Growing complexity in online payment fraud landscape will steer the growth of the online payment fraud detection market
The global online payment fraud detection market is expected to witness a CAGR of 14.10% to reach revenue of $9.40 billion by 2025
Bangalore, India, July 03, 2019: With its recently published study “Global Online Payment Fraud Detection Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global online payment fraud detection market will continue to grow due to changing online payment fraud landscape.
The growing complexity in online payment fraud landscape and need for digital fraud prevention have resulted in the increased adoption of artificial intelligence (AI) integrated in online payment fraud management solutions. This will enable organization to manage online payment fraud incidents and enhance the customer experience. AI solutions are predominantly dependent on machine data that are generated from multiple sources. The banks, payment service providers, and ecommerce company have started using AI-based analytics solutions to analyze data and identify the correlation & patterns and to mitigate unforeseen fraud risk factors to reduce fraud losses. Organizations are implementing digital approaches to enable next-gen online payment fraud management systems. They are deploying solutions for visual monitoring and using alerts from data analysis to take informed decisions. Next-gen fraud management solutions are equipped to significantly improve detection rates while considerably reducing false positives. Additionally, they can enhance the customer experience and can develop customer interaction and value.
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As data-driven decision is becoming a more prominent factor across industries, the market is expected to witness increased usage of AI solutions across banks, financial institutions, and other firms. Merchants, e-commerce players, and payment service providers have been the primary users of the AI technology to improve risk assessment of the customer transactions. This trend is expected to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of 14.10% to reach revenue of $9.40 billion by 2025.
Mobile payment is one of the fastest growing payment modes in this market. The growing e-commerce, mobile technology, and digital payments has witnessed significant developments in mobile payments that has boosted the growth of m-commerce and mobile payment. Mobile commerce is witnessing significant growth in the last couple of years. It is expected that over 35% of online merchants are earning over 40% of their ecommerce revenue from mobile orders. Mobile shoppers use mobile wallets and payment alternatives like PayPal which makes m-commerce prone to similar types of fraud as e-commerce.
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APAC is likely to dominate the market growth during the forecast period between 2019 and 2025 owing to increasing spending on online payment fraud detection solutions and implementing AI technologies in the region.
“Growing complexity in online payment frauds is increasing the adoption of AI in online payment fraud detection solutions” – Rahul Kumar Pandey, Research Analyst, Infoholic Research
Key segments of the report include:
- Fraud Analytics
- Reporting and Visualization
- Mobile payment
- Card payment
- North America
- Market Trends