The eCommerce Fraud Detection And Prevention Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s eCommerce Fraud Detection And Prevention Global Market Report 2024, The ecommerce fraud detection and prevention market size has grown exponentially in recent years. It will grow from $50.32 billion in 2023 to $61.01 billion in 2024 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 $131.93 billion in 2028 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..
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.
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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
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 report table of contents includes:
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