Digital economy is continuously evolving and this impacts almost every business, seeking some attention at traditional fraud management processes. Enterprises today must have all-rounded understanding of fraud as customers engage with enterprises across multiple channels using a variety of mobile devices. Fraud detection guards customer and enterprise assets, accounts, information, transactions and deals through the real-time, analysis of activities by customers and other distinct predefined entities. It uses background server-based processes which inspect users’ and other distinct defined entities’ accessibility and conduct patterns, and associates this evidence to a single summary of what’s required for decision making. Detecting a fraud is not intrusive to a user unless the user’s activity is suspected. Anti-fraud management systems use hybrid models of advanced analytics techniques and rule based complete approach encompassing the wide range of fraud-detection techniques. Anti-fraud management systems effectively fights fraud, by detecting the issue, analyzing it and offering support to make instant decisions.
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Global Anti-Fraud Management System Market: Drivers and Challenges
Increasing cyber-attacks and dynamic frauds hitting multiple channels and products is enabling adoption of various anti-fraud management systems among the enterprises. Digitization and advancement in technology is enabling organizations to shift towards a more efficient ways of delivering their solution and services. This factor is expected to positively impact the growth of global anti-fraud management systems.
Complexity in integration of anti-fraud management systems and government regulation and standardization are among the factors that restrict the growth of anti-fraud management system worldwide.
Global Anti-Fraud Management System Market: Segmentation
Global Anti-Fraud Management System Market can be segmented into solution, application type, and end-user, vertical.
On the basis of solution, global anti-fraud management system market can be segmented into fraud detection, fraud analysis and decision support.
On the basis of application type, global anti-fraud management system market can be segmented into electronic payment, insurance claims, others.
On the basis of end-user, global anti-fraud management system market can be segmented into small enterprises, medium enterprises and large enterprises.
On the basis of vertical, global anti-fraud management system market can be segmented into BFSI, retail, IT & telecommunication, government/public sector, healthcare, real estate, energy and power, manufacturing, travel and transportation, media and entertainment, others
Global Anti-Fraud Management System Market: Regional Outlook
On the basis of regions, global Anti-Fraud Management System Market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
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North America is likely to continue its leading position over the forecast period. The growth of this regional market is largely fuelled by easy adoption and better disposable income among the population. As majority of the key players have their head offices in the U.S. and this regions is among the most technologically advanced regions, this regions is expected to continue its leading position during the forecast period. The continuous penetration of consumer electronics is among the key factors for the healthy pace of growth of the Asia Pacific anti-fraud management systems market which has the highest potential during the forecast period. Western Europe market holds a notable share in the global anti-fraud management system market as it is home to several other key vendors for anti-fraud management system.
Global Anti-Fraud Management System Market: Competition Landscape
Some of the key players for anti-fraud management system market are IBM Corporation, SAP SE, Oracle Corporation, Capgemini, Fair Isaac Corporation (FICO), SAS Institute, Inc., Computer Sciences Corporation (CSC), BAE Systems Inc., ACI Worldwide Inc., Fiserv Inc., Threatmetrix and among others