With the growing technology and AI that has made jobs easier and completely changed the way businesses are conducted, there are enormous amount of data that are generated along with numerous business transactions made. All of these have paved way for fraud and they also paved way for its prevention and detection. With the growing terrorism, criminals who are professionals and other hackers who are growing in a large number who are difficult to expose, follow or understand, fraud detection and prevention needs to be approached in a comprehensive way to detect where the data is leaked or find where the activities are detected as abnormal. Past fraudulent activities show how cyber security breaches have enabled fraudulent activities.
To identify and stop fraud attacks and crimes, companies proactively monitor transactions, use behavioural analytics with data visualisation at all levels and employ security measures. Fraud detection and prevention (FDP) are applications that provide analytical solutions to prevent and detect fraud by analysing the outliers and report doubtful activities.
The report Global Fraud Detection and Prevention Market- Technologies, Market share and Industry Forecast to 2024 gives a detailed report on the market, industry analysis, size, share, growth, trends, forecast to 2024 of the global market. The report gives detailed insights on competitors framework and helps in making business decisions to enter the market. The competitors on the global level are Aci Worldwide (U.S.), Bae Systems (U.K.), Dxc Technology (U.S.), Experian Information Solutions Inc. (U.S.), Fair Issac Corporation (U.S.), Fiserv Inc. (U.S.), Friss (Netherlands), Ibm (U.S.), Lexisnexis (U.S.), Nice Systems Ltd. (Israel), Oracle Corporation (U.S.), Sap (Germany), Sas Institute (U.S.), Threatmetrix Inc. (U.S.) And Webroot Inc. (U.S.).
Due to the rise in the volume of data and its complexity, the market for FDP is also increasing since the companies need to invest in fraud preventing technologies. Technological advancements and regulatory changes are also driving the demand for FDP market. The industry faces the problems of high costs, low awareness and lack of pre – deployment measures. The upcoming new tools and applications in visualisation with customer and predictive analysis will drive the demand for FDP.
FDP solutions are used across various sectors ranging from insurance, banking, telecommunications, government and financial services. The demand is high in the end – use sectors like healthcare, banking and retail. In the upcoming years, the highest demand will come from insurance, retail and telecommunications sector.
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing