Research Nester has released a report titled “Social Media Fraud Detection Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The global social media fraud detection market is segmented by fraud type, component, solution, end-user, size of organization, organization type, and by region. On the basis of fraud type, the global social media fraud detection market is segmented into social media phishing, malware frauds, scams, counterfeit frauds, fraudulent advertising, and others. Out of these the fraudulent advertising segment held the major market share in 2019. This was owing to the ease with which one can publish advertisements with fraudulent information on social media platforms. This can be done without divulging much information about the advertiser.
This market is expected to record a CAGR of 18.80% throughout the forecast period of 2020-2028. The global market value in 2020 was recorded at USD 555.03 million. By 2028, it is expected to reach a value of USD 2202.17 million on the back of losses in revenue endured by key players along with rising fraudulent activities on the internet. With ease of internet availability, there have been more and more people accessing various types of social media platforms. But people with malicious motives use these platforms to steal sensitive information and also broadcast misleading data to users worldwide. This not only leads to heavy losses for these platforms but also tarnishes their public image and brand value. This rise in fraudulent activities is expected to propel the global social media fraud detection market in the upcoming years.
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Based on region, the global social media fraud detection market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa region, out of which, the market in North America is expected to hold the highest global share. In 2019, this region recorded a share value of USD 127.09 million owing to the rapidly evolving digital platform in the region which led to the requirement of security and privacy control for the online social media platforms. The European region is expected to hold the second highest share. In 2019, this region recorded a market value of USD 110.15 million owing to the massive generation of enterprise data which requires protection from malicious people. Stock theft, information theft, and internal financial frauds were recorded in the region which contributed to the growth of the social media fraud detection market.
Increasing Fraudulent Activities To Propel Growth Of Social Media Fraud Detection Market
In recent times, there have been increasing conversations in the online space regarding scams. The Consumer International Organization mentions that online conversations about scams had doubled between Aug 2016 to Aug 2018. With fraudulent activities on the rise, there has been a growing concern in providing a safe platform for social media users. Scams can lead to a bad brand image which in turn is anticipated to drive the growth of the social media fraud detection market.
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However, the lack of awareness on the types of frauds and the possibilities of scams could act as a major hindrance for the growth of the social media fraud detection market.
This report also provides the existing competitive scenario of some of the key players of the global social media fraud detection market which includes company profiling of Proofpoint, Inc (NASDAQ: PFPT), FraudWatch International Pty Ltd, Harlequin CDIS, White Ops, Identity Force, Inc, CSID, Equifax Inc. (NYSE: EFX) among other prominent players.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Social Media Fraud Detection Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall social media 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 social media fraud detection market in the near future.
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