Payment Monitoring Market, By Component (Software and[Services), By Application (Banking, Financial Services and Insurance (BFSI), Healthcare, Retail, Government, Others], and By Region Forecast to 2032
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The global market size for payment monitoring was USD 14.98 billion in 2022, and it is expected to grow at a rapid pace with a revenue CAGR of 16% during the forecast period. This growth is mainly driven by the increasing need to minimize fraudulent activities and enhance financial security in various industries. Payment monitoring involves reviewing, administering, and analyzing transactions processed on a business application. With the quick development of e-commerce, digital payments, and mobile payments, and the rise in payment fraud and cyberattacks, effective payment monitoring systems have become increasingly important.
In addition, the adoption of payment monitoring solutions is increasing in various sectors due to strict governmental regulations concerning financial transactions and data privacy. Banks, financial institutions, and payment service providers are increasingly using payment monitoring technologies to identify and stop fraudulent activities, as payment monitoring services provide real-time transaction monitoring and notifications for any suspicious activity, helping to prevent financial losses and ensuring regulatory compliance.
The use of Artificial Intelligence (AI) and Machine Learning (ML) technologies has made payment monitoring systems more effective at detecting fraudulent activities. Payment monitoring systems can now scan massive amounts of data in real-time and spot trends and anomalies, improving the accuracy of fraud detection and reducing false positives.
Cloud-based payment monitoring solutions are gaining popularity due to their scalability, affordability, and ease of installation and maintenance. With comprehensive analytics tools and dashboards, organizations can learn more about transaction data and detect any suspicious behavior, which is offered by cloud-based payment monitoring solutions.
The demand for sophisticated payment monitoring solutions is increasing due to the rising use of contactless payments, mobile wallets, and virtual currencies. As mobile payment fraud continues to increase with the rising use of mobile devices for payments, the implementation of mobile payment monitoring systems is encouraged.
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Segments Covered in the Report:
This report provides a comprehensive analysis of the global payment monitoring market, offering historical data and revenue growth forecasts at a global, regional, and country level. The market size value in 2022 was USD 14.98 billion, and the revenue is expected to grow at a CAGR of 16% from 2022 to 2032, reaching USD 56.97 billion by 2032. The report covers the period from 2020-2021 for historical data and 2022-2032 for the forecast period, with quantitative units measured in USD billions.
The global payment monitoring market has been segmented based on component, application, and region for the purpose of this report. The component outlook is further divided into software and services. The application outlook includes banking, financial services and insurance (BFSI), healthcare, retail, government, and others. The regional scope of the report covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The country scope includes the U.S., Canada, U.K., Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, and Turkey.
The report provides insights into the revenue forecast, company ranking, competitive landscape, growth factors, and trends of the payment monitoring market. The segmentation allows for a detailed analysis of market trends in each segment and sub-segment from 2019 to 2032. The rising need for minimizing fraudulent activities and enhancing financial security across various end-use industries is expected to drive the market revenue growth in the coming years. Furthermore, the adoption of payment monitoring solutions across numerous sectors is increasing due to strict governmental regulations pertaining to financial transactions and data privacy.
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Strategic Development:
In March 2020, Fiserv, Inc. announced the acquisition of Bypass Mobile, a top mobile point-of-sale system provider. The objective of this acquisition was to expand Fiserv’s product portfolio in the mobile payment sector and improve its capabilities in real-time payment monitoring and fraud prevention.
New Product Launches:
In December 2021, IBM Corporation introduced a new solution named IBM Safer Payments that utilizes advanced Machine Learning (ML) algorithms and behavioral analytics to detect and prevent fraudulent transactions in real-time. This solution was created to assist banks and financial institutions in decreasing fraud losses and enhancing customer experience.
Additionally, in November 2021, ACI Worldwide, Inc. launched ACI ReD Shield, a novel solution intended for merchants and payment service providers that provides real-time payment fraud detection and prevention. This solution employs advanced Machine Learning (ML) algorithms to identify and prevent various types of fraud, such as account takeover, identity theft, and payment fraud.
Competitive Landscape:
The global payment monitoring market is highly competitive, with a significant portion of the market share being held by several large and medium-sized players. These major players are utilizing various strategies such as mergers & acquisitions, strategic agreements & contracts, and the development, testing, and introduction of more effective products to maintain their positions in the market. The global payment monitoring market report includes some major companies such as ACI Worldwide, Inc., Bottomline Technologies (de), Inc., Experian Information Solutions, Inc., Fiserv, Inc., IBM Corporation, NICE Ltd., RSA Security LLC, SAS Institute Inc., Symantec Corporation, and ThreatMetrix Inc.
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