Global Ai In Fraud Management Market Opportunities 2024, Forecast To 2033

17 Apr, 2024

The AI in fraud management market has experienced rapid growth, escalating from $10.88 billion in 2023 to $13.05 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20%. This surge is attributed to the escalation in cyber threats and data breaches, coupled with increasing transaction volumes and the associated cost of fraud. Additionally, heightened awareness and education regarding fraud management have contributed to this growth trajectory. Looking ahead, the market is anticipated to continue its rapid expansion, projected to reach $26.51 billion in 2028, with a CAGR of 19.4%. Factors fueling this growth include the integration of AI into business processes, advancements in explainable AI, the globalization of fraud, continued regulatory emphasis, and the integration of real-time data streams. Significant trends in the forecast period encompass rapid technological advancements, regulatory compliance initiatives, collaborative fraud detection networks, adoption of behavioral biometrics, and the convergence of AI and blockchain technologies.

Global AI In Fraud Management Market Key Driver

The growth of AI in the fraud management market is anticipated to be driven by the rising popularity of digital payments and cross-border transactions. The integration of AI in fraud management is crucial for upholding the security of digital payment systems amidst the increasing adoption of digital transactions worldwide. For example, by the end of 2022, the overall transaction value of UPI in India reached INR 125.95 trillion (USD 1.52 trillion), exhibiting a 1.75 times year-on-year increase. Furthermore, UPI transactions amounted to over 86% of India's GDP in FY 22, indicating the substantial reliance on digital payments. Thus, the surge in digital payments and cross-border transactions is propelling the growth of AI in fraud management, with a market size expected to reach significant levels by 2028.

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Global AI In Fraud Management Market Segments

The AI in fraud management market covered in this report is segmented –
1) By Solution: AI-Powered Fraud Prevention Software, Services
2) By Enterprise Size: Small and Medium Enterprises (SMEs), Large Enterprises
3) By Application: Identity Theft Protection, Payment Fraud Prevention, Anti-Money Laundering, Other Applications
4) By Industry: Banking, Financial Services and Insurance, IT And Telecom, Healthcare, Government, Education, Retail And Consumer packaged goods (CPG), Media And Entertainment, Other Industries
By Geography:The regions covered in the AI in fraud management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. North America was the largest region in the AI in fraud management market in 2023. The regions covered in the AI in fraud management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Major AI In Fraud Management Market Industry Players

Trusteer, Hewlett Packard Enterprise, BAE Systems plc, Capgemini SE, Cognizant Technology Solutions India Private Limited., SAS Institute Inc., Splunk Inc., Temenos AG, Shift Technology SAS, Pelican Products Inc., Riskified Ltd., NICE Actimize Inc., Jumio Corp., Onfido Ltd., Subex Limited, BehavioSec Inc., Arxan Technologies Inc., Socure Inc., ACTICO GmbH, BioConnect Inc., Matellio Inc., MaxMind Inc., Zest AI Inc., Inc., Brighterion Inc.

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AI In Fraud Management Market Overview

Artificial intelligence (AI) in fraud management refers to the use of advanced technologies, algorithms, and machine learning techniques to detect, prevent, and mitigate fraudulent activities in various domains. The purpose of AI in fraud management is to enhance the detection and prevention of fraudulent activities in real-time, with automating the fraud detection process, increasing efficiency and reducing the time required to identify and respond to fraudulent activities.

AI In Fraud Management Global Market Report 2023 provides data on the global ai in fraud management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ai in fraud management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.