According to a research conducted by MarketsandMarkets, fraud detection and prevention market in public or government sector is also being expected to grow at a considerable growth rate. Since public or government sector transactions include large sums of money and information, these transactions are targeted for money and data theft which is driving a high growth rate of fraud detection and prevention market in this segment.
In the fraud detection and prevention market, banking and financial services vertical is expected to account for a large market share in the forecast period from 2013 to 2018. Card related frauds, transactions and revenue losses are driving the growth rate in market share of banking and financial services. These factors are also responsible for high growth in retail sector market share.
The Insurance sector is considered to be the next big revenue pocket in fraud detection and prevention market. Insurance providers are deploying fraud detection and prevention solution and systems to identify the false insurance claims which are causing big dents in their revenues. With the rise of new technologies such as customer behavior analytics, this market is projected to register a high growth rate.
Apart from banking and insurance, there are industries as well which are observing high growth rate, such as retail, telecommunication and the public/government sector.
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