, IBM partnered with Deloitte to create risk management and regulatory compliance solutions for enterprises.

The key players also adopted the strategy of acquisitions to increase and expand their product portfolios. In August 2017, Fiserv acquired Dovetail and enhanced its offerings in the payment infrastructure segment. In June 2017, FICO acquired QuadMetrics, a firm that implements predictive analytics to rate the cybersecurity of an organization. This acquisition is likely to leverage quantitative and qualitative insights to evaluate and identify the cybersecurity risks of an organizationís assets. In September 2015, CSC acquired Fixnetix, a managed service provider in capital markets. This acquisition helped CSC offer a wide range of managed services to its clients. In January 2016, IBM acquired IRIS Analytics, a provider of real-time fraud analytics solutions. The integration of IBMís fraud technology with IRIS Analytics would help IBM strengthen its fraud detection analytics solutions and enable the other organizations to effectively and accurately detect frauds with enhanced control and transparency. In August 2015, ACI Worldwide partnered with Computop, a global payment service provider, to develop and deliver more effective integrated online payments and fraud prevention solutions to fight against the growing fraudulent activities.

The major players also launched new products to strengthen their product portfolios and expanded their offerings to new clients. In June 2017, FICO launched the FICO Card Compromise Manager. This solution detects frauds related to cards. In September 2016, FICO launched the FICO TONBELLER Compliance solution. This solution is available to its customers as a cloud deployment version. This solution provides services such as anti-money laundering, tax compliance, counter-terrorism financing, and Know Your Customer. In the same month, SAS launched SAS Visual Investigator to enable its customers to detect fraudulent activities in a proactive manner with the advanced analytics technology. In July 2016, ThreatMetrix unveiled the availability of Summerí16 Release to offer digital footprint authentication for fraud prevention and threat detection.

FDP vendors are continuously adding innovations to their solutions and services to protect the organizations, and banking and financial institutes, against advanced frauds. Furthermore, FDP solutions and services are being adopted in various verticals, such as Banking, Financial Services, and Insurance (BFSI); energy and utilities; government; healthcare; IT and telecom; transportation; manufacturing; retail; and education, which have led to the growth of the market across the globe.

Related Reports:

Fraud Detection and Prevention Market by Solution (Fraud Analytics and Authentication), Service, Application Area (Insurance Claim, Money Laundering, Electronic Payment, and Mobile Payment), Organization Size, Vertical, and Region - Global Forecast to 2022

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