Bot Mitigation Market Trends

Growth Drivers

• Growing Need to Save Company’s Revenues- The survey was conducted on 300 global organizations with over USD 500 million in total annual turnover and discovered that losses from policy violations, including return fraud and coupon stacking, cost merchants USD 100 billion per year. Retail policy abuses, including return fraud and using false email addresses for discount codes, are on the rise, according to the firm. During the holidays or periods of high inflation, the practices tend to increase. Offering substantial refunds, return policies, and promotions to promote sales and increase customer loyalty are key to the overall business strategy of 90% of the companies but they are heavily misused by the bots and thus cause huge losses.
• Growing Cases of Hijacking- In the 2022 Consumer Impact Report, the non-profit that assists victims of identity theft showed that social media takeovers climbed 1,000% throughout the period. Social media account takeover can be destructive not only to the individual whose identity is being pretended to be but also to those who are being assaulted by the criminal using the account. According to the Identity Theft Resource Centre, social media account hijacking has reached pandemic proportions in 2022. Moreover, IRTC conducted a survey and consumers, and around 85% of them had their Instagram accounts stolen, while 25% had their Facebook accounts hijacked.
• Growing Sophistication of Bot- It was easy to identify bots but now they have become more sophisticated and have gained exact resemblance to humans than ever, making them practically indistinguishable from real people. Since they have gotten so human-like, they have proven particularly alluring to cyber criminals. This opens a new window that can produce millions of them at once. As a consequence, sophisticated bots are becoming far more hostile and harmful to every organization worldwide. Because they originate from legal browsers, have valid IP addresses, and are beginning to employ artificial intelligence and machine learning to rectify their mistakes in real-time, sophisticated bots often do not reveal evident indicators of automation.

Challenges

• Increasing Advancement in Bot behavior- Bots are getting more sophisticated, and they are exactly personating humans, so it is getting difficult to distinguish the bot from actual humans and mitigate security threats. Moreover, to keep up with the sophistication, the vendors are constantly upgrading their strategies by using new technologies to sideline existing mitigation solutions.
• Bot mitigation software and solutions can be expensive for small business
• Cybercrime is becoming a profitable arena of business