Financial Crime Prevention Software Spending to Surpass $28 Billion by 2027
Global software spending on financial crime prevention tools will exceed $28.7 billion by 2027, increasing from $22.1 billion in 2023, according to Juniper Research. The study predicts that this growth of 30% will be driven by cybercriminals’ strategies of targeting the ever-growing transaction volume of payments over digital channels to maximize financial gain.
The research assessed leading financial crime prevention software platforms and evaluated them on several criteria, including depth and breadth of offerings, service innovation, and prospects; providing an extensive analysis of the competitive landscape in this dynamic market. FICO has ranked first in the Competitor Leaderboard, ahead of LexisNexis Risk Solutions, and Verafin.
“FICO demonstrates a broad set of capabilities, access to high-value data for crime mitigation, and impressive AI-based analytical systems within its product portfolio. Competing vendors must prioritize frequent platform updates to keep pace with rapid cybercriminal innovations and maximize their market share,” explained research co-author Mélissa Amouny.
The research predicts that by 2027, fraud detection and KYC systems will account for 88% of global financial crime prevention spending; enabling financial institutions to improve the mitigation of many common crime types, including account takeovers. However, as digital payments increase in popularity and omnichannel experiences become commonplace, providing comprehensive financial crime prevention packages is becoming more complex, given the number of payment platforms and processes involved.