Monday 13th January, 2014
According to a recent study by RnR MarketResearch, the fraud prevention and detection market is expected to grow at a rate of 15.9 % by 2018.
As reported in The Paypers, rising revenue losses as a result of fraud across the globe has led to an increase in the adoption of fraud detection and prevention solutions in enterprises. This is particularly the case in industries which involve monetary transactions such as banking and financial services, insurance, retail, telecommunication and public or government sector. An increase in adoption has also taken place in other industries as such as manufacturing, transportation, healthcare, professional services among others.
The same source indicates that in 2013, the banking and financial services sector has accounted for the largest share in fraud detection and prevention market. In 2018, it is estimated to be the largest revenue generating industry verticals will be the insurance, retail and telecommunication sector.
The study also states that fraud analytics will rise. High growth rate in SMEs will drive the growth rates in region Asia-Pacific followed by Latin America.