The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.
People are becoming more digitally connected, which is driving the adoption of online transactions, hence, data control and personal identity theft have become a major concern for online retailers. Furthermore, the cyber thefts by hackers and cybercriminals are growing at an alarming rate, which costs companies several billion dollars each year. The high-level risk of identity theft and data loss can be reduced with the usage of payment monitoring solutions. Thus, the rising need for protection against cyber frauds will drive market growth during the forecast period.
The transaction monitoring market is witnessing the development of innovative technologies that aim to improve these solutions. Vendors are incorporating Artificial Intelligence (AI) in payment monitoring to create services more secure and smarter. Smart AI enabled payment monitoring solutions are equipped with features such as intrusion detection, network threat detection, behavioral analysis, and object classification. Thus, the integration of blockchain and AI technologies with payment monitoring solutions will propel market growth over the forecast period.
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Payment Monitoring Market Report Highlights
• The watch list screening segment is forecasted to witness remarkable growth over the next eight years, as it enables organizations to efficiently and effectively screen their customers to successfully meet anticorruption, export control, anti-bribery, and other legal regulations as well as all AML and CTF legislation
• The support and maintenance service helps clients understand their solutions and related processes. With the evolving business requirements, clients are looking for innovative solutions and services to manage their IT infrastructure and hence the companies require support and maintenance. Hence, it is anticipated to expand at a healthy CAGR by 2027
• The cloud management segment is forecasted to witness a higher adoption over the forecast period, as it helps to avoid the costs associated with software, storage, hardware, and technical staff. It is also helpful for organizations with stringent budgets for security investments
• The Small and Medium Enterprise (SME) is forecasted to witness a higher growth rate during the forecast period, owing to the increasing data protection regulations. SMEs are small in terms of their size, but are swiftly catering to large customer base globally
• The fraud detection and prevention segment is forecasted to witness a higher adoption over the forecast period, owing to the increasing use of electronic transactions and increasing level of cyber-attacks across all the regions
• The retail segment is expected to grow at a rapid rate over the forecast period, owing to rise in trend of online shopping, which has increased online payments
• Asia Pacific is anticipated to grow remarkably by 2027, owing to the presence of emerging economies such as India and China that have become more aware of the payment monitoring process and its benefits and started adopting them for security
• The key industry participants include ACI Worldwide Inc.; BAE Systems; Fair Isaac Corporation; Fiserv Inc.; FIS; Nice Ltd.; Oracle Corporation; SAS Institute; Software AG; and Thomson Reuters Corporation
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Payment Monitoring Market Segmentation
Grand View Research has segmented the global payment monitoring market based on solution, service, deployment, enterprise size, application, end use, and region:
Payment Monitoring Solution Outlook (Revenue, USD Million, 2016 – 2027)
• Case Management
• Dashboard & Reporting
• KYC/Customer Onboarding
• Watch List Screening
Payment Monitoring Service Outlook (Revenue, USD Million, 2016 – 2027)
• Integration & Deployment
• Support & Maintenance
• Training & Consulting
Payment Monitoring Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Payment Monitoring Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
• Large Enterprise
• Small & Medium Enterprises
Payment Monitoring Application Outlook (Revenue, USD Million, 2016 – 2027)
• Anti-Money Laundering
• Compliance Management
• Customer Identity Management
• Fraud Detection & Prevention
Payment Monitoring End-use Outlook (Revenue, USD Million, 2016 – 2027)
• Energy & Utility
• IT & Telecom
Payment Monitoring Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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Digital Payment Market Size, Share & Trends Analysis Report By Solution, By Mode Of Payment (Point Of Sales, Digital Wallets, Net Banking), By Deployment, By Enterprise Size, By End-use, And Segment Forecasts, 2021 – 2028
About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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