The Business Research Company’s report on the eCommerce Fraud Detection And Prevention Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the ecommerce fraud detection and prevention market in recent years?
Rising transactions on ecommerce platforms are expected to propel the growth of the ecommerce fraud detection and prevention market going forward. E-commerce platforms describe business transactions that are predominantly conducted electronically through the internet. Rising transactions on ecommerce platforms increase the need for ecommerce fraud detection and prevention tools and services as they help to evaluate the possible risk of each transaction and aid in the detection of high-risk transactions using algorithm-based analysis. For instance, in November 2023 according to a govt report by the United Kingdom e-commerce revenues in the UK are projected to grow at an annual average rate of 12.6% by 2025, the UK ranks as the third-largest e-commerce market globally, following China and the U.S. The revenues is expected to reach $285.60 billion by 2025. Therefore, rising eCommerce platforms are driving the growth of the eCommerce fraud detection and prevention market.
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What is the projected market size of the ecommerce fraud detection and prevention industry, and how is it expected to grow?
The ecommerce fraud detection and prevention market size has grown exponentially in recent years. It will grow from $61.01 billion in 2024 to $73.96 billion in 2025 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to manual review processes, basic rule-based systems, limited payment options, early data analytics, security protocols.
The ecommerce fraud detection and prevention market size is expected to see exponential growth in the next few years. It will grow to $160.02 billion in 2029 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to growing demand for online shopping, advanced machine learning algorithms, behavioral biometrics, AI-powered automation, global data sharing and collaboration, multi-factor authentication (MFA) expansion, integration of predictive analytics. Major trends in the forecast period include integration with e-commerce platforms, biometric authentication, geolocation and IP analysis, cross-channel fraud prevention, blockchain for secure transactions.
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Who are the key players driving competition in the ecommerce fraud detection and prevention market?
Major companies operating in the ecommerce fraud detection and prevention market are Forter, Riskified, Signifyd, Kount, Sift, ACI Worldwide, Fiserv PLC, LexisNexis Risk Solutions, Experian, ClearSale, Accertify, FICO, TransUnion, PayPal, ThreatMetrix, Cybersource, RSA Security, IDology, NoFraud, Emailage, Fraud.net, Radial, Pipl, Ekata, iovation, NS8 Inc., Seon, BioCatch, Trustpilot, Feedzai
What key trends are expected to drive the dynamic positioning systems market during the forecast period?
Technological advancement is a key trend gaining popularity in the ecommerce fraud detection and prevention market. Major companies operating in the market are using advanced technologies to sustain their position in the ecommerce fraud detection and prevention market. For instance, in October 2022, DG Financial Technology, a Japanese-based payment service provider that operates in the online payment solutions industry with well-established infrastructure and clientele in Japan, unveiled Sift, an innovative AI-based fraud detection solution. Sift is designed as a comprehensive fraud detection and prevention tool that harnesses the power of artificial intelligence to swiftly recognize and mitigate fraudulent activities on e-commerce platforms and online spaces. Its capabilities extend to identifying credit card fraud, preventing account takeovers, and minimizing the impact of chargebacks. By streamlining fraud-related operations, Sift aims to reduce damages caused by fraudulent activities, enhance overall prevention measures, and contribute to revenue optimization for businesses operating in the digital realm.
Which key geographies are driving the growth of the ecommerce fraud detection and prevention market?
North America was the largest region in the ecommerce fraud detection and prevention market share in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the ecommerce fraud detection and prevention market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the ecommerce fraud detection and prevention market?
The ecommerce fraud detection and prevention market covered in this report is segmented –
1) By Type: Cloud Based, On-Premise
2) By Fraud Type: Card Testing, Credit Card Fraud, Friendly Fraud, Identity Theft, Merchant Fraud, Phishing, Refund Fraud
3) By Application: SME, Large Enterprise
4) By Industry: Automotive And Transportation, Banking, Financial Services And Insurance, Consumer Goods And Retail, Education, Government And Public Sector, Healthcare And Life Sciences, Information Technology, Media And Entertainment, Telecommunication, Travel And Hospitality
Subsegments:
1) By Cloud-Based: Software As A Service (SaaS), Platform As A Service (PaaS)
2) By On-Premise: On-Premise Software, Custom Solutions
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How is the ecommerce fraud detection and prevention market defined?
eCommerce fraud detection and prevention involves utilizing machine learning algorithms, real-time monitoring, and strategies like multi-factor authentication to identify and mitigate fraudulent activities, ensuring the security of online transactions and protecting both businesses and consumers. Effective eCommerce fraud detection and prevention are essential for safeguarding online transactions, maintaining customer trust, and minimizing financial losses due to fraudulent activities.
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