Global AI in Fraud Management Market to reach USD XX billion by 2027.Global AI in Fraud Management Market is valued approximately USD XX billion in 2020 and is anticipated to grow with a healthy growth rate of XX% over the forecast period 2021-2027. Artificial intelligence (AI) is a simulation of intelligence through machines and computers. This artificially generated intelligence when employed in Fraud detection can perform data analysis in milliseconds, glide through millions of transactions and recognize anomalies instantly.
AI Fraud Management Market is growing owing to the rapid digitalization around the world and adoption of IoT in various industries. According to GSMA Intelligence, there were over 13.2 billion IoT connections worldwide in 2020 and the figure is expected to grow to 32.2 billion by 2027. These connected devices are also a path for criminals to operate. The increase in cyber frauds can be attributed to the digitization wave which is also fueling the growth of AI Fraud Management Market.
Furthermore, AI Fraud Management Market has grown exponentially because of the business brought in by BFSI sector. BFSI industry also accounts for largest share in the AI fraud management market. As banks have moved towards automation, digital payments, stockbroking, and insurance, the need for adoption of advanced fraud detection technologies has increased.
However, the market growth is facing a lot of resistance due to advanced and much complicated frauds. Fraudsters are getting more advanced, sophisticated, and complex which stresses out AI systems heavily. As the future unfolds, there is a lot of opportunities for AI Fraud Management systems to evolve. The technology is still in the infancy and a lot of research and development is continuously happening in this field.

Considering the regions Asia Pacific, North America, Europe, Latin America and Rest of the World, the regional analysis demonstrates North America as the leader across the world in terms of market share because they are a hub for some of the largest banking institutions and IT companies, and these organizations prioritize security and fraud management. North America also faces highest digital fraud cases leading to greater adoption of AI systems to tackle the problem. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as large-scale digitization, technological advancements, and abundant population would create lucrative growth prospects for the AI in Fraud Management Market across Asia-Pacific region.

Major market player included in this report are:
IBM Corporation
Cognizant
Temenos AG
Capgemini SE
Subex Limited
JuicyScore
Hewlett Packard Enterprise
MaxMind, Inc.
BAE Systems plc
Pelican

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Solution:
AI-Powered Fraud Prevention Software
Cloud-based
On-Premises
Services
Professional Services
Risk assessment Services
Fraud & Risk Consulting
Integration & Implementation
Support & Maintenance
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
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027

Target Audience of the Global AI in Fraud Management Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors