Payment Monitoring Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on April 12th, 2022

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.

Increasing awareness among organizations to comply with the regulations and standards related to payment services is the primary factor contributing to market growth. Further, the growing trend of having proactive risk alerting systems by using advanced analytics is also propelling the growth. Additionally, the necessity for organizations to strictly comply with Know Your Customer (KYC) regulations and eradicate money laundering and Counter-Terrorism Financing (CTF) activities is also expected to drive the market.

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Organizations must abide by the increasing number of regulations to tackle fraudulent activities. Since the number of fraudsters and fraudulent activities is increasing exponentially, and frauds are becoming more prevalent, the need to comply with regulations has become important to ensure the protection of organizations and their customers. Payment monitoring helps organizations to check real-time customer transactions for analyzing potential risks. Furthermore, various organizations are also using payment monitoring solutions during the pre-production phase for identifying various potential bottlenecks and mitigate risks before it occurs.

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

Organizations must abide by the increasing number of regulations to tackle fraudulent activities. Since the number of fraudsters and fraudulent activities is increasing exponentially, and frauds are becoming more prevalent, the need to comply with regulations has become important to ensure the protection of organizations and their customers. Payment monitoring helps organizations to check real-time customer transactions for analyzing potential risks. Furthermore, various organizations are also using payment monitoring solutions during the pre-production phase for identifying various potential bottlenecks and mitigate risks before it occurs.

Payment monitoring is the process of reviewing, administering, and analyzing the transaction processed on a business application. The major function of payment monitoring is to observe customer transactions, which involve assessing customers’ current as well as historical information to provide a full view of the customer activity. It is mainly done to evaluate the overall performance of the transaction processing system and is used by the organizations for effectively and efficiently managing different types of transactions of the customer. These solutions help them to identify high-risk activities, protect customer business, and maintain the banking relationship, which is subsequently driving the market growth.

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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