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Financial Fraud Detection Software Market By Component, By Deployment Mode, By Fraud Type, By End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 250 Pages
  • October 2023
  • Region: Global
  • Allied Market Research
  • ID: 5916354
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 monitor various financial transactions, such as credit card transactions, wire transfers, and account withdrawals, and alert the institution when suspicious activity is detected.

The growing adoption of online banking applications and mobile banking services and increasing incidences of financial fraud are boosting the growth of the global financial fraud detection software market. in addition, the increase in the use of digital transformation technology the positively impacts growth of the financial fraud detection software market. However, growing incidents of false positive rates and high implementation costs are hampering the financial fraud detection software market growth. On the contrary, rising Innovations in the Fintech Industry are expected to offer remunerative opportunities for the expansion of the financial fraud detection software market during the forecast period.

The financial fraud detection software market is segmented on the basis of component, deployment mode, type, end user, and region. On the basis of component, the market is bifurcated into solution and service. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of type, the market is categorized into core money laundering, identity theft, debit & credit card frauds, claim frauds, transfer frauds, and others. By end user, it is classified into banks, NBFCs, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players that operate in the financial fraud detection software market are Feedzai, FiCO, Oracle Corporation, ThreatMetrix, SAS Institute Inc., SAP SE, Fiserv, Inc., IBM Corporation, Software AG, and Experian plc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the global financial fraud detection software market forecast along with the current and future trends to explain the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on global financial fraud detection software market trend is provided in the report.
  • The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
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Key Market Segments

By Component

  • Solution
  • Service

By Deployment Mode

  • On-premise
  • Cloud

By Fraud Type

  • Money Laundering
  • Identity Theft
  • Debit and Credit Card Frauds
  • Claim Frauds
  • Transfer Frauds
  • Others

By End User

  • Banks
  • NBFCs
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • ThreatMetrix
  • SAP SE
  • Experian PLC
  • Fiserv, Inc.
  • FiCO
  • Oracle Corporation
  • IBM Corporation
  • Software AG
  • Feedzai
  • SAS Institute Inc.

 

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Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: FINANCIAL FRAUD DETECTION SOFTWARE MARKET, BY COMPONENT
4.1. Overview
4.2. Solution
4.3. Service
CHAPTER 5: FINANCIAL FRAUD DETECTION SOFTWARE MARKET, BY DEPLOYMENT MODE
5.1. Overview
5.2. On-premise
5.3. Cloud
CHAPTER 6: FINANCIAL FRAUD DETECTION SOFTWARE MARKET, BY FRAUD TYPE
6.1. Overview
6.2. Money Laundering
6.3. Identity Theft
6.4. Debit and Credit Card Frauds
6.5. Claim Frauds
6.6. Transfer Frauds
6.7. Others
CHAPTER 7: FINANCIAL FRAUD DETECTION SOFTWARE MARKET, BY END USER
7.1. Overview
7.2. Banks
7.3. NBFCs
7.4. Others
CHAPTER 8: FINANCIAL FRAUD DETECTION SOFTWARE MARKET, BY REGION
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia-Pacific
8.5. LAMEA
CHAPTER 9: COMPETITIVE LANDSCAPE
9.1. Introduction
9.2. Top winning strategies
9.3. Product mapping of top 10 player
9.4. Competitive dashboard
9.5. Competitive heatmap
9.6. Top player positioning, 2022
CHAPTER 10: COMPANY PROFILES
10.1. Feedzai
10.2. FiCO
10.3. Oracle Corporation
10.4. ThreatMetrix
10.5. SAS Institute Inc.
10.6. SAP SE
10.7. Fiserv, Inc.
10.8. IBM Corporation
10.9. Software AG
10.10. Experian PLC
List of Tables
Table 01. Global Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 02. Financial Fraud Detection Software Market for Solution, by Region, 2022-2032 ($ Million)
Table 03. Financial Fraud Detection Software Market for Service, by Region, 2022-2032 ($ Million)
Table 04. Global Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 05. Financial Fraud Detection Software Market for On-Premise, by Region, 2022-2032 ($ Million)
Table 06. Financial Fraud Detection Software Market for Cloud, by Region, 2022-2032 ($ Million)
Table 07. Global Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 08. Financial Fraud Detection Software Market for Money Laundering, by Region, 2022-2032 ($ Million)
Table 09. Financial Fraud Detection Software Market for Identity Theft, by Region, 2022-2032 ($ Million)
Table 10. Financial Fraud Detection Software Market for Debit and Credit Card Frauds, by Region, 2022-2032 ($ Million)
Table 11. Financial Fraud Detection Software Market for Claim Frauds, by Region, 2022-2032 ($ Million)
Table 12. Financial Fraud Detection Software Market for Transfer Frauds, by Region, 2022-2032 ($ Million)
Table 13. Financial Fraud Detection Software Market for Others, by Region, 2022-2032 ($ Million)
Table 14. Global Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 15. Financial Fraud Detection Software Market for Banks, by Region, 2022-2032 ($ Million)
Table 16. Financial Fraud Detection Software Market for Nbfcs, by Region, 2022-2032 ($ Million)
Table 17. Financial Fraud Detection Software Market for Others, by Region, 2022-2032 ($ Million)
Table 18. Financial Fraud Detection Software Market, by Region, 2022-2032 ($ Million)
Table 19. North America Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 20. North America Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 21. North America Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 22. North America Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 23. North America Financial Fraud Detection Software Market, by Country, 2022-2032 ($ Million)
Table 24. U.S. Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 25. U.S. Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 26. U.S. Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 27. U.S. Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 28. Canada Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 29. Canada Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 30. Canada Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 31. Canada Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 32. Europe Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 33. Europe Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 34. Europe Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 35. Europe Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 36. Europe Financial Fraud Detection Software Market, by Country, 2022-2032 ($ Million)
Table 37. UK Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 38. UK Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 39. UK Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 40. UK Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 41. Germany Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 42. Germany Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 43. Germany Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 44. Germany Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 45. France Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 46. France Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 47. France Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 48. France Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 49. Italy Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 50. Italy Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 51. Italy Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 52. Italy Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 53. Spain Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 54. Spain Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 55. Spain Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 56. Spain Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 57. Rest of Europe Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 58. Rest of Europe Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 59. Rest of Europe Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 60. Rest of Europe Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 61. Asia-Pacific Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 62. Asia-Pacific Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 63. Asia-Pacific Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 64. Asia-Pacific Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 65. Asia-Pacific Financial Fraud Detection Software Market, by Country, 2022-2032 ($ Million)
Table 66. China Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 67. China Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 68. China Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 69. China Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 70. Japan Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 71. Japan Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 72. Japan Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 73. Japan Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 74. India Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 75. India Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 76. India Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 77. India Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 78. South Korea Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 79. South Korea Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 80. South Korea Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 81. South Korea Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 82. Australia Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 83. Australia Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 84. Australia Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 85. Australia Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 86. Rest of Asia-Pacific Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 87. Rest of Asia-Pacific Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 88. Rest of Asia-Pacific Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 89. Rest of Asia-Pacific Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 90. LAMEA Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 91. LAMEA Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 92. LAMEA Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 93. LAMEA Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 94. LAMEA Financial Fraud Detection Software Market, by Country, 2022-2032 ($ Million)
Table 95. Latin America Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 96. Latin America Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 97. Latin America Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 98. Latin America Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 99. Middle East Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 100. Middle East Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 101. Middle East Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 102. Middle East Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 103. Africa Financial Fraud Detection Software Market, by Component, 2022-2032 ($ Million)
Table 104. Africa Financial Fraud Detection Software Market, by Deployment Mode, 2022-2032 ($ Million)
Table 105. Africa Financial Fraud Detection Software Market, by Fraud Type, 2022-2032 ($ Million)
Table 106. Africa Financial Fraud Detection Software Market, by End-user, 2022-2032 ($ Million)
Table 107. Feedzai: Key Executives
Table 108. Feedzai: Company Snapshot
Table 109. Feedzai: Service Segments
Table 110. Feedzai: Product Portfolio
Table 111. Feedzai: Key Stratergies
Table 112. Fico: Key Executives
Table 113. Fico: Company Snapshot
Table 114. Fico: Service Segments
Table 115. Fico: Product Portfolio
Table 116. Oracle Corporation: Key Executives
Table 117. Oracle Corporation: Company Snapshot
Table 118. Oracle Corporation: Service Segments
Table 119. Oracle Corporation: Product Portfolio
Table 120. Oracle Corporation: Key Stratergies
Table 121. Threatmetrix: Key Executives
Table 122. Threatmetrix: Company Snapshot
Table 123. Threatmetrix: Service Segments
Table 124. Threatmetrix: Product Portfolio
Table 125. Sas Institute Inc.: Key Executives
Table 126. Sas Institute Inc.: Company Snapshot
Table 127. Sas Institute Inc.: Product Segments
Table 128. Sas Institute Inc.: Product Portfolio
Table 129. Sas Institute Inc.: Key Stratergies
Table 130. Sap Se: Key Executives
Table 131. Sap Se: Company Snapshot
Table 132. Sap Se: Service Segments
Table 133. Sap Se: Product Portfolio
Table 134. Sap Se: Key Stratergies
Table 135. Fiserv, Inc.: Key Executives
Table 136. Fiserv, Inc.: Company Snapshot
Table 137. Fiserv, Inc.: Service Segments
Table 138. Fiserv, Inc.: Product Portfolio
Table 139. Fiserv, Inc.: Key Stratergies
Table 140. IBM Corporation: Key Executives
Table 141. IBM Corporation: Company Snapshot
Table 142. IBM Corporation: Service Segments
Table 143. IBM Corporation: Product Portfolio
Table 144. Software Ag: Key Executives
Table 145. Software Ag: Company Snapshot
Table 146. Software Ag: Service Segments
Table 147. Software Ag: Product Portfolio
Table 148. Experian plc: Key Executives
Table 149. Experian plc: Company Snapshot
Table 150. Experian plc: Service Segments
Table 151. Experian plc: Product Portfolio
Table 152. Experian plc: Key Stratergies
List of Figures
Figure 01. Financial Fraud Detection Software Market, 2022-2032
Figure 02. Segmentation of Financial Fraud Detection Software Market, 2022-2032
Figure 03. Top Impacting Factors in Financial Fraud Detection Software Market (2022 to 2032)
Figure 04. Top Investment Pockets in Financial Fraud Detection Software Market (2023-2032)
Figure 05. Low Bargaining Power of Suppliers
Figure 06. Low Threat of New Entrants
Figure 07. Low Threat of Substitutes
Figure 08. Low Intensity of Rivalry
Figure 09. Low Bargaining Power of Buyers
Figure 10. Global Financial Fraud Detection Software Market: Drivers, Restraints and Opportunities
Figure 11. Financial Fraud Detection Software Market, by Component, 2022 and 2032 (%)
Figure 12. Comparative Share Analysis of Financial Fraud Detection Software Market for Solution, by Country 2022 and 2032 (%)
Figure 13. Comparative Share Analysis of Financial Fraud Detection Software Market for Service, by Country 2022 and 2032 (%)
Figure 14. Financial Fraud Detection Software Market, by Deployment Mode, 2022 and 2032 (%)
Figure 15. Comparative Share Analysis of Financial Fraud Detection Software Market for On-Premise, by Country 2022 and 2032 (%)
Figure 16. Comparative Share Analysis of Financial Fraud Detection Software Market for Cloud, by Country 2022 and 2032 (%)
Figure 17. Financial Fraud Detection Software Market, by Fraud Type, 2022 and 2032 (%)
Figure 18. Comparative Share Analysis of Financial Fraud Detection Software Market for Money Laundering, by Country 2022 and 2032 (%)
Figure 19. Comparative Share Analysis of Financial Fraud Detection Software Market for Identity Theft, by Country 2022 and 2032 (%)
Figure 20. Comparative Share Analysis of Financial Fraud Detection Software Market for Debit and Credit Card Frauds, by Country 2022 and 2032 (%)
Figure 21. Comparative Share Analysis of Financial Fraud Detection Software Market for Claim Frauds, by Country 2022 and 2032 (%)
Figure 22. Comparative Share Analysis of Financial Fraud Detection Software Market for Transfer Frauds, by Country 2022 and 2032 (%)
Figure 23. Comparative Share Analysis of Financial Fraud Detection Software Market for Others, by Country 2022 and 2032 (%)
Figure 24. Financial Fraud Detection Software Market, by End-user, 2022 and 2032 (%)
Figure 25. Comparative Share Analysis of Financial Fraud Detection Software Market for Banks, by Country 2022 and 2032 (%)
Figure 26. Comparative Share Analysis of Financial Fraud Detection Software Market for Nbfcs, by Country 2022 and 2032 (%)
Figure 27. Comparative Share Analysis of Financial Fraud Detection Software Market for Others, by Country 2022 and 2032 (%)
Figure 28. Financial Fraud Detection Software Market by Region, 2022 and 2032 (%)
Figure 29. U.S. Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 30. Canada Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 31. UK Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 32. Germany Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 33. France Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 34. Italy Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 35. Spain Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 36. Rest of Europe Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 37. China Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 38. Japan Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 39. India Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 40. South Korea Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 41. Australia Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 42. Rest of Asia-Pacific Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 43. Latin America Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 44. Middle East Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 45. Africa Financial Fraud Detection Software Market, 2022-2032 ($ Million)
Figure 46. Top Winning Strategies, by Year (2019-2023)
Figure 47. Top Winning Strategies, by Development (2019-2023)
Figure 48. Top Winning Strategies, by Company (2019-2023)
Figure 49. Product Mapping of Top 10 Players
Figure 50. Competitive Dashboard
Figure 51. Competitive Heatmap: Financial Fraud Detection Software Market
Figure 52. Top Player Positioning, 2022
Figure 53. Oracle Corporation: Net Revenue, 2020-2022 ($ Million)
Figure 54. Oracle Corporation: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 55. Oracle Corporation: Revenue Share by Segment, 2022 (%)
Figure 56. Oracle Corporation: Revenue Share by Region, 2022 (%)
Figure 57. Sap Se: Net Revenue, 2020-2022 ($ Million)
Figure 58. Sap Se: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 59. Sap Se: Revenue Share by Segment, 2022 (%)
Figure 60. Sap Se: Revenue Share by Region, 2022 (%)
Figure 61. Fiserv, Inc.: Sales Revenue, 2020-2022 ($ Million)
Figure 62. Fiserv, Inc.: Revenue Share by Segment, 2022 (%)
Figure 63. IBM Corporation: Net Revenue, 2020-2022 ($ Million)
Figure 64. IBM Corporation: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 65. IBM Corporation: Revenue Share by Segment, 2022 (%)
Figure 66. IBM Corporation: Revenue Share by Region, 2022 (%)

Executive Summary

According to the report, the financial fraud detection software market was valued at $13 billion in 2022, and is estimated to reach $50.3 billion by 2032, growing at a CAGR of 14.8% from 2023 to 2032.

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.

Key factors driving the growth of the financial fraud detection software market the growing adoption of online banking applications and mobile banking services, increasing incidences of financial fraud, and the increase in the use of digital transformation technology. Digitization is the process of converting data or information into a digital format with the adoption of advanced technology. It plays a very important role in the financial sector owing to the growing need among financial service providers to provide enhanced customer services and to improve the security of the customer. Furthermore, SaaS also helps financial institutes to offer digital services to their customers and saves time on financial consulting, which propels the growth of the market. In addition, the rise in demand for digital transformation technology in financial institutions and the growing dependency of various banks on SaaS solutions drives the growth of the market. In addition, market players across the globe are adopting various advanced technologies such as blockchain technology, big data, and artificial intelligence to increase productivity with minimal resources utilized driving the growth of the market.

The market also offers growth opportunities to the key players in the market. BFSI companies are increasing investment in machine learning and AI solutions to transform financial institutes’ management for providing enhanced services to the end users and to automate the necessary solutions. In addition, with rising complexity and competition in the BFSI market, the demand for industry-specific solutions increased to meet the goals of the companies and AI-based financial solutions are helping Fintech and other industries to enhance their security and upsurge their revenue opportunity, which is driving the growth of the market. For instance, in March 2021, IBM announced that it had launched a new fraud detection and prevention solution for the financial services industry. The solution, called IBM Financial Crimes Insight, is built on IBM Cloud Pak for Data and leverages advanced analytics, artificial intelligence, and machine learning technologies. The solution is designed to help financial institutions detect and prevent fraud across a range of channels, including mobile, web, and call centers. IBM Financial Crimes Insight offers real-time monitoring and analytics, enabling businesses to quickly respond to potential fraud attempts. Furthermore, AI and machine learning assist financial institutes at various stages of the risk management process ranging from identifying risk exposure, measuring, and estimating, to assessing its effects. Moreover, increasing investments in AI and machine learning offer the potential to transform the area of automation for time-consuming, mundane processes, and offer a far more streamlined and personalized customer experience, which is enhancing the growth of the market. In addition, major financial institutes such as Bank of America, JPMorgan, and Morgan Stanley, are investing heavily in ML technologies to develop automated investment advisors and train systems to detect flags such as money laundering techniques and for other fraud cases, which in turn is expected to provide lucrative opportunity for the growth of the market.

The Financial fraud detection software market is segmented into on the basis of component, deployment mode, type, end user, and region. On the basis of component, the market is categorized into solution and service. On the basis of deployment mode, the market is fragmented into on-premise and cloud. On the basis of type, the market is bifurcated into core money laundering, identity theft, debit & credit card frauds, claim frauds, transfer frauds, and others. By end user, it is classified into banks, NBFCs, and others. Region wise, it is analyzed across North America (the U.S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

The key players profiled in the study are Feedzai, FiCO, Oracle Corporation, ThreatMetrix, SAS Institute Inc., SAP SE, Fiserv, Inc., IBM Corporation, Software AG, and Experian plc. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in April 2021, SAP SE partnered with Dediq GmbH to expand SAP's financial services portfolio with a significant investment in new solutions. These solutions will be based on SAP software and be integrated into SAP's overall portfolio and product roadmap.

Key Market Insights

By component, the solution segment was the highest revenue contributor to the market, and is estimated to reach $30.95 billion by 2032, with a CAGR of 13.8%. However, the service segment is estimated to be the fastest growing segment with the CAGR of 16.7% during the forecast period.

By end user, the banks segment dominated the global market, and is estimated to reach $15.76 billion by 2032, with a CAGR of 11.9%. However, the NBFCs segment is expected to be the fastest growing segment with the CAGR 17.0% during the financial fraud detection software Market Forecast.

Based on region, Asia-Pacific was the highest revenue contributor, accounting for $3.16 billion in 2022, and is estimated to reach $16.23 billion by 2032, with a CAGR of 18.0%.

Companies Mentioned

  • ThreatMetrix
  • SAP SE
  • Experian PLC
  • Fiserv, Inc.
  • FiCO
  • Oracle Corporation
  • IBM Corporation
  • Software AG
  • Feedzai
  • SAS Institute Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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