Research Nester published a report titled “Social Media Fraud Detection Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the social media fraud detection market in terms of market segmentation by fraud type, component, solution, end-user, size of organization, organization type, and by 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.
With the growing number of social media users, there has been an increase in fraudulent activities in the online space. People with malicious motives use social media as a platform to steal sensitive information and provide misleading data to users, worldwide. This often leads to heavy financial losses for key players in the field by tampering their reputation and brand image. This rise in fraudulent activities is expected to propel the growth of the global social media fraud detection market in the upcoming years. The global social media fraud detection market is expected to reach a CAGR of 18.80% through 2020-2028. In 2020, the global market value was recorded at USD 555.03 million and is expected to reach a value of USD 2202.17 million by 2028 on the back of rising fraudulent activities and losses in revenue by major social media platforms.
Based on region, the global social media fraud detection market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa region, out of which, the market in North America held the highest share in 2019 with an estimated value of USD 127.09 million. This region is also estimated to record a significant CAGR over the forecast period. This was owing to the drastically changing digital ecosystem in the region coupled with rising proportions of advertising budgets which led to the requirement of security for the online platforms. The European region held the second highest share with a recorded market value of USD 110.15 million in 2019. It is also expected to record a notable CAGR during the forecast period. This is owing to the massive generation of enterprise data and technological advertisements which require protection from scammers. There were cases of stock theft, information theft, and internal financial frauds which contributed to the growth of the social media fraud detection market in the region.
Rise In Social Media Frauds To Propel The Social Media Fraud Detection Market
According to a report published by the Consumer International Organization, online conversations about scams had doubled between Aug 2016 to Aug 2018. On the back of increasing social media frauds, such as catfish, clickbait scam, cash grabs, quiz scams, membership scams, cryptocurrency, fake competitions, subscription traps and others, there is a rising need for providing a safe platform to social media users as any type of fraud could alter the brand image of the social media user and also hamper the market presence of the social media platform. This as a result is expected to propel the growth of social media fraud detection market.
However, the lack of awareness on the types of frauds and the possibilities of scams could act as a major hindrance for the growth of the social media fraud detection market.
This report also provides the existing competitive scenario of some of the key players of the social media fraud detection market which includes company profiling of Proofpoint, Inc (NASDAQ: PFPT), FraudWatch International Pty Ltd, Harlequin CDIS, White Ops, IdentityForce, Inc, CSID, Equifax Inc. (NYSE: EFX) among other prominent players.
The profiling 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 social media fraud detection market that will 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.