Banking & financial services is the vertical that is expected to account for the largest market share of the global fraud detection and prevention. The insurance sector is another major vertical that is expected to account for major market revenues in the coming years, in terms of fraud detection and prevention solutions. Fraud detection and prevention solutions in this vertical detect the false insurance claims that have been causing big dents in their revenues in recent times. The rise of newer technologies, such as customer behaviour analytics, social media analytics, and a new breed of visualization tools, along with advancements in authentication solutions, are driving the growth of the global market at a significant growth rate.
Besides banking, financial services, and insurance, the retail, telecommunication, and public/government sectors are some of the verticals in which adoption rate of fraud detection and prevention is expected to be high during the forecast period. The manufacturing, media & entertainment, and transportation verticals are the other industries expected to grow at high rates; however, these verticals may not acquire a large share in the global fraud detection and prevention market in the coming years.
The fraud detection and prevention market in the public or government sector is also expected to grow at a considerable growth rate. Since public or government sector transactions include huge sums of money and data/information, these transactions are targeted for money and data theft, which is driving the high growth rate of fraud detection and prevention market in this segment as well.
In terms of regional adoption, North America is expected to contribute the largest market share of the global market during the given forecast period, followed by the geographic segment in Europe. The enterprises in these two regions are capable adopting and adapting to these solutions efficiently. Asia-Pacific, Middle East & Africa, and Latin America are expected to be the emerging segments of the global market in the coming years, and are projected to grow at high growth rates, but with low market shares.