Payment Monitoring Market Size, Share & Growth Report | 2031
Payment Monitoring Market Size, Share & Growth Report | 2031
Segments - Payment Monitoring Market by Services (Training & Consulting, Integration & Deployment, and Support & Maintenance), Enterprise Sizes (Small & Medium Enterprise and Large Enterprise), End-users (Retail, IT & Telecom, Energy & Utility, BFSI, Manufacturing, Healthcare, Government, and Others), Deployments (On-premise and Cloud-based), Solutions (Dashboard & Reporting, Watch List Screening, Case Management, and KYC/Customer Onboarding), Applications (Customer Identity Management, Anti-money Laundering, Fraud Detection & Prevention, and Compliance Management), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :BFSI-3252
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| 211 Pages
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Report Description
The global payment monitoring market size was valued at nearly USD 15.02 Bn in 2022 and is anticipated to reach USD 57.57 Bn by 2031, expanding at a CAGR of 16.1 % during 2023 – 2031. The growth of the market is attributed to rising awareness in organizations to comply with standards and regulations related to payment services and using advanced analytical tools for risk alerting system.
Payment monitoring is the method of analyzing, administering, and reviewing the transaction handled on a business application. The ability of a company to implement an effective and organized payment monitoring system is one of the most important means for its survival in the intense market competition. It is the key approach that allows businesses to know where their business operations are heading towards. The main function of payment monitoring system is to observe customer transactions, which involve assessing customer’s activity, historical, and current information. It is mainly used to assess the complete performance of the transaction processing system and also used by the administrations for skillfully and effectually managing different types of transactions of the customer.
The COVID-19 pandemic outbreak has brought considerable impact on market growth. During the pandemic, organizations were not functional. However, in pandemic, fraudulent cases tends to rise, resulting increase in payment fraud. This signifies the need of payment monitoring solutions.
Payment Monitoring Market Trends, Drivers, Restraints, and Opportunities
- Rising necessity of organization to comply with Know Your Customer (KYC) regulations, eliminate money laundering case, and eradicate Counter Terrorism Financing (CTF) are some of the key factors driving the market growth.
- Using payment monitoring solutions by organization to reduce fraudulent activities is projected to drive the market expansion during the forecast period.
- Lack of skilled professionals such as data analysts, data scientists, statistician, and ethical hackers to manage and implant payment monitoring solutions can hamper the market growth in projected timeline.
- Increasing threats of cyber-attacks create a key security concern which acts as a major challenge that can restrict the market growth.
- Integrating technologies, such as big data and machine learning with payment monitoring solutions is projected to create significant growth opportunities for the market.
Scope of the Payment Monitoring Market Report
The report on the global payment monitoring market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Payment Monitoring Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Services (Training & Consulting, Integration & Deployment, and Support & Maintenance), Enterprise Sizes (Small & Medium Enterprise and Large Enterprise), End-Users (Retail, IT & Telecom, Energy & Utility, BFSI, Manufacturing, Healthcare, Government, and Others), Deployments (On-premise and Cloud-based), Solutions (Dashboard & Reporting, Watch List Screening, Case Management, and KYC/Customer Onboarding), and Applications (Customer Identity Management, Anti-money Laundering (AML), Fraud Detection & Prevention, and Compliance Management) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Fair Isaac Corp.; Fiserv Inc.; SAS Institute; Nice Ltd.; Thomson Reuters Corp.; BAE Systems; ACI Worldwide Inc.; Oracle Corp.; FIS; and Software AG. |
Payment Monitoring Market Segment Insights
Training & Consulting segment is expected to grow at a rapid pace
Based on services, the global payment monitoring market is divided into training & consulting, integration & deployment, and support & maintenance. The training & consulting segment is expected to grow at a rapid pace during the forecast period attributed to changing needs of consumers leading to change in business operations, thus, escalating need of training & consulting among organizations. However, the support & maintenance segment is anticipated to expand at a substantial CAGR during the forecast period due to payment monitoring solutions must remain efficient with the changing technologies such as organizations need vendor support in case of technical issues.
Large enterprise segment is projected to expand at a considerable CAGR
In terms of enterprise sizes, the market is bifurcated into small & medium enterprise and large enterprise. The small & medium enterprise segment is expected to account for a major market share in the projected timeline owing to small & medium enterprises, which are more vulnerable to financial crimes and money laundering. These enterprises are adapting payment monitoring solutions to reduce fraudulent activities. On the other hand, the large enterprise segment is projected to expand a considerable CAGR during the forecast period due to high affordability and capital allows large enterprise to implement payment monitor solutions.
BFSI segment is estimated to account for a significant market share.
On the basis of end-users, the global payment monitoring market is segregated into retail, IT & telecom, energy & utility, BFSI, manufacturing, healthcare, government, and others. The BFSI segment is estimated to account for a significant market share during the forecast period owing to adoption of payment monitoring solutions by various financial institutions for eliminating money laundering cases and terror financing activities. However, the retail segment is anticipated to register a substantial growth rate during the projected timeline due to increasing trend of online shopping leading to increase in digital payment, which is in turn, escalating the demand of payment monitoring solutions.
On-premise segment is anticipated to grow at a robust pace
Based on deployments, the market is bifurcated into on-premise and cloud-based. The on-premise segment is anticipated to grow at a robust pace during the projected period as on-premise solution offers entire control over the software. This deployment allows secure storage of all sensitive data internally; so, there is no risk of exposing it to a third-party. On the other hand, the cloud-based segment is estimated to expand at a considerable CAGR during the forecast period as it is easy to maintain, upgrade, as well as reduces the cost of hardware, software, technical staff, and storage.
KYC/customer onboarding segment to hold a considerable market share
On the basis of solutions, the global payment monitoring market is fragmented into dashboard & reporting, watch list screening, case management, and KYC/customer onboarding. The KYC/customer onboarding segment is projected to hold considerable market share during the forecast period since KYC solution provides data channels and analytical tools, which gives necessary information about customers and analyzes ongoing risk. Furthermore, implanting KYC improves customer experience, lowers compliance risk and cost, and increases revenue growth. However, the case management segment is anticipated to expand at a robust growth rate in the coming years as it improves consumer experience, increase business efficiency, and helps in automation of business process.
Anti-money laundering segment to exhibit a high CAGR
In terms of applications, the market is segmented into customer identity management, anti-money laundering, fraud detection & prevention, and compliance management. The anti-money laundering segment is anticipated to expand at a high CAGR during the projected timeline as it has become important for every organization to invest in anti-money laundering technologies. The adoption of such monitoring devices can avoid financial frauds for any payment process. On the other hand, the fraud detection & prevention segment is projected to expand a considerable CAGR during the forecast period owing to rise in fraudulent cases and digital payment systems. Fraud detection & prevention tools analyse data from several sources to detect abnormalities, monitor risk, and alert security system about it.
North America is anticipated to constitute a key market share
In terms of region, the global payment monitoring market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to presence of two major economies, which are adapting and implanting payment monitoring tools for efficient business operations. However, the Asia Pacific market is anticipated to increase at a rapid pace during the forecast period due to rise in e-commerce industry and installation of payment monitoring tools by small & medium and large enterprises to prevent from cyber-attacks.
Segments
Segments Covered in the ReportThe global payment monitoring market has been segmented on the basis of
Services
- Training & Consulting
- Integration & Deployment
- Support & Maintenance
- Small & Medium Enterprise
- Large Enterprise
- Retail
- IT & Telecom
- Energy & Utility
- BFSI
- Manufacturing
- Healthcare
- Government
- Others
- On-premise
- Cloud-based
- Dashboard & Reporting
- Watch List Screening
- Case Management
- KYC/Customer Onboarding
- Customer Identity Management
- Anti-money Laundering (AML)
- Fraud Detection & Prevention
- Compliance Management
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
- Fair Isaac Corp.
- Fiserv Inc.
- SAS Institute
- Nice Ltd.
- Thomson Reuters Corp.
- BAE Systems
- ACI Worldwide Inc.
- Oracle Corp.
- FIS
- Software AG
Competitive Landscape
Key players competing in the global payment monitoring market share are Fair Isaac Corp.; Fiserv Inc.; SAS Institute; Nice Ltd.; Thomson Reuters Corp.; BAE Systems; ACI Worldwide Inc.; Oracle Corp.; FIS; and Software AG. Companies are focusing on forming collaboration as well as acquiring small enterprises to expand their market share. In October 2018, DadeSystems and Fiserv, Inc. collaborated to give automated and better receivables processing solution. This collaboration aimed to help Fiserv, Inc. to get access to DadePay AR automation with Fiserv as connection point.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Payment Monitoring Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Payment Monitoring Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Payment Monitoring Market - Supply Chain
4.5. Global Payment Monitoring Market Forecast
4.5.1. Payment Monitoring Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Payment Monitoring Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Payment Monitoring Market Absolute $ Opportunity
5. Global Payment Monitoring Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Payment Monitoring Market Size and Volume Forecast by Applications
5.3.1. Customer Identity Management Anti-money Laundering (AML) Fraud Detection & Prevention Compliance Management
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Payment Monitoring Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Payment Monitoring Market Size and Volume Forecast by End Users
6.3.1. Retail IT & Telecom Energy & Utility BFSI Manufacturing Healthcare
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Payment Monitoring Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Payment Monitoring Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Payment Monitoring Demand Share Forecast, 2019-2026
8. North America Payment Monitoring Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Payment Monitoring Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Payment Monitoring Market Size and Volume Forecast by Applications
8.4.1. Customer Identity Management Anti-money Laundering (AML) Fraud Detection & Prevention Compliance Management
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Payment Monitoring Market Size and Volume Forecast by End Users
8.7.1. Retail IT & Telecom Energy & Utility BFSI Manufacturing Healthcare
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Payment Monitoring Demand Share Forecast, 2019-2026
9. Latin America Payment Monitoring Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Payment Monitoring Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Payment Monitoring Market Size and Volume Forecast by Applications
9.4.1. Customer Identity Management Anti-money Laundering (AML) Fraud Detection & Prevention Compliance Management
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Payment Monitoring Market Size and Volume Forecast by End Users
9.7.1. Retail IT & Telecom Energy & Utility BFSI Manufacturing Healthcare
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Payment Monitoring Demand Share Forecast, 2019-2026
10. Europe Payment Monitoring Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Payment Monitoring Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Payment Monitoring Market Size and Volume Forecast by Applications
10.4.1. Customer Identity Management Anti-money Laundering (AML) Fraud Detection & Prevention Compliance Management
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Payment Monitoring Market Size and Volume Forecast by End Users
10.7.1. Retail IT & Telecom Energy & Utility BFSI Manufacturing Healthcare
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Payment Monitoring Demand Share Forecast, 2019-2026
11. Asia Pacific Payment Monitoring Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Payment Monitoring Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Payment Monitoring Market Size and Volume Forecast by Applications
11.4.1. Customer Identity Management Anti-money Laundering (AML) Fraud Detection & Prevention Compliance Management
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Payment Monitoring Market Size and Volume Forecast by End Users
11.7.1. Retail IT & Telecom Energy & Utility BFSI Manufacturing Healthcare
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Payment Monitoring Demand Share Forecast, 2019-2026
12. Middle East & Africa Payment Monitoring Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Payment Monitoring Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Payment Monitoring Market Size and Volume Forecast by Applications
12.4.1. Customer Identity Management Anti-money Laundering (AML) Fraud Detection & Prevention Compliance Management
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Payment Monitoring Market Size and Volume Forecast by End Users
12.7.1. Retail IT & Telecom Energy & Utility BFSI Manufacturing Healthcare
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Payment Monitoring Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Payment Monitoring Market: Market Share Analysis
13.2. Payment Monitoring Distributors and Customers
13.3. Payment Monitoring Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Fair Isaac Corp. Fiserv Inc. SAS Institute Nice Ltd. Thomson Reuters Corp. BAE Systems
Methodology
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