Global Fraud Hunters Market, By Type of Fraud (Financial Statement Fraud, Healthcare, Insurance and Banking Fraud, Consumer Fraud, Intellectual Property Fraud, Others), Application (Defense, Government, Banks and Financial Institutions, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
As the number of financial frauds increases each year, one of the most pressing concerns for the financial services industry is fraud prevention and detection. Furthermore, the banking and financial sectors are constantly striving to improve fraud management systems by incorporating new rules, statistical models, and acquired knowledge.
Data Bridge Market Research analyses that the fraud hunters market was valued at USD 6.95 billion in 2021 and is likely to reach USD by 2029, and will grow at a CAGR of 16.30% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
The term "Fraud Hunters" refers to the process of locating numerous potential scandals, scams, thefts, or data breaches that have occurred or will occur in a sensitive data environment. In the digital age, financial crime against banks and other institutions is on the rise. Rising instances of financial and intellectual fraud, as well as breaches or leaks of sensitive military data, have prompted concerned businesses to implement advanced transaction systems and piecemeal fraud detection technologies. Firms must carefully spot frauds using a variety of tactics as fraudsters become more sophisticated.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type of Fraud (Financial Statement Fraud, Healthcare, Insurance and Banking Fraud, Consumer Fraud, Intellectual Property Fraud, Others), Application (Defense, Government, Banks and Financial Institutions, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Experian Information Solutions, Inc. (U.S) SAS Institute Inc., (U.S) Oracle (U.S) IBM (U.S) FICO (U.S). Fiserv, Inc., (U.S) FIS.(U.S) SAP SE (Germany) ACI Worldwide (U.S) NCR Corporation (U.S)
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Market Opportunities
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Fraud hunters Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Increasing application from banking and military sectors
Increasing application of security in the banking and military sectors, rising need to protect financial losses due to increasing threats, and the prevalence of various techniques to protect frauds are some of the factors that will likely boost the growth of the fraud hunters market
Use of artificial intelligence and machines
Rising use of artificial intelligence and machine learning will create numerous opportunities, leading to the growth of the fraud hunters market during the forecast period.
Restraints
Consumers' increasing demand for 24-hour digital access has compelled several organisations, including financial institutions and merchants, to abandon more stringent manual application review processes in order to open accounts more quickly, opening the door for more crimes to occur. According to Kaspersky and Symantec, cryptocurrency malware, which is complex in nature, attacks 1%–4% of IC systems each month. Developing countries are the primary targets, with the majority of attacks occurring via the internet and emails.
This fraud hunters market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fraud hunters market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Fraud hunters Market
In this COVID-19 scenario, each country's national lockdown has increased the market span of digital technologies. More than 60%–70% of people now use one or more digital platforms for a variety of reasons, including WFH, online transactions via their banks' digital apps, or mobile/digital money wallets. However, it has opened a convenient door for fraudsters and money launderers, as they can now access critical information from digital platforms by hacking them. The worst-affected healthcare industry is fighting multiple battles, as the urgency of hospitals and healthcare institutions to resurrect the IT systems under attack and avoid a negative impact on treatments due to stalled systems makes them attractive targets for cybercriminals.
Recent Development
- NICE Actimize will improve SURVEIL-X, a comprehensive trade surveillance solution, in July 2020. SURVEIL-X has been enhanced with self-service analytics for custom risk detection. Financial Services Organizations (FSOs) can use SURVEIL-X Studio to quickly create, test, and deploy custom analytics risk detection models to close regulatory and operational risk gaps.
- NICE Actimize launched CDD-X in April 2019 to modernise KYC/CDD programmes with advanced analytics and the power of AI. The powerful combination of AI technology and NICE Actimize's expertise in KYC/CDD reduces customer review time by up to 70% and improves high-risk customer management accuracy.
Global Fraud hunters Market Scope
The fraud hunters market is segmented on the basis of type of fraud and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type of fraud
- Financial Statement Fraud
- Healthcare
- Insurance and Banking Fraud
- Consumer Fraud
- Intellectual Property Fraud
- Others
Application
- Defense
- Government
- Banks and Financial Institution
- Others
Fraud hunters Market Regional Analysis/Insights
The fraud hunters market is analyzed and market size insights and trends are provided by country type of fraud and application as referenced above.
The countries covered in the fraud hunters market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America will dominate the fraud hunters market due to the high adoption of artificial intelligence along with the increasing number of fraud activities.
On the other hand, the Asia-Pacific will grow during the forecast period of 2022 to 2029 due to the increasing number of frauds and the growing need for preventive software in various verticals.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Fraud hunters Market Share Analysis
The fraud hunters market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fraud hunters market.
Some of the major players operating in the fraud hunters market are:
- Experian Information Solutions, Inc. (U.S)
- SAS Institute Inc., (U.S)
- Oracle (U.S)
- IBM (U.S)
- FICO (U.S).
- Fiserv, Inc., (U.S)
- FIS.(U.S)
- SAP SE (Germany)
- ACI Worldwide (U.S)
- NCR Corporation (U.S)
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