Global Online Payment Fraud Detection Market 2019-2025: Growing Need for Digital Fraud Prevention & Integration of AI in Online Payment Fraud Management Solutions

DUBLIN, July 17, 2019 /PRNewswire/ -- The "Global Online Payment Fraud Detection Market - Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.

The global online payment fraud detection market is expected to grow at a CAGR of 14.10% during the forecast period 2019-2025.

Widespread adoption of technologies including card-chip and new digital channels are emerging resulting in fraudsters becoming more adaptive and collaborative with the nature of financial fraud which is growing rapidly. Increasing internet penetration and digitization across emerging and undeveloped economies are driving the growth of online payment fraud detection market across the globe. Hence financial institutions, merchants, and payment service providers are adopting the artificial intelligence (AI) technology for managing their online payment fraud incidents and reducing fraud losses, thereby enhancing the customer experience.

The aim of this report is to define, describe, segment, and forecast the global online payment fraud detection market on the basis of solution, mode, and regions. In addition, the report helps the venture capitalists in understanding the companies better and make well-informed decisions. The report is primarily designed to provide the company's executives with strategically substantial competitor information, data analysis, and insights about the market, development, and implementation for an effective marketing plan.

Integration of AI in online payment fraud management solutions is one of the key factors that has influenced the implementation of online payment fraud detection solutions by several institutions. Cognitive systems help in data analysis and provide actionable insights to meet customer demands.

Furthermore, increasing complexity in online frauds is forcing banks and other institutions to deploy several new fraud management solutions to reduce the noise level in the system and meet the customer expectation. Machine learning, predictive analytics, and artificial intelligence technologies are in demand and a major number of acquisitions in the recent years were associated with these technologies and these technologies will dominate the investment patterns in the coming years.

The global online payment fraud detection market is categorized based on the presence of diversified small and large vendors. CyberSource, Ingenico, RSA Security, and Worldpay are among the key vendors increasing their global footprint in this space. However, various vendors such as IPQualityScore and SIMILITY are competing with them in the global market by providing solutions at a competitive price with the customized product offering. The market growth is fueled by key vendors entering into strategic partnerships with suppliers and third-party vendors in the ecosystem to increase the global footprint and customer service capabilities.

Fraud analytics is the fastest growing technology in the global online payment fraud detection market owing to the increasing adoption of AI in online payment fraud detection solutions. Continuous advancements in technologies are leading fraudsters to use sophisticated tools resulting in a challenging environment for enterprises to prevent themselves from fraud incidents. Hence, due to the need for real-time information, vendors have introduced technology-based online payment fraud detection solutions, which are more capable and intelligent.

North America is having the largest market share in the application segment of the global online payment fraud detection market primarily due to availability of huge volumes of data being generated from multiple sources and the need to analyze these datasets for decision making. Mobile banking has become a popular way for money transactions hence, frequently targeted by the fraudsters.

The competitive landscape is a mix of established vendors and niche vendors including Ingenico, CyberSource, NuData Security, RSA Security, and Worldpay. Mergers & acquisitions, alliance formations, and strategic partnerships will boost market growth during the forecast period.

Some of the key happenings are detailed below:

• In March 2019, Worldpay has announced its expansion in Australia and New Zealand. The first is the opening of two sales offices in Australia and the second is the expansion of its global footprint in New Zealand after obtaining a local license for acquiring card payments
• In May 2019, Ingenico has launched LinkPlus, a simple and secure solution for businesses which handles payments over the phone
  

Key Topics Covered:

1 Executive Summary

2 Industry Outlook
2.1 Industry Snapshot
2.1.1 Industry Overview
2.1.2 Industry Trends

3 Market Snapshot
3.1 Total Addressable Market
3.2 Segmented Addressable Market
3.2.1 PEST Analysis
3.2.2 Porter's Five Force Analysis
3.3 Related Markets

4 Market Characteristics
4.1 Market Segmentation
4.2 Market Dynamics
4.2.1 Drivers
4.2.1.1 Increasing complexity in online frauds
4.2.1.2 Growing need for digital fraud prevention
4.2.1.3 Integration of AI in online payment fraud management solutions
4.2.2 Restraints
4.2.2.1 High cost of online payment fraud solutions impacting adoption rate
4.2.2.2 Limited awareness about the online payment fraud prevention solutions
4.2.3 Opportunities
4.2.3.1 Increasing demand from emerging economies
4.2.3.2 Growing investments in cybersecurity
4.2.3.3 Implementation of real-time data analytics
4.2.4 DRO - Impact Analysis

5 Online Payment Fraud Detection Market, by Solution
5.1 Overview
5.2 Fraud Analytics
5.3 Authentication
5.4 Reporting and Visualization

6 Online Payment Fraud Detection Market, by Mode
6.1 Overview
6.2 E-Payment
6.3 Mobile Payment
6.4 Card Payment

7 Online Payment Fraud Detection Market, by Region

8 Competitive Landscape
8.1 Competitor Analysis
8.2 Product/Offerings Portfolio Analysis
8.3 SWOT Analysis
8.4 Market Developments

9 Vendor Profiles

• Accertify
• CyberSource
• Ingenico
• IPQualityScore
• NuData Security
• RSA Security
• Securonix
• SIMILITY
• Worldpay

For more information about this report visit https://www.researchandmarkets.com/r/w91uoc

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