![]() With limited security spending and IT infrastructure, SMEs are expected to be increasingly drawn to cloud-based solutions in order to fortify their defenses against fraud.ĭemand for Fraud Analytics and Authentication Solutions in Healthcare and Life Sciences to Rise Cloud-based fraud detection and prevention software finds its most promising clients in small & mid-sized enterprises (SMEs). The cloud segment is likely to hold the largest share of the global fraud detection and prevention market as a result of the advancements in data analytics and artificial intelligence. Rising Adoption of Cloud Security Solutions Among SMEs to Bolster Market Expansion Key participants leading the market include: ![]() This fraud prevention tool will help businesses of all sizes detect fraudulent activities during the transaction and customer lifecycle stages. For instance, Experian introduced Experian Fraud Score in September 2022. In terms of region, North America is likely to lead the market during the forecast period.Ĭompanies operating in the global fraud detection and prevention market are focusing on introducing novel solutions in order to increase their market share.On the basis of vertical, the healthcare and life sciences segment is estimated to hold the largest market share in the upcoming years.Based on deployment, the cloud segment is expected to dominate the market in the near future.A fraud detection solution can be made more effective by integrating artificial intelligence for delivering real-time data to lessen the latency of fraud. As they simplify business operations and increase internal security, artificial intelligence and machine learning have become crucial in the fraud detection and prevention sector. The market for fraud detection and prevention is expanding as a result of the rapid digitalization of transactions, and the adoption of e-banking, global trade, and digital payment apps. Cyberattacks, fake invoices, money laundering, identity theft, and other unethical practices are examples of fraudulent activities. Fraud detection is a method that identifies fraudulent transactions and stops fraudsters from using unethical tactics.
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