Financial Fraud Detection Software Market Report by Type (Identity Theft, Wire Transfer Frauds, Claim Frauds, Money Laundering, Subscription Frauds, Credit and Debit Card Frauds), End User (BFSI, Healthcare, IT and Telecommunication, Manufacturing, Educational Institutions, Government, and Others), and Region 2024-2032
The global financial fraud detection software market size reached US$ 14.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 49.6 Billion by 2032, exhibiting a growth rate (CAGR) of 13.2% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 14.6 Billion
Market Forecast in 2032
US$ 49.6 Billion
Market Growth Rate 2024-2032
13.2%
Financial fraud detection software (FFDS) refers to a technological solution used for monitoring and assigning risk scores to monetary transactions. It enables the users to detect fraudulent activities linked to financial and electronic payments conducted online. It involves the use of fraud and consumer analytics, multi-factor authentication, reporting and visualization solutions. The software aids in minimizing losses by reducing threat detection time, managing large data sets and using correlation to identify fraud patterns, unusual behaviors or unauthorized access to the network.
Financial Fraud Detection Software Market Trends:
The increasing instances of cyberattacks, frauds and financial scams over the internet are among the key factors driving the growth of the market. FFDS is mainly used by organizations with online retailing and banking platforms to secure their operations and protect the sensitive data of consumers. For instance, the banking, financial services and insurance (BFSI) industry uses FFDS to secure mobile and internet banking platforms and prevent online transactions, insurance claims and card-related scams. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT), big data, data analytics, predictive modeling, deep learning, cloud computing, machine learning and artificial intelligence (AI) solutions, are acting as other growth-inducing factors. These innovative technologies aid in bot detection and enforcement, access control, caching, threat intelligence, application program interface (API) and malware detection. Other factors, including improvements in the information technology (IT) infrastructure and extensive research and development (R&D) activities, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global financial fraud detection software market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type and end user.
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
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:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and ValidSoft.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Type, End User, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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 and ValidSoft
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
We expect the global financial fraud detection software market to exhibit a CAGR of 13.2% during 2024-2032.
The rising integration of financial fraud detection software with the IoT, big data, data analytics, predictive modeling, deep learning, cloud computing, machine learning, and AI solutions, as they aid in bot detection and enforcement, access control, caching, malware detection, etc., is primarily driving the global financial fraud detection software market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of financial fraud detection software to secure mobile and internet banking platforms and prevent online transactions, insurance claims, and card-related scams, owing to the escalating consumer inclination towards digital payments for conducting financial transactions.
Based on the type, the global financial fraud detection software market has been segmented into identity theft, wire transfer frauds, claim frauds, money laundering, subscription frauds, and credit and debit card frauds. Among these, credit and debit card frauds currently hold the majority of the total market share.
Based on the end user, the global financial fraud detection software market can be bifurcated into BFSI, healthcare, IT and telecommunication, manufacturing, educational institutions, government, and others. Currently, BFSI exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global financial fraud detection software market include 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, and ValidSoft.
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