Online Payment Fraud Detection Industry Forecast 2025–2029: Growth Opportunities Ahead
Limited Offer: Get Comprehensive Trade & Market Analysis at 20% Off – Use Code ONLINE106
What Will The Size Of The Online Payment Fraud Detection Market Be By The Forecast Year 2029?
The sphere of online payment fraud detection has experienced swift expansion lately, projected to jump from a valuation of $9.56 billion in 2024 up to $11.16 billion the following year, reflecting a compound annual growth rate of 16.8%. This historical period’s upswing stems from several key factors: the burgeoning dependency on older fraud detection mechanisms that lack sufficient flexibility, the mounting intricacy involved in hands-on transaction oversight, escalating expenses linked to chargebacks and losses incurred due to fraudulent activities, the wider acceptance by merchants of preemptive fraud alerting tools, and heightened governmental attention toward bolstering the security of digital transaction frameworks.
Foreseeing substantial expansion, the domain of online payment fraud detection is projected to reach a valuation of $20.52 billion by the year 2029, demonstrating a robust compound annual growth rate (CAGR) of 16.4% over the forthcoming period; this upward trajectory is fueled by several key factors, notably the increasing incorporation of artificial intelligence and machine learning technologies into fraud identification processes, the broader acceptance of biometric verification for electronic transactions, escalating requirements for immediate fraud analysis capabilities, the proliferation of digital wallets and touchless payment mechanisms, alongside stricter adherence to payment security regulations mandated by governing bodies. Furthermore, significant developments shaping this market moving forward encompass sophisticated progress in AI-driven fraud detection infrastructures, the creation of monitoring tools capable of analyzing transactions instantaneously, novel breakthroughs in biometric verification techniques, enhancements in anticipatory analytical models for preempting fraudulent activities, and the continued evolution of fraud detection platforms delivered via cloud environments.
Download Your Free Report Sample:
https://www.thebusinessresearchcompany.com/sample.aspx?id=27116&type=smp
What Core Drivers Are Shaping The Expansion Of The Online Payment Fraud Detection Market?
The swift uptake of electronic payment methods is positioned to foster expansion within the online fraud detection sector moving ahead. Electronic payments encompass transactions settled via digital means such as mobile applications, internet banking platforms, and tap-to-pay cards. This surge in digital transactions is primarily fueled by broader access to smartphones and the internet, which allows individuals to execute immediate worldwide transfers effortlessly and conveniently. Systems designed for detecting fraud in online payments function by employing artificial intelligence and analytical tools to pinpoint and halt questionable behavior instantaneously, thereby building greater consumer confidence, mitigating financial damage, and guaranteeing secure transactions that adhere to regulations. To illustrate this trend, data from the European Central Bank, which acts as the central financial authority for European Union nations, revealed that for the initial six months of 2023, the volume of contactless card transactions climbed by 24.3 percent compared to the 20.9 billion transactions seen in the first half of 2022, alongside a corresponding value escalation of 25.9 percent, reaching a total of half a trillion euros (equivalent to $545.27 billion), as reported in January 2024. Consequently, the increasing prevalence of digital payments is serving as a major catalyst for the expansion of the online payment systems designed to counter fraudulent activities.
How Is The Online Payment Fraud Detection Market Segmented By Product, Application, And Region?
The online payment fraud detection market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Fraud Type: Identity Theft, Account Takeover, Card Not Present Fraud, Transaction Laundering
4) By Organization Size: Small And Medium Enterprises, Large Enterprises
5) By Vertical: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunications (Telecom), Government, Real Estate And Construction, Energy And Utilities, Other Verticals
Subsegments:
1) By Software: Fraud Analytics, Authentication, Reporting And Visualization, Risk And Compliance Management
2) By Services: Professional Services, Managed Services
What Strategic Trends Are Driving Growth In The Online Payment Fraud Detection Market?
Key players within the digital transaction security sector are concentrating their efforts on pioneering sophisticated technological solutions, notably those leveraging machine learning for identifying fraudulent activities, thereby equipping monetary organizations with preemptive safeguards against emerging cyber dangers. These machine learning-driven fraud identification instruments scrutinize transactional flows to spot deviations and adapting risks, progressively refining their precision via constant learning processes. As an illustration, in the tenth month of 2022, Checkout.com, a United Kingdom entity specializing in cloud-facilitated payment services, introduced Fraud Detection Pro, a sophisticated, adaptable mechanism for fraud mitigation underpinned by machine learning capabilities and a worldwide repository of transactional information. This system examines massive volumes of worldwide transactions, empowering vendors to tailor their fraud oversight approaches using sophisticated criteria and decision-making frameworks, successfully thwarting illicit activities while maintaining a smooth experience for legitimate purchasers. Its architecture allows for rapid adjustments to changing fraud methodologies, including those involving automated bots and fabricated identities, assisting enterprises across the globe in curtailing financial losses stemming from payment deception.
Who Are The Top Leaders Driving The Online Payment Fraud Detection Market?
Major companies operating in the online payment fraud detection market are International Business Machines Corporation, Visa Inc., DXC Technology Company, Experian plc, SAS Institute Inc., LexisNexis Risk Solutions Inc., NICE Ltd., Worldpay Inc., ACI Worldwide Inc., Fair Isaac Corporation, Forter Ltd., RSA Security LLC, Riskified Ltd., CyberSource Corporation, Sift Science Inc., Kount Inc., Gurucul Inc., FRISS Fraud Detection Software B.V., MaxMind Inc., DataVisor Inc., Cleafy S.r.l.
View The Detailed Report For More Insights
Which Region Is Experiencing The Fastest Growth In The Online Payment Fraud Detection Market?
North America was the largest region in the online payment fraud detection market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the online payment fraud detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Request Your Customized Report Here:
https://www.thebusinessresearchcompany.com/customise?id=27116&type=smp
Browse Through More Reports Similar to the Global Online Payment Fraud Detection Market 2025, By The Business Research Company
Fraud Detection And Prevention Global Market Report 2025
Financial Fraud Detection Software Global Market Report 2025
Ecommerce Fraud Detection And Prevention Global Market Report 2025
Get in touch with us:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 310-496-7795
Asia +44 7882 955267 & +91 8897263534
Europe +44 7882 955267
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
