According to data from market research company RnRMarketResearch, with rising revenue losses because of the fraud across the globe, adoption of fraud detection and prevention solutions in enterprises is also increasing. Requirement of such solutions is significantly high in industries which involve monetary transactions such as banking and financial services, insurance, retail, telecommunication and public or government sector. Increase in adoption can be observed in other industries as well such as manufacturing, transportation, healthcare, professional services among others.
The same source indicates that in 2013, the banking and financial services sector has accounted for the largest share in fraud detection and prevention market. In 2018, it is estimated to be the largest revenue generating industry vertical but the insurance, retail and telecommunication sector would be rising at higher y-o-y growth rates.
The study also unveils that authentication would remain major revenue generating pocket but fraud analytics would be rising at higher growth rate. High growth rate in SMEs will drive the growth rates in region Asia-Pacific followed by Latin America.
The report provides a look in the global fraud detection and prevention market in terms of fraud analytics and authentication solutions market revenues. The fraud detection and prevention solutions refer to the IT solutions and systems which are used to analyze the data and find anomalies and patterns (to find deterrence from usual course) and the solutions which regulate user access by verification and authentication.
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