AI in Fraud Management Market is Expected to Reach US$ 39.5 Billion by 2031 | Says FMI

According to newly AI in fraud management Market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a CAGR of 18.0% from 2021 to 2031.

By the end of 2021, the market is expected to be valued at more than US$ 7.5 billion, according to the analysis. Rapid technical breakthroughs in the IT and telecom sectors have opened up opportunities for the use of AI in fraud management, according to FMI. These technologies are now crucial for enhancing economic competitiveness, which fuels market expansion.

AI in fraud management solutions can be used in real-time applications to identify and stop fraud. Data scientists may identify transactions that are most likely to be phoney with the aid of AI skills, significantly lowering the number of false positives.

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Key Takeaways: AI in Fraud Management Market

  • By solution segment, the AI-powered fraud prevention software is anticipated to account for the leading share in the global demand for AI in fraud management during the forecast period. The segment estimated to grow at a robust CAGR of 18.6% through 2031.
  • The demand for AI in fraud management in small and medium enterprises (SMEs) is expected to rise at maximum pace as these organizations continue adopting AI in fraud management and cloud based solutions for better ROI.
  • Demand for AI in fraud management in IT & Telecom and BFSI sector is estimated to grow at impressive CAGR. Of these, BFSI industry is expected to account for leading share in AI in fraud management sales forecast during the forecast period.
  • North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
  • The market in Japan is expected to progress at a CAGR of 20% through 2031.
  • In the U.K., sales are expected to increase at a CAGR of close to 21% over the next ten years.

COVID-19 Impact Analysis on AI in Fraud Management Market

The COVID-19 pandemic outbreak has disrupted many industries, including the AI in fraud management industry. The COVID-19 pandemic is fueling the need for increased businesses towards online, and e-commerce therefore digital fraud has spiked.

E-commerce fraud has considerably increased as COVID-19 continues to force retailers to take stores online to increase their sales and meet customers demand. For instance, at the initial stage of the coronavirus pandemic in the U.S., AI-based fraud management vendor Fraud.net saw a 40% surge in online retail fraud attempts.

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Advanced Analytics to Emerge as a New Trend

Some of the major providers are already taking advantage of advanced analytics to enhance their fraud detection toolkit. That might involve drawing on alternative data sources – such as purchasing history, tracking social media activities, and phone usage data – or using information about a customer’s device type and location to validate the authenticity of a transaction. But across the payments sector as a whole, the use of advanced analytics is still at its infancy stage.

More Valuable Insights on AI in Fraud Management Market

FMI’s report on the AI in fraud management industry research is segmented into four major sections – solution (AI-powered fraud prevention software and services (professional and managed), application (identity theft protection, payment fraud prevention, anti-money laundering, and others), enterprise size (small and medium enterprises (SMEs) and large enterprises), industry (IT & telecom, BFSI, retail & CPG, healthcare, education, government, media & entertainment, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the AI in fraud management demand outlook.

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AI in Fraud Management Outlook by Category

By Solution:

  • AI-powered Fraud Prevention Software
    • Cloud-based
    • On-Premises
  • Services
    • Professional Services
    • Managed Services

By Application:

  • Identity Theft Protection
  • Payment Fraud Prevention
  • Anti-Money Laundering
  • Others

By Enterprise Size:

  • Small and Medium Enterprises (SMEs)
  • Large Enterprises

By Industry:

  • BFSI
  • IT & Telecom
  • Healthcare
  • Government
  • Education
  • Retail & CPG
  • Media & Entertainment
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

About Us

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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