The financial crime and fraud management solutions global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Financial Crime And Fraud Management Solutions Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
financial crime and fraud management solutions market size has grown
rapidly in recent years. It will grow from $17.08 billion in 2023 to
$19.35 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%.
The growth in the historic period can be attributed to the emergence of
advanced technologies, the shift to digital and cashless transactions,
pressure on financial institutions, a surge in demand for fraud
prevention solutions, and the struggle to achieve efficiency and
effectiveness.
The financial crime and fraud management solutions market size is expected to see rapid growth in the next few years. It will grow to $32.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to rising incidences of fraud and financial crimes, growing demand for sophisticated analytics, rising digital transactions and e-commerce, high demand from financial institutions, and global expansion of financial services. Major trends in the forecast period include the expansion of robotic process automation, the shift towards integrated fraud management platforms, the integration of AI and ML technologies, the adoption of cloud computing, and the integration of blockchain technology.
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Scope Of Financial Crime And Fraud Management Solutions Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Financial Crime And Fraud Management Solutions Market Overview
Market Drivers -
The
growing cybercrime threats are expected to propel the growth of the
financial crime and fraud management solutions market going forward.
Cybercrime threats are malicious activities or actions that target
computer systems, networks, and digital data to cause harm, steal
information, or disrupt operations. The growing cyber threats are due to
increasing digitalization, sophisticated attacks, an expanded attack
surface, and inadequate cybersecurity awareness. Financial crime and
fraud management solutions are crucial for combating cybercrime threats
in the financial services sector. These solutions help detect, prevent,
and mitigate various types of cybercrime, including data breaches,
account takeovers, and financial fraud. For instance, in November 2022,
according to the Australian Cyber Security Centre, an Australia-based
cyber security agency, the number of reported cyberattacks in 2022 was
76,000, reflecting a 13% increase from the previous year. Therefore, the
growing cybercrime threats drive the growth of the financial crime and
fraud management solutions market.
Market Trends -
Major
companies operating in the financial crime and fraud management
solutions market are focusing on developing advanced solutions such as
AI-powered ACH fraud detection systems to enhance detection, streamline
investigations, and improve fraud prevention. AI-powered ACH (Automated
Clearing House) fraud detection system is a sophisticated solution
designed to identify and prevent fraudulent activities related to ACH
transactions, which are electronic payments and transfers processed
through the ACH network. For instance, in June 2024, Oscilar, a US-based
fintech company, launched AI-Powered ACH Fraud Detection for Fintechs
and financial institutions. The new solution leverages machine learning
(ML) algorithms, generative AI, and real-time data analysis with
explainability to identify and prevent fraudulent transactions. It
tackles various types of fraud, including first-party fraud, account
takeovers, stolen account details, scams, business email compromise
(BEC), money mules, and ACH check kiting. The system’s fraud detection
capabilities analyze bank account usage patterns, validate transaction
intent, identify emerging attack vectors, and support risk operations
teams in scaling their investigations and reviews.
The financial crime and fraud management solutions market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By End User: Banks, Credit Unions, Specialty Finance, Thrifts, Other End Users
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Regional Insights -
North
America was the largest region in the financial crime and fraud
management solutions market in 2023. Asia-Pacific is expected to be the
fastest-growing region in the forecast period. The regions covered in
the financial crime and fraud management solutions market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East, Africa.
Key Companies -
Major companies
operating in the financial crime and fraud management solutions market
are Dell Technologies Inc., International Business Machines Corporation,
Oracle Corporation, SAP SE, BAE Systems Applied Intelligence, Capgemini
SE, Fiserv Inc., DXC Technology Company, Fidelity National Information
Services Inc., LexisNexis Risk Solutions, Thomson Reuters Corporation,
Experian Information Solutions Inc., Genpact, SAS Institute Inc., NICE
Ltd., ACI Worldwide Inc., Fair Isaac Corporation, Temenos AG, Cloudera
Inc., CRISIL Limited, Feedzai Inc., Featurespace Ltd., Securonix Inc.,
AxiomSL Inc., Guardian Analytics Inc.
Table of Contents
1. Executive Summary
2. Financial Crime And Fraud Management Solutions Market Report Structure
3. Financial Crime And Fraud Management Solutions Market Trends And Strategies
4. Financial Crime And Fraud Management Solutions Market – Macro Economic Scenario
5. Financial Crime And Fraud Management Solutions Market Size And Growth
…..
27. Financial Crime And Fraud Management Solutions Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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