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.
Request a free sample copy or view report
summary: Payment Monitoring Market Report
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
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment