Factors such as the surging usage of artificial intelligence (AI) and machine learning (ML) for minimizing fraudulent activities, increasing need to protect the online banking and insurance sectors, and rising frequency of phone scamming against the geriatric population are expected to drive the growth of the fraud detection and prevention market at a CAGR of 15.1% during the foreseeable period (2019–2024).
According to P&S Intelligence, the market size is projected to reach $47,903.1 million by 2024 from $20,614.4 million in 2018. Moreover, the market is witnessing a trend of surging usage of the hybrid analytical approach. The surging concern about mobile frauds is one of the main factors boosting the fraud detection and prevention market growth.
The number of online transactions through mobile devices is surpassing that of transactions through desktop devices across the world. This leads to the rise in cases of fraudulent activities. For instance, around 30% of all the vulnerable transactions were made through mobile devices in 2018, and this percentage increased to about 49% in 2019.
Moreover, cybercriminals are widely using mobile emulators that operate to mimic various iOS- and Android-based mobile devices. Based on enterprise, the fraud detection and prevention market is classified into large enterprises and small and medium-sized enterprises (SMEs). Out of these, the large enterprises category accounted for a larger market share in 2018, and it is expected to witness the same trend during the forecast period as well.
This is due to the fact that large enterprises are more prone to both external and internal threats, as these organizations are more technologically active and have complex business operations. Also, these firms are increasingly deploying cloud-based and analytic solutions.
According to P&S Intelligence, the market size is projected to reach $47,903.1 million by 2024 from $20,614.4 million in 2018. Moreover, the market is witnessing a trend of surging usage of the hybrid analytical approach. The surging concern about mobile frauds is one of the main factors boosting the fraud detection and prevention market growth.
The number of online transactions through mobile devices is surpassing that of transactions through desktop devices across the world. This leads to the rise in cases of fraudulent activities. For instance, around 30% of all the vulnerable transactions were made through mobile devices in 2018, and this percentage increased to about 49% in 2019.
Moreover, cybercriminals are widely using mobile emulators that operate to mimic various iOS- and Android-based mobile devices. Based on enterprise, the fraud detection and prevention market is classified into large enterprises and small and medium-sized enterprises (SMEs). Out of these, the large enterprises category accounted for a larger market share in 2018, and it is expected to witness the same trend during the forecast period as well.
This is due to the fact that large enterprises are more prone to both external and internal threats, as these organizations are more technologically active and have complex business operations. Also, these firms are increasingly deploying cloud-based and analytic solutions.
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