This week’s OSIN presents Fraud Detection and Prevention Market 2023

The global fraud detection and prevention market was valued at USD 30 billion in 2022, growing at a 20% CAGR from 2023 to 2032, set to reach USD 185.75 billion. Increasing global automation and digitization will fuel market growth. Notably, North America secured a significant 41% market revenue share in 2022, driven by prominent players serving the digital economy. The presence of major banking, finance, insurance, defense, retail, and e-commerce firms fuels extensive consumer demand. Escalating cyber threats prompted a regulatory focus on enhancing fraud solutions for safeguarding citizens and national interests. The solutions segment held a dominant 53% market share in 2022, offering fraud analytics, governance, risk compliance, and authentication solutions. Industry-tailored solutions provided by numerous players streamline fraud management, while the rapid evolution of fraud patterns is met by third-party providers offering novel solutions aided by cloud tech, big data, and AI.