The global fraud analytics software market is anticipated to grow at a CAGR of 8.0% during the forecast period (2022- 2028). Fraud detection software is designed to monitor, investigate and block fraudulent activity on the website. It is frequently used to prevent fraudulent transactions made with stolen credit card details. Real-time monitoring, a machine learning engine, and the introduction of big data analytics and cloud computing are some features of the fraud analytics software. Additionally, cloud infrastructure allows organizations to meet cloud security compliance requirements for encryption, separation of duties, and access control of protected data. However, cloud infrastructure also provides remote server access on the internet and enables organizations to manage all the applications. However, the high initial cost of these solutions is the restraining factor for the growth of the market.
Some major companies in the market include IBM Corp., FICO, and Oracle Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in February 2021, SAS acquired Boemcka, a UK-based technology company with an R&D center in Serbia that deals with the deployment of low code or no-code applications and analytical management of workload. This acquisition strengthens the potential of SAS Viya, a platform of SAS Institute Inc., to expand its analytical division allowing new innovations. Additionally, in February 2021, NICE Actimize, a NICE business, launched New Account Fraud that tackles identity fraud with a multi-layered end-to-end fraud management approach, allowing the detection and prevention of fraud. This solution reduces the friction of new account applications and false positives to utilize the online and mobile potential of customer acquisition.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
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Competitive Landscape-
IBM Corp., FICO, and Oracle Corp., among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Global Fraud Analytics Software Market Report by Segment
By Type
Predictive Analytics Software
Customer Analytics Software
Social Media Analytics Software
Big Data Analytics Software
Behavioral Analytics Software
By Application
Telecommunication
Government/Public Sector
Healthcare
Real Estate
Energy and Power
Manufacturing
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