Social Media Fraud Detection Market Size

Social Media Fraud Detection Market size was over USD 45.84 Billion in 2023 and is poised to exceed USD 269.55 Billion by 2036, witnessing over 14.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of social media fraud detection is estimated at USD 51.68 Billion. The growth of the market can be attributed majorly to the growing prevalence of social media among the global population. People are notably active on social media platforms for multiple purposes such as, supporting their business, sharing images and videos with their friends and family, and others. Social media has made s significant place in everyone’s life. For instance, more than 55% of the global population was noticed to be using social media in 2023.

In addition to these, global social media fraud detection market trends such as rising cases of online fraud and cybercrimes triggering the demand for bot protection across the globe are expected to boost the market growth over the forecast period. It not only protects all the access points but also analyses and collects bot traffic to pinpoint anomalies. Bot protection solution also proactively detects fraud and enables robust information security. The rising adoption of technologies, for instance, AI and machine learning, could boost the demand for bot protection solutions on a wider scale. For instance, nearly 98% of smartphone users were noticed to be using AI-powered voice assistants while more than 32% of companies were anticipated to be using AI, and more than 40% of companies are noticed to be exploring AI for implementation.