Global Fraud Risk Management Services Market 2018-2022

Overview of the global fraud risk management services market

The need for improved accuracy in detection is increasing due to false positive results obtained from detection tools that are developed by several vendors. This is encouraging vendors to develop risk management tools that aid enterprises in using calibration and real-time simulation features. This in turn, helps them to improve the detection and search accuracy at lower costs. For instance, SAP has introduced SAP business integrity screening, which not only drives down the cost and fraud detection efforts but also aid enterprises in reducing their workload. The reduction in the overall operational cost is encouraging enterprises to adopt fraud risk management services. Technavio’s market research report identifies the growing demand for better detection accuracy at lower costs to be one of the primary growth drivers for the global fraud risk management services market till 2022. Technavio’s market research analysts predict that the market will grow at a CAGR of more than 18% by 2022.

Analytical tools and techniques are gaining popularity in the detection of fraud by executing it in real time and in a dynamic framework. This help enterprises in decisional and operational transparency and tackling the large-scale incidence of frauds. For instance, the application of analytics to test every transaction help enterprises in monitoring the internal control. As a result, the use of analytics in detecting frauds is identified as one of the key trends that will gain traction in the fraud risk management services market in the forthcoming years.

Companies covered