The fraud detection and prevention market was valued at $30.5bn in 2020, and is expected to grow at a CAGR of 19.65% by 2028.
Current projections put the market at an estimated valuation of $107bn by 2028, according to new research from Verified Market Research.
The report claims hackers have become more sophisticated in identifying and exploiting vulnerabilities. This is causing is rise in threat from malware, virus, phishing and counterfeit cards, which is helping to increase the need for fraud detection and prevention solutions.
A recent study from Grand View Research, which claims the global data protection as a service market will grow by a CAGR of 31.3% to reach a $103.8bn valuation by 2027.
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