Market Dynamics
Technology Advancements and Fraudsters’ Adaptation
Widespread adoption of technologies, including card-chip and new digital channels, has resulted in fraudsters becoming more agile and collaborative in their financial fraud endeavors. This evolution has led to a rapid growth in financial fraud cases, necessitating robust online payment fraud detection solutions.
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Internet Penetration and Digitization
The increasing internet penetration and digitization in emerging and underdeveloped economies are significant drivers for the global online payment fraud detection market. As a result, financial institutions, merchants, and payment service providers are increasingly turning to artificial intelligence (AI) technology to manage online payment fraud incidents, reduce fraud losses, and enhance customer experiences.
Market Forecast
According to Report Ocean Research, the global online payment fraud detection market is poised to grow at a compound annual growth rate (CAGR) of 14.10% during the forecast period from 2019 to 2025. The primary goal of this report is to define, describe, segment, and forecast the global online payment fraud detection market based on solutions, modes, and regions. It aims to provide venture capitalists with valuable insights, data analysis, and information about market development for effective strategic decision-making.
Role of Artificial Intelligence
The integration of AI into online payment fraud management solutions is a key influencer in the adoption of online payment fraud detection solutions. Cognitive systems, powered by AI, facilitate data analysis and offer actionable insights to meet customer demands. With the increasing complexity of online fraud, banks and institutions are deploying advanced fraud management solutions, including machine learning, predictive analytics, and artificial intelligence technologies. These technologies are dominating investment patterns in recent years.
Competitive Landscape
The global online payment fraud detection market features a mix of established vendors and niche players. Key vendors include CyberSource, Ingenico, RSA Security, and Worldpay, among others. These players are expanding their global presence and enhancing customer service capabilities through strategic partnerships with suppliers and third-party vendors.
Rapid Advancements in Technology
Fraud analytics is the fastest-growing technology in the global online payment fraud detection market, driven by the increasing adoption of AI in fraud detection solutions. Continuous technological advancements have led fraudsters to employ sophisticated tools, making it challenging for enterprises to protect themselves from fraud incidents. As a result, technology-based online payment fraud detection solutions, known for their intelligence and capability, are gaining prominence.
Regional Insights
North America
North America leads in the application segment of the global online payment fraud detection market. This is attributed to the vast volumes of data generated from multiple sources and the need to analyze these datasets for informed decision-making. Mobile banking, a popular method for money transactions, is frequently targeted by fraudsters.
Key Players and Market Developments
The competitive landscape includes both established and niche players, with Ingenico, CyberSource, NuData Security, RSA Security, and Worldpay taking center stage. Mergers & acquisitions, alliance formations, and strategic partnerships are expected to boost market growth in the forecast period.
Key Developments Include:
- In March 2019, Worldpay expanded its presence in Australia and New Zealand by opening sales offices and obtaining a local license for card payments.
- In May 2019, Ingenico launched LinkPlus, a secure solution for businesses handling phone-based payments.
Segmentation and Coverage
The global online payment fraud detection market is categorized based on three segments:
- Solution: Fraud Analytics, Authentication, Reporting, and Visualization
- Mode: E-payment, Mobile Payment, Card Payment
- Regions: North America, Europe, APAC, and RoW (RoW includes Middle East and Africa, Latin America; APAC includes East Asia, South Asia, South-East Asia, and Oceania)
The report also provides an analysis of vendors, covering financial status, business units, key business priorities, SWOT analysis, business strategies, and views. Additionally, it includes competitive landscape analysis, including mergers & acquisitions, joint ventures & collaborations, and competitor comparisons.
Region/Country Coverage
- North America
- Europe
- APAC
- RoW (RoW includes Middle East and Africa, Latin America; APAC includes East Asia, South Asia, South-East Asia, and Oceania)
Key Players Covered
Key players in the global online payment fraud detection market include Ingenico, CyberSource, NuData Security, RSA Security, and Worldpay.
About Report Ocean
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