Financial Fraud Detection Software Market Size & Share to Surpass USD 33.17 Billion in value by 2030, growing at a CAGR of 12.56% – Zion Market Research

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NEW YORK, United States, May 05, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Financial Fraud Detection Software Market By Deployment (On-Premises And Cloud), By Component (Solution And Service), By End-User (Insurance Companies, Banks, Financial Institutions, And Others), By Type (Money Laundering, Identity Theft, Debit & Credit Card Frauds, Claim Frauds, And Wire Transfer Frauds), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Financial Fraud Detection Software Market size & share in terms of revenue was valued at USD 12.87 billion in 2022 and it is expected to surpass around USD 33.17 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 12.56% during the forecast period 2023 to 2030.”

The report analyzes the global financial fraud detection software market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the financial fraud detection software industry.

What is Financial Fraud Detection Software? How big is the Financial Fraud Detection Software Industry?

Report Overview:

Financial fraud detection software is a type of software that helps financial institutions identify and prevent fraudulent activities. It uses various algorithms and machine learning techniques to analyze large amounts of data and detect patterns that indicate potential fraud. The software can monitor various financial transactions, such as credit card transactions, wire transfers, and account withdrawals, and alert the institution when suspicious activity is detected.

By using such software, financial institutions can prevent losses due to fraudulent activities and maintain the trust of their customers. Many financial institutions have implemented fraud detection software as a critical component of their risk management strategy, and the technology is continually evolving to keep up with the changing nature of financial fraud.

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Global Financial Fraud Detection Software Market Dynamics:

Growth Drivers:

• The global financial fraud detection software market is driven by the increasing adoption of digital payment systems and the rising frequency of fraudulent activities.
• The software is expected to provide new growth opportunities as businesses look for ways to enhance their fraud prevention capabilities.
• Additionally, the increasing awareness of the benefits of fraud detection software, such as reduced losses and improved customer trust, is driving market growth.

Restraints:

• Challenges such as the high cost of implementation and the complexity of integrating the software with existing systems are hindering the financial fraud detection software industry growth.
• The need to comply with regulatory requirements and the ever-evolving nature of fraud are also challenges that must be addressed to fully leverage the potential of this market.

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Report Scope:

Financial Fraud Detection Software Market: Segmentation Analysis

The global financial fraud detection software market is segmented based on deployment, component, end-user, type, and region.

Based on deployment, the financial fraud detection software industry is bifurcated into on-premises and cloud. The cloud-based segment cited the fastest growth rate in 2022 and is further projected to grow rapidly during the forecast period. Cloud-based solutions offer many benefits over on-premises solutions, such as reduced infrastructure costs, scalability, and accessibility from anywhere with an internet connection.

This has led to increased adoption of cloud-based solutions by small and medium-sized businesses, who may not have the resources to implement on-premises solutions. Additionally, the cloud-based approach allows for easier integration with other cloud-based systems and provides real-time monitoring and analytics. As more businesses move their operations to the cloud, the demand for cloud-based financial fraud detection software is expected to continue to grow, providing new growth opportunities for vendors in this segment.

Based on end-user, the global financial fraud detection software industry is segmented into insurance companies, banks, financial institutions, and others. The bank segment held the largest market share in 2022 and is further predicted to grow exponentially during the forecast period. Banks are increasingly implementing fraud detection solutions to mitigate losses and improve customer trust, as fraud can lead to significant financial and reputational damage. The rise of digital banking has also led to an increase in the number of transactions, making it more difficult to detect fraudulent activities without the use of advanced software.

The global financial fraud detection software market is segmented as follows:

By Deployment

• On-Premises
• Cloud

By Component

• Solution
• Service

By End-User

• Insurance Companies
• Banks
• Financial Institutions
• Others

By Type

• Money Laundering
• Identity Theft
• Debit & Credit Card Frauds
• Claim Frauds
• Transfer Frauds

Browse this Full Research Report | Financial Fraud Detection Software Market By Deployment (On-Premises And Cloud), By Component (Solution And Service), By End-User (Insurance Companies, Banks, Financial Institutions, And Others), By Type (Money Laundering, Identity Theft, Debit & Credit Card Frauds, Claim Frauds, And Wire Transfer Frauds), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030

Competitive Landscape:

Some of the main competitors dominating the global financial fraud detection software market include – 

• Feedzai
• FICO
• Oracle
• ThreatMetrix
• SAS
• SAP
• Fiserv
• IBM
• Experian
• Bottomline Technologies
• Software AG
• Simility
• NICE Actimize
• Featurespace
• BAE Systems
• Socure
• Forter

 Key Insights from Primary Research:

• According to the analysis shared by our research analyst, the financial fraud detection software market is likely to expand at a CAGR of around 12.56% during the forecast period (2023-2030).
• In terms of revenue, the financial fraud detection software market size was valued at around US$ 12.87 billion in 2022 and is projected to reach US$ 33.17 billion by 2030.
• The financial fraud detection software market is projected to grow at a significant rate due to the growing incidences of financial fraud
• Based on end-user segmentation, banks were predicted to show maximum market share in the year 2022
• Based on deployment segmentation, the cloud was the leading vertical in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Key questions answered in this report:

• What is the market size and growth rate forecast for Financial Fraud Detection Software industry?
• What are the main driving factors propelling the Financial Fraud Detection Software Market forward?
• What are the leading companies in the Financial Fraud Detection Software Industry?
• What segments does the Financial Fraud Detection Software Market cover?
• How can I receive a free copy of the Financial Fraud Detection Software Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Deployment, Component, End-User, Type, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Based on region, the North American region held the largest financial fraud detection software market share in 2022 and is further anticipated to grow remarkably during the forecast period. This is majorly due to the high adoption of digital payments and the growing number of fraudulent activities in the region. The region has a highly developed financial sector, which has led to increased investment in fraud detection software by financial institutions. The presence of leading vendors in the region has also contributed to the growth of the market.

Furthermore, the North American region is highly regulated, with strict compliance requirements for financial institutions. This has led to increased adoption of fraud detection software to meet regulatory requirements. The increasing awareness of the benefits of fraud detection software and the need to protect assets and reputation have also contributed to market growth. As the trend toward digital payments and banking continues to grow, the demand for financial fraud detection software in North America is expected to remain strong.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Recent Developments:

• In January 2021, NICE Actimize, a leading provider of financial crime software solutions, launched a new cloud-based fraud detection and prevention solution. The solution, called ActimizeWatch, is designed to help businesses of all sizes prevent fraud in real time by leveraging machine learning and artificial intelligence technologies. ActimizeWatch provides an integrated platform that can be used across multiple channels, including mobile and web, and offers advanced analytics to help detect even the most sophisticated fraud attempts.
• In March 2021, IBM announced that it had launched a new fraud detection and prevention solution for the financial services industry. The solution, called IBM Financial Crimes Insight, is built on IBM Cloud Pak for Data and leverages advanced analytics, artificial intelligence, and machine learning technologies. The solution is designed to help financial institutions detect and prevent fraud across a range of channels, including mobile, web, and call centers. IBM Financial Crimes Insight offers real-time monitoring and analytics, enabling businesses to quickly respond to potential fraud attempts.

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