Here Are The Top Trends Trends In Fraud Detection and Prevention Market
The global fraud
detection and prevention market is expected to grow at a CAGR of 20.42%
during the forecast period. Based on end-user, the global fraud detection and
prevention market has been segmented into BFSI, telecom and IT, retail, energy
and utilities, and others.
The BFSI end-user
segment dominated the global fraud detection and prevention market in 2018 due
to the overall size and growth of the BFSI sector and increasing penetration of
high-end technology across the sector. The complete digitization of core
processes and procedures, the adoption of client-centric policies, and the
generation of an astronomical amount of data across the sector are the primary
drivers for the growth and development of the global fraud detection and
prevention market.
There is a growing
realization that information is the fuel driving the BFSI segment, as
competition intensifies in the market in a bid to gain competitive advantages.
With fraud detection and prevention solution suite at the helm, a financial
organization can identify financial fraud that could lead to financial losses
for its customers and save the organization a massive amount in penalties
imposed by regulatory institutions. As such, fraud detection and prevention
solutions are finding major adoption across the BFSI segment, which is driving
the growth of the global fraud detection and prevention market during the
forecast period.
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