In a recent published report, Kenneth Research has updated the market report for Global Social Media Fraud Detection Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Social Media Fraud Detection Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Social Media Fraud Detection Market Analysis 2019-2028
In the recent past, a significant increase in the number of users on social media platforms have been observed. This has led to a rise in fraudulent activities on these platforms. People with malicious motives try and steal sensitive information or end up providing misleading data to users globally. Social media fraud detection solutions help to save millions of dollars annually by securing the data of individuals and organizations. The global social media fraud detection market is expected to achieve a CAGR of 18.80% during the forecast period, i.e. 2020-2028. The market is also expected to record a value of around USD 2,200 million by 2028. Various factors including growing concerns for security on online platforms, rising social media frauds and scams, increase in revenue losses by organizations, negative brand image endured by social media platforms are some factors that are anticipated to promote the growth of the global social media fraud detection market. Additionally, increasing investments by various companies on social media platforms in order to increase their security features are also expected to drive the growth of the social media fraud detection market over the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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The global social media fraud detection market can be segmented into fraud type, component, solution, end-user, size of organization, organization type, and region. On the basis of component, the market can further be segmented into software and services, out of which the software segment held a significant market share in the year 2019 owing to the ease with which one can access software from the comfort of their homes. Also, software can be customised, and its benefits can be availed at the click of a button without the requirement of a professional to run the software.
Based on region, the global social media fraud detection market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Out of these, the market in North America held the highest share in 2019 recording a value of around USD 130 million. This was owing to rapidly evolving digital ecosystem in the region and the rise in the number of fraudulent activities.
The Europe social media fraud detection market, in 2019, held the second largest share, recording a value of around USD 100 million. With significant amounts of enterprise data and technological advertisements being generated, the market is expected to witness a significant growth. Other growth factors which are expected to propel the social media fraud detection market in the region include stock theft, information theft, and financial frauds.
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Some of the affluent industry leaders in the global social media fraud detection market are Proofpoint, Inc, FraudWatch International Pty Ltd, Harlequin CDIS, White Ops, IdentityForce, Inc, CSID, Equifax Inc. among others.
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