According to new research from Research Nester“Online Payment Fraud Detection Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers the detailed overview of the online payment fraud detection market in terms of market segmentation by solution, mode, industry and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global online payment fraud detection market is anticipated expand at a CAGR of around 15% over the forecast period i.e. 2019-2027. The growth of the market is driven by expansion of new fraudulent practices due to large amount of data collected from all the E-commerce, E-banking, and E-tailing websites, across the world. Additionally, stringent government regulations to minimize the rapid rise in the revenue losses and the cost of frauds in numerous organizations, are further expected to significantly contribute to the growth of the market in upcoming years.
By region, the global online payment fraud detection market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America accounts for the largest market share, and is further expected to hold leading market shares over the forecast period owing to of presence of key vendors, offering wide range of solutions for fraud detection in the region. The market in Asia Pacific region is anticipated to witness highest growth rate over the forecast period on the back of rising inclination of consumers towards digitalization combined with growing implementation of fraud detection and prevention solutions in the region.
Growing Revenue Losses to Boost Adoption of Fraud Detection System
Online payment systems are vulnerable to the increasing number of fraudulent activities as massive amount of data is collected from all kinds of online payment portals around the globe. Additionally, growing technological advancements are further leading to increasing amount of challenges faced among various industries, such as revenue losses through online payment frauds. These challenges are anticipated to drive the demand for online payment fraud detection solutions, thereby driving the growth of the market.
However, high installation and operational costs are anticipated to limit the adoption of payment fraud detection system among different organizations.
This report also provides the existing competitive scenario of some of the key players of the online payment fraud detection market which includes company profiling of key companies such as ACI Worldwide, Inc.( NASDAQ: ACIW), BAE Systems(LON: BA), Dell Inc.( NYSE: DELL), DXC Technology Company(NYSE: DXC), Experian Information Solutions, Inc.( LON: EXPN), FICO(NYSE: FICO), FIS(NYSE: FIS), Fiserv, Inc.( NASDAQ: FISV), IBM(NYSE: IBM), NICE Actimize, Software AG (ETR: SOW) and SAS Institute Inc. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the online payment fraud detection market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.