The global FDP market size is projected to grow from USD 27.7 billion in 2023 to USD 66.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. The expansion of the FDP market is propelled by the extensive integration of digital technologies and IoT across diverse industries and the surge in revenue losses and chargebacks, which has necessitated heightened measures for mitigating fraud. Furthermore, the growing adoption of fraud analytics and risk-based authentication solutions is fueling the market as organizations seek advanced technologies to counter fraudulent behaviors effectively. Consequently, there is an escalating demand for comprehensive fraud prevention solutions as businesses endeavor to safeguard their operations, minimize financial losses, and uphold their reputation in an increasingly digitized environment.
Fraud Detection and Prevention Market Definition
As per MarketsandMarkets, FDP entails identifying and mitigating fraudulent activities within a system. It involves the utilization of resources to detect and address potential risks effectively. Conversely, fraud prevention involves proactively using advanced tools and predictive analytics techniques to identify vulnerabilities and avert fraudulent incidents before they occur. This definition underscores the importance of employing strategic measures to combat fraud and protect businesses from financial and reputational harm.
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The FDP market is led by some of the globally established players, such as Fiserv (US), FIS Global (US), LexisNexis Risk Solutions (US), BAE Systems (UK), TransUnion (US), Experian (Ireland), Nice Actimize (US), ACI Worldwide (US), SAS Institute (US), RSA Security (US), SAP (Germany), FICO (US), Software AG (Germany), Microsoft (US), Neustar (US), F5 (US), Ingenico (France), AWS (US), Bottomline Technologies (US), ClearSale (Brazil), and Genpact(US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
FIS Global (US) is a well-known provider of financial technology solutions and a leader in the US financial services industry. It offers software, services, consulting, and outsourcing solutions for retail and institutional banking, payments, asset, and wealth management, risk and compliance, trade enablement, transaction processing, and record-keeping. The company serves retail banks, wealth managers, and consulting and outsourcing organizations. Its solutions include AML Risk Manager, Compliance Manager, FIS Risk, Information Security and Compliance (RISC), and Fraud Risk Management (FRM) to prevent money laundering and fraud. FIS Global's AML Compliance Manager is a comprehensive solution that automates decision-making and eliminates manual tasks contributing to rising compliance costs. The company's fraud detection solutions increase efficiency, enhance governance processes, and simplify regulatory compliance. With a workforce of over 65,000, FIS Global provides solutions to around 20,000 clients globally, with a strong presence in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America.
Through collaborations and acquisitions, the firm has grown its portfolio and presence in the FDP market with companies such as Zai (Australia), Signifyd (US), and The Clearing House (US).
TransUnion (US) is a global company that provides information and insights to help businesses and consumers establish trust. This is accomplished by maintaining a reliable and secure representation of each consumer through an accurate and comprehensive data system. TransUnion utilizes a data fusion methodology as a credit reporting agency to link and match credit and public record data in compliance with local regulations worldwide. The company offers ID verification solutions that electronically validate applicant identities using various datasets. As per the company's data, it has prevented over 54 billion fraudulent transactions since 2004, and its customers and analysts have reported 83 million attempts of fraud and abuse. With robust ID verification and screening against watchlists, its FDP solutions help clients meet regulatory requirements while minimizing financial losses from fines and negative publicity.
TransUnion serves industries including automotive, background screening, collections, communications, financial services, gaming, insurance, media and entertainment, public sector, and retail. The company has a global customer base of over 65,000 businesses and organizations in more than 30 countries and territories, including North America, Latin America, Europe and Africa, and Asia Pacific.
Apart from prominent vendors, some other players, such as Kount, Securonix, Accertify, Feedzai, Caseware, PerimeterX, OneSpan, Signifyd, BioCatch, FRISS, MaxMind, DataVisor, Cleafy, Gurucul, Pondera Solutions, Riskified, Alloy, Castle, Sift, NoFraud, Featurespace, Enzoic, Merlon AI, Kubient, SpyCloud, SEON, Nethone, Trustcheckr, Deduce, Incognia, and Resistant AI are also evolving in the FDP market.
Caseware (Canada) provides and develops accounting and audit software solutions. It has several clients, including accounting firms, corporations, and governments. Caseware offers its clients and business partners a solution called Caseware IDEA, which also supports the Canadian Red Cross' in maintaining control oversight through this period. Caseware IDEA is also helping execute audit-related activities unhindered in this pandemic era. Its cloud-based products help audit teams, and their clients collaborate without any disturbances. Over 400,000 users trust the solutions offered by the company in 130 countries worldwide.
According to MnM's approach to evaluating the market, most businesses use inorganic growth strategies to hold onto their market share. In 2021–2022, the number of agreements rose significantly. These agreements cover alliances, acquisitions, collaborations, and partnerships. MnM is expecting that the rate of agreements will further increase in the FDP market in the coming years as startups are evolving in this market space, having technical advancements which, with time, get acquired or partnerships with tech giants to bring the innovations in their existing solutions and increase their market share in the FDP market.
Fraud Detection and Prevention Market by Offering (Solutions (Fraud Analytics, Authentication, and GRC) and Services (Managed and Professional)), Fraud Type, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2028
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