Fraud detection and prevention services are the solutions offered by IT vendors to the different enterprises. This solutions helps enterprises to prevent occurrences or spot frauds at initial stages. In other words fraud detection and prevention refer to the solutions and systems provided by the IT vendors, which are used to find patterns and anomalies and analyze the data (to spot deviation from usual path) and these solutions control user access by authentication and verification.
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With growing revenue losses owing to the frauds around the globe, have led to increased adoption of these solutions. Requirement and usage of such systems is considerably high in the industries with high monetary transactions including insurance services, banking and financial, telecommunication, retail, and government or public sector. Increase in usage is observed in industries such as transportation, manufacturing, professional services, healthcare among others.
Low awareness of fraud possibilities in small and medium enterprises and high investment for deployments are the major factors hindering the growth of the market The pre deployment measures and cost would remain key concern in the field of restraints for this market, even though awareness level in small and medium enterprise is growing, which leads to the decreasing effect of this factor.
Fraud detection and Prevention market is segmented by solutions into authentication, and fraud analytics. The market is segmented by type of users into large enterprises; medium and small enterprises. Furthermore, the market is segmented by industry verticals into insurance, banking and financial Services, retail, public/government, telecommunication and others verticals. In addition to the above the fraud detection and prevention market is segmented by regions into North America, Europe, Asia Pacific and rest of the world (RoW).
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Major players in fraud detection and prevention market are FICO, SAP, Fiserv, EMC, Experian, ACI, NICE Actimize, Computer Sciences Corporation among others.
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