Changes in Consumer Behaviour During COVID-19 Outbreak May Affect Growth of Fraud Detection and Prevention Market

Lucrative opportunities are being offered to the fraud detection and prevention market by the rising usage of the blockchain technology for supply chain management. Frauds are often not detected in the supply chain, as it is a complex chain of processes, involving the participation of various parts and personnel. As blockchain offers greater traceability and transparency, it allows companies to reduce the risk, which is why it would gain wide popularity in the coming years. 

The global fraud detection and prevention market is driven by the usage of artificial intelligence (AI) and machine learning (ML) for curbing fraudulent activities, primarily mobile frauds, and those in the banking, financial services, and insurance (BFSI) sector. The market was valued at $20,614.4 million in 2018, and is predicted to advance at a CAGR of 15.1% during the forecast period (2019–2024). 

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The key elements in the process are to identify the fraud risk, assess the likelihood of the risks, and take measures before any significant damage is done. The major advantage of blockchains are the difficulty in manipulation and cracking they pose. The fraud detection and prevention market is predicted to be dominated by Asia-Pacific (APAC) and North America, in 2024, with a 67.5% cumulative share.

This market research report provides a comprehensive overview of the fraud detection and prevention market

• Historical and the present size of the fraud detection and prevention market
• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential