Financial Fraud Detection Software Market 2021-26: Trends, Outlook, Growth, Size, Share, Forecast

According to the latest report by IMARC Group “Financial Fraud Detection Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, the global financial fraud detection software market to grow at a CAGR of around 15% during the forecast period (2021-2026).

Financial fraud detection software (FFDS) are automated solutions that are widely used for identifying and preventing fraudulent activities related to monetary payments. It utilizes statistical data analysis techniques and artificial intelligence (AI) to assist in monitoring and assigning risk scores as well as detecting fraud associated with online transactions. These solutions are also being integrated with state-of-the-art technology, such as consumer analytics, multi-factor authentication, and reporting and visualization solutions. They are increasingly deployed for preventing unauthorized access to the network, minimizing the overall threat detection time, improving identification of fraud patterns and managing large data sets in an efficient manner.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The global market is primarily driven by the increasing incidences of cyberattacks and cyber frauds. With the rising preference toward the use of online banking services across the globe, FFDS is widely deployed by various organizations across the banking, financial services, and insurance (BFSI) sector to assist them in combating a vast array of fraudulent activities and protecting sensitive data of customers. These solutions detect and prevent incidences of money laundering, forging bank checks and card-related scams effectively, thereby gaining widespread prominence across the globe. The market is further driven by significant growth in the e-commerce industry, which has provided a boost to the need for online money transactions on the global level. Moreover, these software solutions are also being integrated with big data, data analytics, predictive modeling and deep learning technology to further assist in access control, caching, bot detection and enforcement, malware detection threat intelligence, and application program interface (API). Some of the other factors contributing to the market growth include rapid digitization across the banking sector and the continual technological advancements in information technology (IT) infrastructure. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 23% during 2021-2026.

Breakup by Type:

  • Identity Theft
  • Wire Transfer Frauds
  • Claim Frauds
  • Money Laundering
  • Subscription Frauds
  • Credit and Debit Card Frauds

Breakup by End User:

  • BFSI
  • Healthcare
  • IT and Telecommunication
  • Manufacturing
  • Educational Institutions
  • Government
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • ACI Worldwide Inc.
  • BioCatch
  • CipherCloud Inc. (Lookout Inc.)
  • Experian Information Solutions Inc (Experian plc)
  • Kount Inc
  • Oracle Corporation
  • Riskified Ltd.
  • SAS Institute Inc
  • Signifyd Inc.
  • Thales Group
  • ValidSoft.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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