U.S. Fraud Detection & Prevention and Anti Money Laundering and Account Takeover Market by Fraud Detection & Prevention Type, by End User, By Vertical – Market Trends & Forecasts Till 2019
Fraud detection & prevention and anti money laundering and account takeover solutions and services are the offerings from IT vendors which helps enterprises to take counter measures to fight fraud & money laundering incidents and occurrences. These solutions detect fraud & money laundering incidents and prevent enterprises from losing revenue. This solutions refer to the IT solutions, systems, and services which are used to analyze the data and find anomalies and patterns (to find deterrence from usual course), and the solutions which regulate user access by verification and authentication along with the services helpful in the ecosystem.
The number of fraud cases has been increasing. But the major concern is that the losses caused by these incidents are increasing at high rate. Enterprises in such circumstances are being compelled to take counter measures. Industries engaged in transactions (mostly monetary transactions) are prime target for fraudsters. Banking, financial sector, insurance, and public sector being such prime targets, demand for these solutions is significantly high in these industries. Retail, telecommunications, manufacturing, transportation, real estate, healthcare and education are the other industries where penetration is observed to be high.
Rise in online transactions frauds, cards related frauds, and insurance claim frauds are the prime factors which are driving the growth of the U.S. fraud detection & prevention and anti money laundering and account takeover market. As per the study, authentication is expected to remain a major revenue generating pocket. Fraud analytics, on the other hand, is expected to grow at higher rate during the forecast period. The increasing adoption in SMEs will drive the growth in the U.S. market.
Major challenges in this market include low awareness level of fraud possibilities in SMEs, high costs of deployments, and unavailability of pre-deployment measures of performance. Though awareness level in SMEs is increasing and the impact of this factor will decrease in due course of time, the cost and pre-deployment measures would remain primary concerns in the market.
For the market sizing and forecasting, several assumptions have been taken into consideration, such as economic, regulatory, and technological. For instance, exchange rates, one of the economic factors, are expected to have a moderate rating of impact on this market.
The report will help the market leaders/new entrants in this market in the following ways –
1. Provide a comprehensive look in the U.S. Fraud Detection & Prevention and Anti Money Laundering and Account Takeover market in terms of fraud analytics, fraud authentication solutions, GRC solutions, reporting and visualization tools. Market numbers are further split across verticals and end-users.
2. Provide insights to the vendors about positioning of their competitors and their own, and help them understand opportunities in other industry verticals and regions.
3. The report helps understand the pulse of the market. It provides information on key market drivers and restraints.