- The COVID-19 pandemic has created a positive impact on the growth of the global fraud detection & prevention market
- Growing cases of fraud, data breaching, and deceitful activities during the COVID-19 crisis are fueling the growth of the market
PUNE, India, June 9, 2020 /PRNewswire/ -- Research Dive presents a new research report on the COVID-19 Impact on Global Fraud Detection & Prevention Market which explains the effect of coronavirus pandemic on the present as well as upcoming growth of the market. This report is a complete research drafted by analysts by analyzing all the significant factors such as regional market conditions, opportunities, market boomers and decliners, and size & scope of the market.
Key Statistics of the Market:
The emergence of COVID-19 crisis has given a significant boost to the growth of the global market for fraud detection & prevention market. As per the report, the global fraud detection & prevention market was valued at $18.8 billion in 2018 and is projected to gather a revenue of $145.7 billion by rising at a striking CAGR of 29.6% by 2026. In the current circumstances, the size of the market has reached almost $31.5 billion due to the rising cases of cybercrimes and frauds.
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Boomers of the Market during COVID-19:
As per the report, the global fraud detection & prevention market is predicted to witness significant growth due to increasing incidences of cyber-attacks, financial frauds or crimes, and data breaching events during the crisis period. Furthermore, growing advances in fraud detection & prevention software such as pre-defined setups for historical and real-time alerts and flexible browser-based interfaces are boosting the market growth.
Current Face of the Market due to COVID-19:
Some of the leading companies in this sector are investing in the development of more advanced fraud detection and prevention software for helping businesses in identifying and responding to unusual behavior of online traffic and avert data breaching activities. For example, Software AG, a leading fraud detection & prevention software company has developed fraud detection and prevention apps that are built using the Complex Event Processing (CEP) engine.
In the course of this pandemic, industry professionals have detected a substantial growth in the number of cybercrimes, fraud-attacks, data breaching cases, etc. Moreover, credit and debit card fraud attacks are growing every passing day due to the turmoil created during COVID-19 pandemic. Therefore, there is a noticeable surge in the demand for fraud detection & prevention solutions amidst this catastrophic situation.
Future Scope of the Market:
The global fraud detection & prevention market is projected to experience constant growth after the end of COVID-19 pandemic. Some of the top players in this market including Equifax Inc., ACI Worldwide Inc., Total System Services Inc., Orcale Ltd., Fiserv Inc., SAS Institute Inc., Experian plc., SAP SE, INM Limited., Dell Inc., and others are estimated to unlock lucrative opportunities for the market growth in the near future.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated with the Impact of COVID-19: https://www.researchdive.com/covid-19-insights
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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