Fraud detection and prevention market to hit $176 billion by 2030

The worldwide fraud detection and prevention market is poised to reach $176 billion by 2030, exceeding the previously recorded figure of $27 billion in 2021, according to a recently published report by Acumen Research and Consulting.

A compound annual growth rate (CAGR) of 23.4% is anticipated for the market within the forecast period (2022 to 2030).

The burgeoning growth rate is attributable to the growing number of fraud cases worldwide, with the COVID-19 pandemic acting as ‘a catalyst’. Up to 149,946 cases of Authorized Push Payment (APP) scams in 2020 totalled $581 million in gross losses, according to the UK Finance trade association.

Per Federal Trade Commission (FTC) data, customers reported losing over $5.8 billion to fraud in 2021. Furthermore, online banking has augmented the rates of online fraud, boosting fraud prevention and detection market revenue. While payment frauds rank high, identity theft is growing steadily.

Acumen’s report also states the BFSI is among the most affected industries that require fraud detection and prevention solutions. The Asia-Pacific region is expected to witness an increased number of fraud cases in the following years.

The report also underscored the use of advanced AI, ML, and blockchain solutions to counter fraudulent scams and transactions.

ACI Worldwide, BAE Systems, Equifax, IBM, and SAP are among the key companies influencing the fraud detection and prevention market.