Online Payments Fraud Detection Market Sales Hit Peak of $25.1

Online Payment Fraud Detection Market 2022

Online Payment Fraud Detection Market 2022

According to a study by Persistence Market Research, from US$7 billion in 2022 to US$25.1 billion in 2032, the global online payment fraud detection market is expected to grow at a CAGR of 13.6% from 2022 to 2032.

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The major factors that are expected to drive the growth of the online payment fraud detection market include increasing loss of revenue due to fraud as well as adoption of digitization and IoT, which have increased the rate of adoption of the fraud detection and prevention system.

The increased use of online payment apps and mobile banking has led to an increase in fake websites and mobile apps. Fake websites and online apps are on the rise in other industries, including retail and e-commerce, manufacturing, and healthcare. These websites and apps imitate real retail stores and home delivery services, tricking customers into making fraudulent online transactions. Banking customers are increasingly using mobile apps for a variety of purposes, including online payment, reviewing statements, registering complaints, and providing feedback.

Additionally, the widespread adoption of technologies, including the smart card and new digital channels, is causing fraudsters to become more adaptive and collaborative with the rapidly developing nature of financial fraud. Increasing internet penetration and digitalization in emerging and underdeveloped economies is propelling the growth of online payment fraud detection market across the globe. That’s why financial institutions, merchants and payment service providers are adopting artificial intelligence (AI) technology to manage their online payment fraud incidents and reduce fraud losses, thereby improving the ‘client experience.

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Key insights from market research

By component, online payment fraud detection solutions are expected to grow at a CAGR of 13.2% over the forecast period

Based on deployment, cloud-based online payments fraud detection will see a CAGR of 13.1%

U.S. Online Payment Fraud Detection Market Expected to Reach US$8.2 Billion by 2032

China is expected to reach US$2 billion by 2032, growing at a CAGR of 13.1% through 2032

Japan will have a market size of US$1.6 billion by 2032

UK is expected to have a market size of US$1.1 billion by 2032 growing at a CAGR of 12.6%

Competitive landscape

Major players such as ACI Worldwide, Experian,SecuroNix, Accertify, Feedzai, CaseWare, FRISS, MaxMind, Gurucul DataVisor, PayPal, Visa, SAS institute, SAP SE, Microsoft Corporation, F5, Inc., Ingenico AWS, PerimeterX, OneSpan, Signifyd , Cleafy, and Pondera Solutions, among others, are expected to dominate the market share in terms of revenue.

In April 2021, NICE Actimize launched SURVEIL-X, an AI-powered matching and monitoring solution for the wealth management and insurance industry. The solution developed on a holistic monitoring platform called SURVEIL-X.

In February 2021, ClearSale LLC launched an e-commerce podcast to detect and mitigate fraud activity. The solution is developed to discuss challenges and emerging trends related to fraud on e-commerce and social media platforms during the ongoing COVID-19 pandemic.

In November 2020, BAE Systems upgraded its NetReveal KYC/CDD services, watchlist filtering, anti-money laundering transaction monitoring and screening solutions.

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Find more valuable insights into Online Payment Fraud Detection Market

Persistence Market Research (PMR) has published a detailed study on the Online Payment Fraud Detection Market which includes global industry analysis for 2015-2021 and forecast for 2022-2032. The report provides an in-depth analysis of market concentration in five different regions, across three different segments – component, deployment and vertical. The report entitled “Online Payment Fraud Detection” examines the current installed base, the use of the products in various applications, from domestic to industrial, as well as the prevailing trends and technologies. Along with this, a detailed value chain analysis regarding procurement and after-sales services has been presented in the report.

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