Security

Fraud detection and prevention market to surpass $100B by 2027

January 6, 2022

The fraud detection and prevention market will be worth more than $100 billion by 2027, according to a study by Global Market Insights Inc. Growing adoption of mobile phones and digital banking apps are the primary drivers of growth in this market, according to a press release.

Due to a growing number of cyber threats and money laundering, vendors are developing more FDP solutions for industries ranging from fintech to healthcare. In particular, internal fraud solutions will grow at a compound annual growth rate of 25% between 2021 to 2027, while the credit and debit fraud segment will hold 30% of the market share.

In addition, the health care segment will see gains of 20% through 2027 due to the rise of fraud in areas such as life insurance, according to the release.