The Fraud Detection and Prevention (FDP) market size is estimated to grow from US$14.36 billion in 2016 to US$33.19 billion by 2021, at an estimated CAGR of 18.2% from 2016 to 2021. The FDP market is driven by factors such as emergence of big data analytics, rise in online businesses, electronic transactions, and mobile banking.
Authentication solution segment is estimated to have the largest market size in 2016 as the demands for effective fraud detection solutions and real time operations are increased because of the growing volume of online payment transactions. Furthermore, fraud analytics will grow at the highest CAGR during the forecast period, due to the emergence of big data analytics.
Insurance sector has witnessed huge financial losses due to forged insurance claims. Thus, the adoption of FDP solutions is high in this segment. Insurance claims application area is expected to grow at the highest CAGR during the forecast period. However, electronic payment segment is expected to have largest market size in 2016.
With the increasing organization size and business complexities, large enterprises have started investing in FDP solutions to combat against fraudulent activities and maintain security of their financial firms, banking sectors, insurance sectors, and e-commerce. Large enterprises segment is expected to grow with the largest market size in 2016. Moreover, SMEs segment is expected to grow at the highest CAGR during the forecast period.
FDP solutions have been deployed across various industry verticals, including government & defense, retail, Banking, Financial Services, and Insurance (BFSI), IT & telecom, healthcare, and others. The retail vertical is expected to witness the highest CAGR during the forecast period because of the rise in electronic transactions, which are prone to advanced fraud-attacks. However, BFSI is estimated to have largest market size in 2016.
APAC includes emerging economies, such as India and China, which are rapidly deploying FDP solutions. This is mainly due to growth in fraudulent activities in organizations, banking & financial institutes with the growing volume of online payment transactions. APAC is expected to grow at the highest CAGR during the forecast period. Furthermore, North America is expected to have largest market size in 2016.
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