What Has Been The Evolution of the Financial Crime And Fraud Management Solutions Market in Recent Years?
The financial crime and fraud management solutions market has seen considerable growth due to a variety of factors.
• The financial crime and fraud management solutions market has grown rapidly in recent years. It will grow from $19.35 billion in 2024 to $22.03 billion in 2025, at a compound annual growth rate (CAGR) of 13.9%.
This growth is driven by advanced technologies, the shift to digital payments, the increasing demand for fraud prevention solutions, and the pressure on financial institutions to enhance efficiency.
How Will the Financial Crime And Fraud Management Solutions Market?
The financial crime and fraud management solutions market is expected to maintain its strong growth trajectory in upcoming years.
• The financial crime and fraud management solutions market is expected to grow quickly, reaching $36.57 billion by 2029 at a CAGR of 13.5%.
The growth is driven by increasing fraud and financial crimes, demand for sophisticated analytics, digital transactions, high demand from financial institutions, and the global expansion of financial services. Key trends include robotic process automation, integrated fraud management platforms, AI and ML integration, cloud computing, and blockchain adoption.
Which Factors Are Boosting Growth In The Financial Crime And Fraud Management Solutions Market?
The rise in cybercrime threats is expected to boost the financial crime and fraud management solutions market. Cybercrime threats are escalating due to digitalization and more sophisticated attacks. Financial crime and fraud management solutions help financial institutions detect and prevent fraud and other cybercrimes. In November 2022, the Australian Cyber Security Centre reported a 13% increase in cyberattacks in 2022, highlighting the growing threat and the need for robust fraud management solutions.
What Key Areas Define The Segmentation Of The Global Financial Crime And Fraud Management Solutions Market?
The financial crime and fraud management solutions market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By End User: Banks, Credit Unions, Specialty Finance, Thrifts, Other End Users
Subsegments
1) By Hardware: Security Appliances, Authentication Devices, Biometric Devices, Smart Cards, Other Hardware Devices
2) By Software: Fraud Detection & Prevention Software, Risk Management Software, Anti-Money Laundering (AML) Software, Authentication & Identity Management Software, Compliance Management Software, Data Analytics Software, Other Fraud & Crime Management Software
3) By Services: Consulting Services, Implementation & Integration Services, Managed Services, Support & Maintenance Services
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Which Emerging Market Trends Are Altering The Financial Crime And Fraud Management Solutions Industry?
Companies in the financial crime and fraud management solutions market are focusing on AI-powered systems to improve fraud detection and prevention. In June 2024, Oscilar, a US-based fintech company, launched an AI-powered ACH fraud detection system to help fintechs and financial institutions prevent fraudulent transactions. The solution uses machine learning algorithms and real-time data analysis to detect various types of fraud, including account takeovers and ACH check kiting, enhancing security and reducing financial crime.
Who Are the Key Players In The Financial Crime And Fraud Management Solutions Market?
Major companies operating in the financial crime and fraud management solutions market are:
• Dell Technologies Inc.
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• BAE Systems Applied Intelligence
• Capgemini SE
• Fiserv Inc.
• DXC Technology Company
• Fidelity National Information Services Inc.
• LexisNexis Risk Solutions
• Thomson Reuters Corporation
• Experian Information Solutions Inc.
• Genpact
• SAS Institute Inc.
• NICE Ltd.
• ACI Worldwide Inc.
• Fair Isaac Corporation
• Temenos AG
• Cloudera Inc.
• CRISIL Limited
• Feedzai Inc.
• Featurespace Ltd.
• Securonix Inc.
• AxiomSL Inc.
• Guardian Analytics Inc.
What Is The Most Dominant Region In The Financial Crime And Fraud Management Solutions Market?
North America was the largest region in the financial crime and fraud management solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the financial crime and fraud management solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
