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What Growth Projections are in Place for the Payment Monitoring Market Between 2024-2033?

In recent times, there’s been a considerable expansion in the size of the payment monitoring market. It’s forecasted to increase from $16.48 billion in 2023 to $19.73 billion in 2024, a compound annual growth rate (CAGR) of 19.7%. Factors contributing to this previous period growth include concerns about fraud prevention, requirements for regulatory compliance, the rise in digital transactions, risk management, and the importance of customer trust and business reputation.

The market size for payment monitoring is anticipated to experience swift expansion in the coming years, reaching an estimated $40.53 billion by 2028, representing a compound annual growth rate (CAGR) of 19.7%. Factors contributing to this growth during the forecasted period include the development of cybersecurity threats, globalisation and transnational transactions, increased regulatory scrutiny, concerns over data privacy, and incorporation with AI and analytics. Key upcoming trends during this period are cross-channel monitoring, integration of blockchain technology, partnerships with financial institutions, prioritising customer data safety, and enhancing interface and reporting for better user experience.

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What Are the Major Factors Contributing to the payment monitoring Market Expansion?

The growth of the payment monitoring market is being fueled by an increase in payment fraud and cyberattacks. Payment fraud involves illicit transactions committed by cybercriminals, usually by illegally obtaining someone else’s payment information and conducting unauthorized transactions. Payment monitoring systems diligently scrutinize and track these transactions to identify any suspicious or illegal activity, taking actions to mitigate losses. As an example, the AFP Payments Fraud and Control Survey by JP Morgan, a leading U.S. investment banking and financial services company, revealed in April 2022 that nearly 30% of firms experienced an increase in payment fraud in 2021. Further it was reported that 71% of businesses fell victim to payment fraud attacks. Additionally, 55% of businesses reported incidents or attempts of payment fraud as a result of business email compromise (BEC). Hence, the surge in payment fraud is pushing the growth of the payment monitoring market.

Which Key Segments Shape the Payment Monitoring Market?

1) By Type: Case Management, Dashboard And Reporting, KYC Or Customer Onboarding, Watch List Screening

2) By Deployment: Cloud, On-premise

3) By Organization Size: Large Enterprises, Small And Medium Enterprises

4) By Application: Anti-Money Laundering, Compliance Management, Fraud Detection And Prevention, Customer Identity Management

5) By End User: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Healthcare, Retails And E-commerce, Government And Defense, Other End-Users

What Are the Transformative Trends Influencing the Payment Monitoring Market?

The payment monitoring market is seeing a rising trend of incorporating advanced technologies such as artificial intelligence (AI), machine learning (ML), and substantial data. To maintain their market positions, leading companies are concentrating on improving their infrastructures. For instance, in August 2022, the Society for Worldwide Interbank Financial Telecommunication, a Belgium-based society offering a secure communication system for interbank financial transactions, introduced an AI tool. This tool leverages predictive data intelligence to anticipate potential issues with cross-border transactions before their completion. By using data from previous successful transactions, the tool can identify probable errors, thus lessening failure rates in new transactions.

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What Regions Are Leading the Growth Trajectory of the Payment Monitoring Market?

North America was the largest region in the payment monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global payment monitoring market report during the forecast period. The regions covered in the payment monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Payment Monitoring Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the payment monitoring market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Payment Monitoring Market Include

1. Payment Monitoring Market Executive Summary

2. Payment Monitoring Market Segments

3. Payment Monitoring Market Size And Template Market Growth Rate

4. Key Payment Monitoring Market Trends

5. Major Payment Monitoring Market Drivers

……

25. Key Mergers And Acquisitions In The Payment Monitoring Market

26. Top Payment Monitoring Companies

27. Payment Monitoring Market Opportunities And Strategies

28. Payment Monitoring Market, Conclusions And Recommendations

29. Appendix

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