Global Social Media Fraud Detection Market Outlook 2028

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.

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.

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.