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eCommerce Fraud Detection And Prevention Market Share Analysis, Size, Share, Trends And Growth Analysis 2033
eCommerce Fraud Detection And Prevention Market Share
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According to The Business Research Company's, The ecommerce fraud detection and prevention market size has grown exponentially in recent years. It will grow from $50.32 billion in 2023 to $61.01 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to manual review processes, basic rule-based systems, limited payment options, early data analytics, security protocols.
The ecommerce fraud detection and prevention market size is expected to see exponential growth in the next few years. It will grow to $131.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to growing demand for online shopping, advanced machine learning algorithms, behavioral biometrics, ai-powered automation, global data sharing and collaboration, multi-factor authentication (mfa) expansion, integration of predictive analytics. Major trends in the forecast period include integration with e-commerce platforms, biometric authentication, geolocation and ip analysis, cross-channel fraud prevention, blockchain for secure transactions.
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Market Drivers and Trends:
An increase in the frequency of cyberattacks and frauds is driving the growth of the e-commerce fraud detection and prevention market. Cyberattacks and frauds refer to malicious activities conducted in the digital realm with the intent to compromise the security, privacy, or integrity of computer systems, networks, and online platforms. Cyberattacks and frauds often result in significant financial losses for eCommerce businesses due to unauthorized transactions, chargebacks, and stolen sensitive information. The prevention of these financial losses becomes a critical driver for the adoption of robust fraud detection measures. For instance, in October 2023, according to a report issued by AAG, a UK-based information technology (IT) service provider, there was a 125% increase in cyberattacks worldwide, and in 2022, the threat created by these attacks to individuals and organizations further grew. Therefore, the increase in the frequency of cyberattacks and frauds is driving the growth of the e-commerce fraud detection and prevention market.
Technological advancement is a key trend gaining popularity in the ecommerce fraud detection and prevention market. Major companies operating in the market are using advanced technologies to sustain their position in the ecommerce fraud detection and prevention market. For instance, in October 2022, DG Financial Technology, a Japanese-based payment service provider that operates in the online payment solutions industry with well-established infrastructure and clientele in Japan, unveiled Sift, an innovative AI-based fraud detection solution. Sift is designed as a comprehensive fraud detection and prevention tool that harnesses the power of artificial intelligence to swiftly recognize and mitigate fraudulent activities on e-commerce platforms and online spaces. Its capabilities extend to identifying credit card fraud, preventing account takeovers, and minimizing the impact of chargebacks. By streamlining fraud-related operations, Sift aims to reduce damages caused by fraudulent activities, enhance overall prevention measures, and contribute to revenue optimization for businesses operating in the digital realm.
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Major Key Players of the Market:
KSB SE & Co. KGaA, ITT Inc., Ruhrpumpen Group, Castle Pumps Ltd., AxFlow Holding AB, Flowserve Corporation, North Ridge Pumps Ltd., Tapflo Group, Vertiflo Pump Company, FLUX-Geräte GmbH, Salvatore Robuschi and C. S.r.l., Lenntech BV, Brinkmann Pumps GmbH + Co. KG, Gusher Pumps Inc., Tapflo Pumps UK Ltd., C.R.I. Pumps Pvt. Ltd., National Pump Company, Grundfos Pumps Corporation, Pentair plc, Simflo Pump Inc., Process Systems Ltd., Neptuno Pumps Ltd., Sintech Precision Products Ltd., Ebara Corporation, Tsurumi Manufacturing Co. Ltd., Weir Group plc, Kirloskar Brothers Limited, Shakti Pumps Ltd., WPIL Limited, Crompton Greaves Consumer Electricals Limited, Kishor Pumps Pvt. Ltd., Rotech Pumps & Systems Inc., T-T Pumps Ltd., V-Guard Industries Ltd., Vansan Water Technologies, Zhejiang DOYIN Pump Industry Co. Ltd.
eCommerce Fraud Detection And Prevention Market 2024 Key Insights:
• The ecommerce fraud detection and prevention market size is expected to see exponential growth in the next few years. It will grow to $131.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.
• Rising E-Commerce Transactions Fuel Growth In Ecommerce Fraud Detection And Prevention Market
• Advancing E-Commerce Fraud Detection With Ai Technology
• North America was the largest region in the ecommerce fraud detection and prevention market share in 2023
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