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:

Restraints:

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Report Scope:

Report Attribute Report Details
Market Size in 2022 USD 12.87 Billion
Market Forecast in 2030 USD 33.17 Billion
Growth Rate CAGR of 12.56%
Base Year 2022
Forecast Years 2023- 2030
Key Companies Covered Feedzai, FICO, Oracle, ThreatMetrix, SAS, SAP, Fiserv, IBM, Experian, Bottomline Technologies, Software AG, Simility, NICE Actimize, Featurespace, BAE Systems, Socure, Forter, among others.
Segments Covered By Deployment, Component, End-User, Type, and Region
Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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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

By Component

By End-User

By Type

Competitive Landscape:

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

 Key Insights from Primary Research:

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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

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