Market Size –
The ecommerce fraud detection and prevention market size has grown exponentially in recent years. It will grow from <b>$50.32 billion in 2023 to $61.01 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. </b> 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 <b>$131.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. </b> 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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Scope Of eCommerce Fraud Detection And Prevention Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
eCommerce Fraud Detection And Prevention Market Overview
Market Drivers –
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 May 2021, according to a report by the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization envisioned to promote the interests of developing states in world trade, in 2020, the proportion of online retail sales to all retail sales rose from 16% to 19%. And, in 2021, global e-commerce sales jumps to $26.7 trillion. Therefore, rising eCommerce platforms are driving the growth of the eCommerce fraud detection and prevention market.
Market Trends –
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.
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, Larhe 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
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Regional Insights –
North America was the largest region in the ecommerce fraud detection and prevention market share in 2023. 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.
Key Companies –
Major companies operating in the ecommerce fraud detection and prevention market report are KSB SE & Co. KGaA, ITT Inc., Ruhrpumpen Group, Castle Pumps Ltd., AxFlow Holding AB, Flowserve Corporation, North Ridge Pumps Ltd., Tapflo Group, Vertiflo Pump Company, FLUX-Geräte GmbH, Salvatore Robuschi and C. S.r.l., Lenntech BV, Brinkmann Pumps GmbH + Co. KG, Gusher Pumps Inc., Tapflo Pumps UK Ltd., C.R.I. Pumps Pvt. Ltd., National Pump Company, Grundfos Pumps Corporation, Pentair plc, Simflo Pump Inc., Process Systems Ltd., Neptuno Pumps Ltd., Sintech Precision Products Ltd., Ebara Corporation, Tsurumi Manufacturing Co. Ltd., Weir Group plc, Kirloskar Brothers Limited, Shakti Pumps Ltd., WPIL Limited, Crompton Greaves Consumer Electricals Limited, Kishor Pumps Pvt. Ltd., Rotech Pumps & Systems Inc., T-T Pumps Ltd., V-Guard Industries Ltd., Vansan Water Technologies, Zhejiang DOYIN Pump Industry Co. Ltd.
Table of Contents
1. Executive Summary
2. eCommerce Fraud Detection And Prevention Market Report Structure
3. eCommerce Fraud Detection And Prevention Market Trends And Strategies
4. eCommerce Fraud Detection And Prevention Market – Macro Economic Scenario
5. eCommerce Fraud Detection And Prevention Market Size And Growth
…..
27. eCommerce Fraud Detection And Prevention Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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