The global payment analytics software market is expected to be worth approximately US$ 3,941.5 million in 2023. Over the next decade, it is anticipated to grow at an average annual rate of 5%, reaching a valuation of nearly US$ 6,440.5 million by 2033.
Payment Analytics Software can help automate the essential process of the generation of insights based on data. These insights are being used for multiple applications, such as to understand the effects of products or campaigns, to prevent or understand payment fraud, to improve customer relationships, to analyze opportunities, and ultimately to optimize the use of their resources.
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Companies turning to Payment analytics to help with fraud monitoring
Companies are turning to payment analytics to mitigate the increasing levels of payment fraud and the resultant loss of trust and legal complications. Through payment analytics, they can identify suspicious or abnormal activity and deploy interventions as and when required. They can also understand which types of transactions are high risk and what adaptations to their existing offerings might be necessary to prevent fraud in the future as well.
Use in the Banking sector to drive demand in the analysis period
Payment analytics’ application in the banking sector is a key driver of its demand. Since banks deal with massive amounts of payment-related data, they require sophisticated automation to gain any insights into their systems. The insights gained can be used in several areas, such as to understand which service offerings are performing well and in which areas or to understand which transactions are at high risk of errors or fraud.
This can help the efficient deployment of support teams to meet these concerns. Understanding trend patterns will allow banks to understand what services they might continue and discontinue or even what new services they should introduce in the future. Analytics software can also be used to categorize customers into more nuanced risk categories and the assignment of agents can be done more optimally.
“Payment Analytics Software providers are closely working on increasing both the insights afforded by their software as well as on increasing the capacity of their software to allow for the processing of higher volumes of data.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Recent Developments:
- In February 2021, TSG, a global provider of business management software and integrated payments, announced the acquisition of Adaptive Analytics LLC., a leading data analytics and visualization tools provider. This acquisition is expected to hugely benefit TSG, as it enhances its capabilities to address the demands of a larger customer base, which eventually helps the company to increase its market share.
- In February 2020, World Line, a French payment service provider, announced its intention to take over its competitor Ingenico for EUR 7.8 billion.
- In November 2021, ACI Worldwide announced the launch of a new feature, Omni-Commerce Payment Analytics, which is a visually rich dashboard for Payment Analytics with multiple features such as fraud management, behavioral analysis and others.
Leading Key Players:
- Profitable
- BlueSnap
- CashNotify
- Databox
- HiPay Intelligence
- IXOPAY
- MRR.io
- Payfirma
- PaySketch
- RJMetrics
- Yapstone
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Payment Analytics Software Market Segmentation:
By Type:
- Cloud-Based
- On-Premise
By Application:
- Large Companies
- Small and Medium Companies
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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