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Published Mon, Apr 4th 2022
Financial Crime and Fraud Management Solutions Market to Expand with Significant CAGR during 2027 Financial Crime and Fraud Management Solutions Market are anticipated to reach ~ US$ 1.5 Bn by 2027, from ~ US$ 1.1 Bn in 2019; the financial crime and fraud management solutions market in the Asia Pacific is anticipated to expand at a rapid pace. Posted via Industry Today. Follow us on Twitter @IndustryToday
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Financial Crime and Fraud Management Solutions Market The financial crime and fraud management solutions market is expected to register a CAGR of ~ 4% between 2019 and 2027. The market is projected to be driven by the rising number of financial fraud cases, globally. The global financial crime and fraud management solutions market is expected to reach ~ US$ 1.5 Bn by 2027, from ~ US$ 1.1 Bn in 2019. Stringent government regulations for financial data privacy are boosting the financial crime and fraud management solutions market. The financial crime and fraud management solutions market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the dominant leader in the global financial crime and fraud management solutions market, with revenues in 2019 estimated at ~ US$ 690 Mn. An increasing number of bank account holders is expected to exponentially drive the financial crime and fraud management solutions market. The Asia Pacific is projected to see high growth in the global financial crime and fraud management solutions market during the forecast period. This is due to drastic financial inclusion as well as a rise in financial cybercrimes in this region.
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Financial Crime and Fraud Management Solutions Market: Definition The financial crime and fraud management solutions market report provides an analysis of the global financial crime and fraud management solutions market for the period of 2017–2027, wherein, 2018 is the base year, and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information. In this report, we analyze the growth drivers that are enhancing the value of the financial crime and fraud management solutions market, and how financial organizations can reduce and measure the risks related to liquidity and asset and liabilities portfolios. Moreover, strict government regulations, as well as concerns over the financial loss, have increased the need for financial crime and fraud management solutions. Organizations are adopting and updating financial crime and fraud management solutions rapidly due to their numerous benefits such as the elimination of money laundering, the secrecy of information security, and analyzing threats faster.
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Asia Pacific Financial Crime and Fraud Management Solutions Market: Snapshot
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Asia Pacific is one of the fastestgrowing regions, as it holds more than half of the world’s population, and has experienced a drastic increase in foreign investments, which has led to the increase in security of financial instruments as well as financial information to prevent frauds and crimes. The role of financial crime and fraud management has increased to investigate exceptions in financial transactions faster, and to manage realtime financial threat detection, which enables banks and other financial institutions to prevent the risk of unusual financial losses due to fraud.
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Key Growth Drivers of the Financial Crime and Fraud Management Solutions Market Increase in Number of Financial Fraud Cases –Risks related to financial data breach and unauthorized purchase has driven the demand for financial crime and fraud management solutions to prevent such risks. An increase in financial fraud is driving the demand for financial crime and fraud management solutions so that the data, financial information, and financial instruments of the general public are held securely. Stringent Government Regulations for Financial Data Privacy –Rise in losses due to fraud payments and unauthorized access to public financial accounts has led the governments of many nations to establish strict rules and regulations to prevent financial fraud and financial crime. This has pushed the financial industry to adopt methods or solutions to prevent these occurrences. Get COVID19 Analysis @ https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=70581 Key Challenges Faced by Financial Crime and Fraud Management Solutions Market Players The initial outlay related to financial crime and fraud management solutions is comparatively high, as it needs to be integrated with conventional systems of banking and financial institutions. It also hampers productivity during the shortterm period, as initially, employees, as well as workers within the organization, take time to adapt to these solutions. Credit transfer, direct debit, debit & credit cards, and eMoney, among others, have led to an increase in the number of transactions, which is increasing the traffic on servers. This may lead to the inefficiency of financial crime and fraud management solutions. Financial Crime and Fraud Management Solutions Market: Competitive Landscape In May 2019, Atom Bank, which is U.K.’s first bank built exclusively for tablet phones and mobile phones, selected Leeds finTech to cater to its need for antimoney laundering (AML) and financial crime solutions. This collaboration will add real value to both the companies and achieve greater efficiencies. In April 2019, BAE Systems launched a major update to its NetReveal Platformduring the ACAMS 24th Annual International AML and Financial Crime Conference. This has integrated advanced analytics and human expertise to combat developing financial crime patterns. In October 2018, CGI Inc. announced the launch of CGI HotScan360, a realtime and endtoend antifinancial crime solution for banks. It has a highperformance technologybased platform that helps scour thousands of transactions per second and a realtime risk engine for scanning. In April 2018, Fair Isaac Corporation (FICO) announced the release of new AML Advanced Analytics to improve money laundering detection and the launch of new versions of its industryleading fraud solutions. These are AIbased financial crime protection solutions that aid companies in gaining a competitive edge in this market. Financial Crime and Fraud Management Solutions Market: Company Profile Snapshot Oracle: Founded in 1977, Oracle is one of the prominent companies that provides business software and cloud solutions for companies of all sizes across the world. It also helps its customers in providing artificial intelligence, blockchain, the Internet of Things, machine learning, and other emerging technologies. The company provides its solutions in almost 175 countries across the globe and holds more than 18,000 patents, worldwide. SAS Institute Inc.: Founded in 1976, SAS Institute Inc is the largest independent vendor in the business intelligence market and a global leader in business analytics software and services. The company has installed its software at more than 83,000 business, government, and university sites across the globe. It provides solutions related to machine learning, customer intelligence, and risk management, among other solutions. Experian Information Solutions, Inc.: Founded in 1992, Experian Information Solutions, Inc. is specialized in providing solutions by integrating data and analytics with technology in managing credit risk, preventing fraud, targeting marketing offers, and automated decision making. The company caters to banking, communication, energy, FinTech, and other industries across the globe. Inquiry Before Buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=70581 Other major players operating in the global financial crime and fraud management solutions market and profiled in the report include Dell EMC, ACI Worldwide, Fiserv, Inc, 3i Infotech, Polaris FT, NICE Ltd, and BAE Systems. Companies are shifting toward AI and machine learning, and upscaling their skills to gain a competitive advantage in the financial crime and fraud management solutions market, apart Follow us: from maintaining their position in the market. Global Financial Crime and Fraud Management Solutions Market: Taxonomy Financial Crime and Fraud Management Solutions Market by Component Hardware Software Services Financial Crime and Fraud Management Solutions Market by End User Banks Credit Unions Specialty Finance Thrifts TMR Latest News Publication: Product Prototyping Market Product prototyping is gaining immense popularity and is being increasingly adopted by enterprises from different enduse industries such as the healthcare, consumer goods, and electronics industries. One of the important factors fueling the adoption of product prototyping is several advantages such as its ability to provide the time and cost estimations for manufacturing a product and assure the validity of the material utilized for the product. About Us Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forwardlooking insight for thousands of decisionmakers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge. Each TMR syndicated research report covers a different sector such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, meddevices, consumer goods, and technology. These reports provide indepth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports thrive to provide clients to serve their overall research requirements. Contact Rohit Bhisey 90 State Street, Albany NY 12207, United States DL: +15186181030 Website: https://www.transparencymarketresearch.com/ Email: sales@transparencymarketresearch.com
Contact information Mr. Rohit Bhisey Transparency Market Research (TMR) is a market intelligence Transparency Market company, providing global business information reports and Research services. Our exclusive blend of quantitative forecasting and State Tower, 90 State Street, trends analysis provides forwardlooking insight for thousands Suite 700, of decision makers. United States Albany 12207 +91 8600924083 http://www.transparencymarketresearch.com/
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