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Fraud Detection and Prevention Market Worth $66.6 Billion by 2028

May 31, 2023

According to a research report "Fraud Detection and Prevention Market, published by MarketsandMarkets, 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.

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  • 681 market data Tables
  • 58 Figures
  • 470 Pages and in-depth TOC on "Fraud Detection and Prevention Market - Global Forecast to 2028"

The growth of the FDP market is driven by factors such as the widespread utilization of digital technologies and IoT across various industries, the surge in revenue losses and chargebacks caused by fraudulent activities, and the growing adoption of fraud analytics and risk-based authentication solutions to combat fraud. These trends have resulted in a higher demand for fraud prevention solutions that can assist businesses in protecting their operations and reducing the risks associated with financial losses and reputational harm.

Based on the deployment type, the on-cloud deployment mode is to grow at the highest CAGR during the forecasted period.

The FDP market is sub-segmented into on-premises and cloud deployment modes. The cloud deployment mode is estimated to grow with a higher CAGR due to its scalability, cost-efficiency, real-time analytics capabilities, and enhanced accessibility. The demand for SaaS-based FDP solutions is growing rapidly as the central delivery model meets IT security needs. The increasing number of applications being deployed on the cloud has shifted from traditional on-premises FDP solutions to cloud-based FDP solutions across large enterprises and Small and Medium-sized Enterprises (SMEs). Cloud-based solutions are continuously shaping their market growth in BFSI vertical as large or small banks have the critical infrastructure and resources to be deployed on the cloud. Other than BFSI, retail and eCommerce, healthcare, and travel verticals also adopt cloud-based FDP solutions to combat fraud efficiently. The rising demand for managed services is expected to significantly impact the cloud deployment mode.

Source and to learn more: MarketsandMarkets

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