April 16, 2021 In COVID-, Impact

Aemilius Cupero News: Impact of COVID-19 Outbreak on Fraud Detection and Prevention Market Growth Strategies, Rising Trends and Revenue Analysis

Aemilius Cupero News:

The strongest factors propelling the demand for fraud detection and prevention solutions are the rising adoption of artificial intelligence (AI) and machine learning (ML) to mitigate fraud, increasing need to counter mobile frauds, surging number of the elderly being phone-scammed, and escalating need to safeguard the online banking sector. Due to these factors, the fraud detection and prevention industry value, which stood at $20,614.4 million in 2018, is projected to witness a 15.1% CAGR during 2019–2024 (forecast period, to reach $47,903.1 million by 2024.

Based on offering, the market is bifurcated into software and service, of which the software bifurcation held the larger share in 2018. This was due to the rising adoption of fraud analytics, governance, risk, and compliance (GRC), and authentication software by companies to mitigate cyber fraud and adhere to the data protection rules of governments. During the forecast period, the higher CAGR will be witnessed by the service bifurcation.

Get the Sample Copy of this Report @  https://www.psmarketresearch.com/market-analysis/fraud-detection-and-prevention-market/report-sample

With the increasing adoption of fraud detection and prevention solutions, the demand for various managed and professional services is rising too. The bifurcations of the deployment type segment of the fraud detection and prevention market are on-premises and cloud-based. During the historical period (2014–2018), the market was dominated by the cloud-based bifurcation, which is also expected to witness the faster growth till 2024.

Compared to on-premises deployment, cloud deployment is cheaper, as it eliminates the need to procure expensive hardware and maintain on-site servers. Moreover, the cloud allows users to track their operations in real time and scale up or down the data storage capacity without much effort. Presently, hybrid approaches are trending in the fraud detection and prevention market, as they integrate various aspects of the process into one solution.

Such an approach integrates multiple aspects of a potential fraud, analyzes each aspect as an individual malicious activity, and detects known, complex, unknown, and associative link patterns.

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

.