Payment Monitoring Market Worth $31.05 Billion By 2027

 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.

Full Research Report On Payment Monitoring Market Visit Here: https://www.grandviewresearch.com/industry-analysis/payment-monitoring-market

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 Grand View Research        

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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