Fraud Hunters Market Report 2024: Market Insights

The fraud hunters market size has grown rapidly in recent years. It will grow from $7.2 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to rise in cybercrime, increased digital transactions, regulatory compliance, globalization and increased connectivity.

The fraud hunters market size is expected to see rapid growth in the next few years. It will grow to $14.67 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to machine learning and ai evolution, big data analytics, behavioral analytics, collaboration and information sharing, integration with cybersecurity frameworks. Major trends in the forecast period include digital transformation and online transactions, big data and advanced analytics, machine learning and artificial intelligence, collaborative and information sharing networks, technological advancements.

Market Overview -
Fraud hunters refers to the process of screening and distinguishing authenticated data, such as customer application data, from fraudulent data, which can lead to various types of fraud. Fraud hunters are used to prevent, identify, and stop fraudsters and provide uninterrupted service to the customers through accurate application fraud prevention.

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Rising Intellectual And Financial Theft Fueling The Growth Of The Fraud Hunter Market
The rise in intellectual and financial theft is expected to propel the growth of the fraud hunter market going forward. Intellectual theft refers to the moment of stealing creative expressions, inventions, symbols, or logos in the form of trade secrets, trademarks, copyrights, or patents that belong to a particular person or company. Fraud hunters help web and mobile service owners monitor users' usage and investigate potential misuses to reduce intellectual and financial theft. For instance, according to the Federal Trade Commission, a US-based independent agency of the United States government, consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70%. Therefore, the rise in intellectual and financial theft is driving the fraud hunting market growth.

Competitive Landscape -
Major companies operating in the fraud hunters market report are Experian Information Solutions Inc., Oracle Corporation, International Business Machines Corporation (IBM), Fair Isaac Corporation (FICO), Fiserv Inc, Fidelity National Information Services Inc (FIS), SAP SE, National Cash Register Corporation (NCR), Fraud Hunter, Zoi, Equifax Inc, Riskified, Sift Science Inc., Signifyd, Forter, ACI Worldwide Inc., BAE Systems, NICE Actimize, LexisNexis Risk Solutions Inc., Feedzai Inc., Featurespace, Kount Inc., Simility Inc., RSA Security LLC, ThreatMetrix, White Ops, Shape Security, BioCatch Ltd., NuData Security Inc., Guardian Analytics Inc., Securonix Inc., Splunk Inc., LogRhythm Inc., McAfee LLC, Symantec Corporation, Carbon Black Inc., CrowdStrike Inc., FireEye Inc., Palo Alto Networks Inc., Check Point Software Technologies Ltd., Broadcom Inc., Comodo Security Solutions Inc.

AI-Powered Innovations In Fraud Hunting Is Exploring The Landscape Of Machine Learning And Security Evasion Competitions
The rising use of artificial intelligence and machine learning is the key trend gaining popularity in the fraud hunting market. Major companies operating in the fraud hunter market are focused on the use of artificial intelligence and machine learning to sustain their position in the fraud hunter market. For instance, July 2021, Microsoft Corporation, a US-based technology corporation launched MLSEC.IO, an educational Machine Learning Security Evasion Competition (MLSEC) to give the AI and security communities a chance to practice actual AI system attacks. The competition, which Microsoft is hosting and sponsoring along with NVIDIA, CUJO AI, VM-Ray, and MRG Effitas, awards competitors who successfully avoid AI-based malware detectors and AI-based phishing detectors.

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Key Segments -

The fraud hunters market covered in this report is segmented -

1) By Type of Fraud: Financial Statement Fraud, Healthcare, Insurance and Banking Fraud, Consumer Fraud, Intellectual Property Fraud, Other Types of Fraud
2) By Organisation Size: SMEs, Large Organizations
3) By Application: Defense, Government, Banks and Financial Institution, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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