Pune, India, May 03, 2021 (GLOBE NEWSWIRE) — The Latin America fraud detection and prevention market size is expected to gain momentum by reaching USD 2,945.3 million by 2028 while exhibiting a CAGR of 20.0% between 2021 and 2028. Fortune Business Insights, in its latest report, titled “Latin America Fraud Detection and Prevention Market, 2021-2028.”, mentions that the market stood at USD 729.4 million in 2020. Factors such as the increasing incidence of data fraud and the rising adoption of mobile phones are expected to favor the product’s demand in the forthcoming years. According to the latest Pew Research Center Survey, LATAM countries such as Argentina, Venezuela, and Chile have the most smartphone users. For instance, 83% of Argentines, 86% of Venezuelans, and 91% of Chileans own a cellphone.
Increasing Focus on Digitization amid COVID-19 Leads to Market Exhibiting 12.0% Growth Rate in 2020
According to the data by MasterCard Incorporated, users are adopting contactless payment modes based on fraud prevention solutions more than ever since the onslaught of the novel coronavirus. As the pandemic has led to seismic effects across several industries, the demand for online platforms has witnessed a massive spurt. Factors such as remote working, the rising digital payment to avoid direct human-to-human contact, and the evolving strategies of the companies are leading to the integration of digitization. Therefore, this is likely to lead to the market exhibiting a stellar 12.0% growth rate in 2020 amid the COVID-19 pandemic.
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Based on the component, the market is bifurcated into solutions and services. On the basis of application, the market is trifurcated into insurance claims, money laundering, electronic payment, and others. Additionally, based on deployment, the market is divided into cloud and on-premise. On the basis of enterprise size, the market is segmented into large enterprises and small & medium enterprises (SMEs). Based on vertical, the market is segregated into BFSI, IT & telecom, retail & consumer packaged goods, government, construction & real estate, energy & utilities, travel & transportation, manufacturing, healthcare & life sciences, media & entertainment, and others.
Based on the vertical, the IT & telecom segment held a Latin America fraud detection and prevention market share of about 13.6% in 2020 and is likely to showcase exponential growth in the forthcoming years. This is due to the increasing adoption of advanced predictive analytics tools and solutions by large enterprises in Latin America to ensure the security of private data.
Lastly, on the basis of geography, the market is segmented into Mexico, Brazil, and Rest of Latin America.
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What does the Report Provide?
The market report offers qualitative and quantitative insights on the industry and in-depth analysis of the size & growth rate for all segments impacting the market. Besides, the report provides an insightful study of market dynamics, opportunities, emerging trends, and competitive landscape. The valuable insights offered are based on the latest trends, recent industry developments such as mergers & acquisitions, partnerships, and others by adopting several research methodologies that will affect the growth of the market during the forecast period.
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Increasing Incidence of Data Fraud to Augment Market Growth
According to the Inter-American Development Bank (IDB) study, in partnership with the Organization of American States (OAS), out of 32 countries that were investigated, around 16 countries do not have adequate response capacity in times of fraud incidence. Moreover, the fraudsters have been targeting the banking and financial sector that includes frauds ranging from basic account takeover to card cloning in Latin America. Therefore, the increasing incidence of data fraud is expected to contribute to the Latin America fraud detection and prevention market growth during the forecast period.
Brazil – The market for Latin America fraud detection and prevention in the country is experiencing positive signs. This is due to the increasing demand for advanced mobile banking services and online payment applications in the forthcoming years. For instance, in October 2019, Bank of America announced a mobile banking application based on fraud detection solutions. The application is equipped with Erica, an artificial intelligence (AI) driven virtual financial assistant that serves around 29 million mobile application users.
The increasing adoption of digitization has led to the growing demand for advanced fraud detection solutions in other Latin American countries such as Peru, Mexico, Jamaica, Aruba, Cuba, and others. This is likely to propel the product’s demand significantly between 2021 and 2028.
Major Table of Contents:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Latin America Fraud Detection and Prevention Market Share Analysis and Matrix, 2020
- Key Market Insights and Analysis
- Profiles of Key Players (Would be provided for 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
Partnerships between Prominent Companies to Boost Their Market Standings
The market is fragmented by the presence of diverse companies that are striving to maintain their stronghold. These companies are focusing on establishing partnerships with other companies to expand their portfolio in Latin America fraud detection and prevention solutions category and further improve their positions amongst their rivals. Moreover, the adoption of organic and inorganic strategies by other players to maintain their presence is expected to contribute to the market growth.
- January 2020 – IBM Corporation announced its partnership with Qatar International Islamic Bank (QIIB) to efficiently deliver cross-channel fraud prevention solutions across the banking and finance institutions of OIIB.
List of the Companies Operating in the Market for Latin America Fraud Detection and Prevention:
- IBM Corporation (New York, United States)
- Uplexis (São Paulo, Brazil)
- Experian Information Solutions, Inc. (São Paulo, Brazil’s)
- Accenture PLC (Dublin, Ireland)
- Tata Communications (Maharashtra, India)
- Clearsale LLC (Florida, United States)
- Neoway (São Paulo, Brazil’s)
- Konduto (São Paulo, Brazil’s)
- Inovamind (São Paulo, Brazil’s)
- Único (São Paulo, Brazil’s)
- Cred Defense (Bebedouro, São Paulo)
- HS Prevent (São Paulo, Brazil’s)
- BrScan Tecnologia (Brasília, Distrito Federal)
- IDWALL TECNOLOGIA LTDA (São Paulo, Brazil’s)
- Gemalto – Thales Group (Paris, France)
- Boa Vista Serviços
- Amdocs (Missouri, United States)
- Oiti Technologies (São Paulo, Brazil’s)
- Full Face Biometric Solutions (São Paulo, Brazil’s)
- Incognia (California, United States)
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