The online payment fraud detection systems gained their popularity in an attempt to monitor cross channel transactions on real time basis in the businesses along with controlling online frauds. The global online payment fraud detection market is anticipated to witness noteworthy opportunities and is estimated to grow at a CAGR of around 15% over the forecast period i.e. 2019-2027.This growth can be attributed to rising cases of online frauds and growing adoption of advanced technology and artificial intelligence to manage payment gateways, around the globe.
The global online payment fraud detection market is segmented by solutions, mode, industry and regions. Based on industry, the market is segmented into BFSI, retail, healthcare, telecommunication and others. Among these segments, the BFSI segment is estimated to hold major market share over the forecast period. The growth of this segment can be attributed to growing number of initiatives to prevent frauds, in the monetary transactions.
Geographically, the global online payment fraud detection systems is segmented by region into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market in North America is anticipated to hold leading market shares owing to the presence of major key players, offering extensive range of solutions for fraud detection in the region.
Rising presence of cashless economies in Europe is estimated to contribute to the growth of the market in this region. The online payment fraud detection market in Asia Pacific region is estimated to witness highest growth rate. This can be attributed to growing inclination of consumers towards digitalization coupled with increasing implementation of fraud detection and prevention solutions in the region.
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With the boom in E-commerce and E-banking, various industries are facing incidences of online payment frauds leading to revenue losses, thereby driving the demand for online payment fraud detection solutions in the market. Moreover, stringent government laws to minimize these challenges and the cost of frauds are anticipated to boost the growth of online payment fraud detection market in near future.
However, high operational and installation costs incurred by the organizations pertaining to the adoption of online payment fraud detection solutions are some of the restraining factors that are anticipated to hamper the growth of the market over the forecast period.
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.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Global Online Payment Fraud Detection Market Outlook 2027”, analyses the overall online payment fraud detection industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global online payment fraud detection market in the near future.
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