Fraud detection and prevention solutions are being used to provide analytical solutions for authentication of daily transaction, thereby protecting it from fraudulent. Fraud detection and prevention solutions analyze data from various data sources for checking all possible errors. It analyzes anomalies, patterns, and trends in transactions, to identify outliers and report the same in case of suspicious transactions or situations. Development of e-commerce and e-banking services, Internet-based transactions, and rise in acceptance of IP-based services, are expected to propel growth of the global fraud detection and prevention market.
On the basis of component, global fraud detection and prevention market has been segmented into solution and services. Solution segment is projected to expected to account for largest market share in terms of revenue during the forecast period, owing to increasing fraudulent incidents in various industries, increasing revenue loss and reputation loss for organizations, and increasing online transactions over web and mobile applications.
Among all the application segments such as banking, financial services, and insurance (BFSI), retail, healthcare, government, IT and telecommunication, and others, the government segment is projected to grow at fastest CAGR during next five years. This is attributed to increasing number of frauds in public or government sectors such as accounting fraud, corruption and bribery, misappropriation of assets, money laundering, and data theft. However, the banking, financial services, and insurance segment is projected to contribute largest market share in terms of revenue in next ten years.
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