The increased adoption of AI in banking and insurance sector is fuleing the FDP market globally. Businesses are taking advantage by using AI to detect fraud which enhances their internal security and simplify corporate operations due to which it has emerged as significant tool to avoid the financial crimes. Various companies are focused towards bringing innovative AI-based FDP solutions to detect and prevent the fraud. For instance, in September 2021, IBM reveiled the details of its upcoming Telum processor which is designed to help enterprises to address fraud in real-time. Telum is the first processor of Big Blue which contains on-chip acceleration for AI influencing while the operation is taking place. Telum is planned for the first half of 2022. It is designed for the customers to achieve business insights related to their banking, financial and insurance interactions.
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The banking & insurance segments is showing the fastest gowth in adopting FDP solutions due to increased risk of financial losses and credibility. In order to protect the consumers from frauds various regulations have been imposed on banks by regulatory bodies. Further, hackers are using advanced technologies to get access to credentials of banks and their customers, banks are forced to adopt FDP solutions and keep their systems up to date to secure the credential data. For instance, in August 2021, DataVisor announced that its enterprise solution is available for purchase through Finastra’s FusionStore. This AI-based solution facilitates financial institutions in taking advantage from integrated signals, third-party data and heterogeneous data sources, in order to minimize the financial loss and help detect frauds. Using such solutions banks & insurance companies can minimize their risk of financial loss due to which the market for such solutios can grow in future.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global FDP Market Report by Segment
By Fraud Type
- Identity Fraud
- Online Fraud
- Investment Fraud
- Payment Fraud
- Insurance Fraud
- Credit & Debit Fraud
- Others (Ponzi Schemes, Corporate Fraud)
By Component
- Solution
- Service
By Vertical
- Banking
- Insurance
- Government
- Healthcare
- E-commerce
- Others (Education, IT & Telecom)
Global FDP Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global FDP market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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