GITNUX MARKETDATA REPORT 2024

Fraud Detection Industry Statistics

The fraud detection industry is expected to grow rapidly, with a projected global market value of $65.8 billion by 2025.

Statistic 1

"In 2019, the global market size of fraud detection and prevention was approximately $23.4 billion."

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Statistic 2

"The market for Fraud Detection and Prevention is expected to reach $63.5 billion in 2023."

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Statistic 3

"The BFSI industry contributes to the highest revenue share in the Fraud Detection and Prevention market."

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Statistic 4

"Around 64% of businesses in North America adopted Fraud Detection and Prevention Solution in 2018."

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Statistic 5

"By 2020, emerging countries in Asia-Pacific had the highest growth rate in fraud detection solutions adoption."

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Statistic 6

"The insurance claims fraud detection type held a significant market share of 25.7% in 2020."

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Statistic 7

"Over 45% of retail businesses have adopted fraud detection solutions by 2021."

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Statistic 8

"The rapid digitization of banks leads to an increasing demand for advanced fraud detection technologies, with the debit card fraud cases to surge by 12% annually."

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Statistic 9

"It’s estimated that banks will spend $5.6B on fraud detection and prevention solutions by 2023."

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Statistic 10

"The adoption of AI and automation in Fraud Detection improves fraud detection accuracy by up to 90%."

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Statistic 11

"From 2016 to 2020, the adoption of fraud detection technologies increased approximately by 15% in developing economies."

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Statistic 12

"Fraud detection software helped businesses uncover 25% more fraud and increased detection of high-value fraud by 50% according to ACFE."

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Statistic 13

"As of 2020, 63% of businesses observed an increase in fraud attempts in digital channels."

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Statistic 14

"Around 51% of businesses are expected to increase their annual spend on fraud detection and prevention in 2021."

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Statistic 15

"In 2019, nearly one third of companies have integrated AI into their fraud detection systems."

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Statistic 16

"68% of businesses reported improved customer satisfaction after deploying fraud detection solutions."

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