Fraud Detection and Prevention Market Size, Share, Trends, Analysis and Forecast to 2026
MarketsandMarkets forecasts the Fraud Detection and Prevention Market size to grow from USD 24.8 billion in 2021 to USD 65.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.5%. Increasing adoption of IoT and digital solutions, increasing revenue losses due to frauds, and growing adoption of analytics for fraud detection across industries are some of the factors that are driving the market growth. According to ACFE (Association of Certified Fraud Examiners), organizations lose nearly 5 % of their overall annual revenues due to fraud on a global scale. The FBI- IC3 reported domestic and international losses of USD 26.2 billion between 2016 and 2019. In 2019, due to cybercrime, there was a loss of more than USD 3.5 billion to enterprises across the globe. These losses cause a huge financial blow for organizations, and the reputation of those organizations also gets compromised as a result. Hence, it becomes essential for the organizations to deploy FDP solutions and s...