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(Wireless-NewsWire.Com, September 23, 2016 ) The report "Fraud Detection and Prevention Market by Solution (Fraud Analytics and Authentication), Application Areas (Insurance Claims, Money Laundering, Electronic Payment), Service (Professional and Managed), End-User, Vertical - Global Forecast to 2021", The FDP market size is estimated to grow from USD 14.36 Billion in 2016 to USD 33.19 Billion by 2021, at an estimated CAGR of 18.2%.
The FDP solution provide strong defense against fraudulent activities and properly safeguarded from internal and external threats. As the frequency of sophisticated fraud attacks on enterprises is growing, the market is expected to gain traction in the next five years.
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Rise in online business and electronic transactions is driving the FDP market
The major forces driving the FDP market are increasing online businesses and electronic transactions among organizations and financial institutes, which increase the frequency of fraudulent attacks. As the businesses are growing, new and sophisticated frauds are created everyday which has put company and individuals critical data at risk. This has encouraged banking & financial institutes and organizations to deploy FDP solutions to safeguard their accounts, endpoints, and networks against potential fraud-attacks.
Fraud analytics & authentication solution to play a key role in the FDP market
Authentication solution is expected to have the largest market share and dominate the FDP market from 2016 to 2021, due to growing demand for FDP solutions. Fraud analytics solution is expected to play a key role in changing the FDP landscape and will grow at the highest growth rate during the forecast period as number of frauds in organizations will continue to grow.
Banking, Financial Services, and Insurance (BFSI) vertical contributes maximum market share
Banking, Financial Services, and Insurance (BFSI) is expected to contribute largest market share in FDP market. The retail sector is expected to grow with the highest rate from 2016 to 2021, in the FDP market. The market is also projected to witness growth in telecommunication and government/public sector during the forecast period.
North America expected to contribute the largest market share, whereas APAC is expected to grow the fastest
North America is expected to have the largest market share and dominate the FDP market from 2016 to 2021, due to the presence of large number of FDP vendors across these regions. APAC offers potential growth opportunities in FDP solutions, as there is a wide presence of SMEs that are turning towards effective FDP solutions to defend against potential frauds.
The major vendors in the FDP market include IBM Corporation (U.S.), Oracle Corporation (U.S.), FICO (Brazil), SAS Institute Inc. (U.S.), SAP SE (Germany), CSC (U.S.), BAE Systems (U.K.), ACI worldwide (U.S.), and others.
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