According to a research by Persistence Market Research, the global online payment fraud detection market is expected to increase at a 13.6% CAGR from 2022 to 2032, from US$ 7 billion to US$ 25.1 billion. Raised revenue loss from fraud, adoption of digitalization and IoT, which have increased the acceptance rate of fraud detection and prevention systems, are the main drivers that are anticipated to propel the growth of the online payment fraud detection market.
The use of mobile banking services and online payment apps has grown, which has led to an increase in fraudulent websites and mobile apps. Fake websites and online applications are becoming more prevalent in a variety of sectors, including manufacturing, healthcare, retail and eCommerce. These websites and applications mimic actual brick-and-mortar retailers and home delivery services in an effort to trick users into making fraudulent online purchases. Customers are increasingly embracing mobile applications in the banking sector for a range of functions, such as online payments, statement reviews, complaint registration, and feedback.
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Moreover, the widespread adoption of technologies including card-chip and new digital channels are emerging resulting in fraudsters becoming more adaptive and collaborative with the nature of financial fraud which is growing rapidly. Increasing internet penetration and digitization across emerging and undeveloped economies are propelling the growth of online payment fraud detection market across the globe. Hence financial institutions, merchants, and payment service providers are adopting the artificial intelligence (AI) technology for managing their online payment fraud incidents and reducing fraud losses, thereby enhancing the customer experience.
Key Takeaways from the Market Study
- By component, online payment fraud detection solutions is expected to grow at a CAGR of 13.2% during the forecast period
- On the basis of deployment, cloud-based online payment fraud detection to experience a CAGR of 13.1%
- Online payment fraud detection market for the U.S is expected to be worth US$ 8.2 Billion by 2032
- China is expected to reach US $ 2 billion by 2032, growing at a CAGR of 13.1% until 2032
- Japan to have a market size of US$ 1.6 billion by 2032
- U.K is expected to have a market size of US$ 1.1 Billion by 2032, with a CAGR of 12.6%
Major players such as
- BAE Systems
- DXC Technology
- ACI Worldwide
- NICE Systems
among others are expected to dominate the market share in terms of revenue.
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- In April 2021, NICE Actimize launched SURVEIL-X, an AI-powered suitability and surveillance solution for the wealth and insurance sector. The solution developed on holistic surveillance platform called as SURVEIL-X.
- In February 2021, ClearSale LLC launched an e-commerce podcast to detect and mitigate fraud activities. The solution is developed to discuss challenges and emerging trends related to fraud across e-commerce and social media platforms during the ongoing COVID-19 pandemic.
- In November 2020, BAE Systems upgraded its NetReveal KYC/CDD, watch list screening, and anti-money laundering transaction monitoring, and filtering solutions services.
Find More Valuable Insights on Online Payment Fraud Detection Market
Persistence Market Research (PMR) published a detailed study on the Online Payment Fraud Detection Market, which includes global industry analysis for 2015-2021 and forecasts for 2022-2032. The report provides an insightful analysis of the market concentration across five different regions, through three different segments – component, deployment, and vertical. The report titled – ‘Online Payment Fraud Detection’ deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket services has been presented in the report.
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Key Segments Covered in the Online Payment Fraud Detection Market Report
Online Payment Fraud Detection by Component
- Online Payment Fraud Detection Solutions
- Online Payment Fraud Detection Services
Online Payment Fraud Detection by Deployment
- On-Premise Online Payment Fraud Detection
- Cloud-based Online Payment Fraud Detection
Online Payment Fraud Detection by Vertical
- Online Payment Fraud Detection for BFSI
- Online Payment Fraud Detection for IT & Telecom
- Online Payment Fraud Detection for Retail & Consumer Packaged Goods
- Online Payment Fraud Detection for Government
- Online Payment Fraud Detection for Real Estate & Construction
- Online Payment Fraud Detection for Energy & Utilities
- Online Payment Fraud Detection for Other Verticals
Online Payment Fraud Detection by Region
- North America Online Payment Fraud Detection Market
- Europe Online Payment Fraud Detection Market
- Asia Pacific Online Payment Fraud Detection Market
- Middle East and Africa Online Payment Fraud Detection Market
- Latin America Online Payment Fraud Detection Market
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