Fraud Detection and Prevention (FDP) Market

Key players followed the growth stratgies of partnerships and new product launches from 2016 to 2018 in Fraud Detection and Prevention (FDP) Market

The global Fraud Detection and Prevention (FDP) market size is expected to grow from USD 19.5 billion in 2018 to USD 63.5 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period. Increasing revenue loss due to rising sophistication and frequency of frauds and the growing use of electronic transactions are major growth factors for the global FDP market.

Major 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), iovation (US), Friss (Netherlands), Dell Technologies (US), First Data (US), Wirecard (Germany), Software AG (Germany), Easy Solutions (US), Distil Networks (US), Guardian Analytics  (US), Securonix (US), MaxMind (US), Kount(US), and Simility (US). The leading players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the market. They mostly followed the growth stratgies of partnerships and new product launches from 2016 to 2018, which have helped them in the development and launch of innovative products and solutions and broadening their customer base.

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FICO is one of the prominent players in the FDP marketspace. The company’s flagship products, FICO Falcon Platform and FICO Falcon Fraud Manager, help discover new fraud patterns. The products offer real-time protection to enterprises and can be deployed on-premises and in the cloud. FICO products also help increase customer value and reduce frauds, credit losses, and operating expenses. The company has a strong clientele in the US and generates 64% of its revenue from the country alone. The company has focused its efforts on strengthening its product portfolio, as its invested 11.9% of its annual revenue in R&D activities in 2017. The company has also been expanding to new locations to tap new opportunities. For instance, in October 2016, the company established a sales operations office in Bozeman, Montana.

iovation is among the leading vendors of FDP solutions and services. Its prime focus is to offer product innovations and world-class customer services, which would help sustain its market growth and expand its customer base in FDP markets across the regions. The company provides global insights on over 5 billion devices and protects over 35,000 websites and apps. An increasing number of partnerships have helped the company establish its leadership in the market. iovation has partnered with various solution developers and banks across the globe to offer its FDP solutions. For instance, in 2017, iovation partnered with Entrust Datacard, a leading provider of trusted identity and secure transaction technologies. The partnership would provide enhanced authentication solutions to its customers. The company also launched new products to strengthen its product portfolios and expanded their offerings to new clients in the global FDP market. In 2017, iovation added new capabilities, such as integration points, advanced rule re-use, rules staging and rule permissions, and control to its solution, FraudForce. iovation added LaunchKey mobile multifactor authentication solution to its FDP offerings.

Related Reports:

Fraud Detection and Prevention (FDP) Market by Solution (Fraud Analytics, Authentication, and Governance), Service, Application Area (Identity Theft, Payment Frauds, and Money Laundering), Organization Size, Vertical, and Region - Global Forecast to 2023

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Report Code
TC 2879
Published ON
Nov, 2018
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