The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

As per The Business Research Company’s Payment Monitoring Global Market Report 2024, the payment monitoring market is expected to show significant growth in the forecast period.

 

The payment monitoring market has seen remarkable growth in recent years and is poised for even more expansion in the near future. This blog explores the factors driving this growth, key trends, and major players shaping the industry.

Market Growth Overview

Current and Future Growth:

• The market size grew from $16.48 billion in 2023 to $19.73 billion in 2024, at a CAGR of 19.7%.
• Expected to reach $40.53 billion by 2028, maintaining a CAGR of 19.7%.

Historical Growth Drivers:

• Fraud Prevention Concerns: Increased focus on detecting and preventing fraudulent transactions.
• Regulatory Compliance: Stricter regulations necessitating robust monitoring systems.
• Increased Digital Transactions: Surge in online payments requiring effective monitoring.
• Risk Management: Enhanced systems to manage and mitigate payment risks.
• Customer Trust and Reputation: Importance of maintaining customer confidence in secure transactions.

 

View More On The Payment Monitoring Market Report 2024 – https://www.thebusinessresearchcompany.com/report/payment-monitoring-global-market-report

 

Forecasted Growth Drivers:

• Evolving Cybersecurity Threats: Growing sophistication of cyberattacks necessitates advanced monitoring.
• Globalization and Cross-Border Transactions: Increased international transactions require more robust monitoring solutions.
• Stricter Regulatory Environment: Tighter regulations driving the need for compliance.
• Data Privacy Concerns: Enhanced focus on protecting customer data.
• Integration with AI and Analytics: Use of advanced technologies to improve monitoring capabilities.

Key Trends Shaping the Market

Cross-Channel Monitoring:

• Unified monitoring across various payment channels to detect fraud more effectively.

Blockchain Technology Integration:

• Use of blockchain for enhanced transparency and security in payment monitoring.

Collaboration with Financial Institutions:

• Partnerships to develop comprehensive monitoring solutions.

Focus on Customer Data Protection:

• Implementing robust measures to safeguard sensitive customer information.

User-Friendly Interface and Reporting:

• Development of intuitive interfaces for better usability and detailed reporting.

Escalating Payment Fraud and Cyberattacks

Driving Growth:

• Increasing instances of payment fraud and cyberattacks necessitate advanced monitoring solutions.

Impact:

• Payment monitoring systems help detect and prevent unauthorized transactions, protecting both businesses and consumers.

Case Study:

• In April 2022, the AFP Payments Fraud and Control Survey by JP Morgan revealed that 30% of companies saw a rise in payment fraud, with 71% reporting to have been victims of fraud attacks.

Types of Fraud:

• Business email compromise (BEC) was cited by 55% of companies as a major source of payment fraud.

Major Companies in the Payment Monitoring Market

Key Players:

• ACI Worldwide Inc.
• BAE Systems PLC
• Fair Isaac Corporation
• Fidelity National Information Services Inc.
• Fiserv Inc.
• Nice Ltd.
• Oracle Corporation
• SAS Institute Inc.
• Software AG
• Refinitiv Company

Other Notable Companies:

• Bottomline Technologies Inc.
• Broadcom Inc.
• International Business Machines Corporation (IBM)
• ThreatMetrix Inc.
• ComplyAdvantage Ltd.

Key Player Innovation

Advanced Technologies:

• Machine Learning (ML) and Artificial Intelligence (AI): Enhancing the capabilities of payment monitoring systems.
• Big Data Analytics: Leveraging data for predictive and real-time monitoring.

Notable Example:

• In August 2022, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) launched an AI tool to predict potential issues in cross-border transactions, reducing failure rates.

Strategic Acquisitions

NMI Acquires Agreement Express:

• In December 2022, NMI acquired Agreement Express to enhance its commerce enablement capabilities, including risk monitoring and compliance solutions.

Capabilities Added:

• Customizable risk scoring, automated data collection, compliance monitoring, KYC, AML, and fraud screenings.

Market Segmentation and Regional Insights

By Type:

• Case Management
• Dashboard and Reporting
• KYC or Customer Onboarding
• Watch List Screening

By Deployment:

• Cloud
• On-Premise

By Organization Size:

• Large Enterprises
• Small and Medium Enterprises

By Application:

• Anti-Money Laundering
• Compliance Management
• Fraud Detection and Prevention
• Customer Identity Management

By End User:

• Banking, Financial Services, and Insurance (BFSI)
• Information Technology (IT) and Telecom
• Healthcare
• Retail and E-commerce
• Government and Defense
• Other End-Users

Regional Insights:

• North America was the largest region in the payment monitoring market in 2023.
• Asia-Pacific is expected to be the fastest-growing region during the forecast period.

Conclusion

The payment monitoring market is experiencing rapid growth, driven by increasing fraud and cyberattacks, regulatory pressures, and technological advancements. With major companies innovating and strategic acquisitions enhancing capabilities, the market is set to expand significantly in the coming years. As the industry evolves, robust and integrated payment monitoring solutions will become essential for safeguarding transactions and maintaining customer trust.

 

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https://www.thebusinessresearchcompany.com/sample_request?id=10667&type=smp

 

The Payment Monitoring Global Market Report 2024  provides an in-depth analysis on the payment monitoring market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the payment monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

View More Related Reports –
Payment Security Global Market Report 2024
Digital Payments Global Market Report 2024
Payment Gateway Global Market Report 2024
 

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