According to a recent market survey conducted by Future Market Insights (FMI), the global payment analytics software market was valued at US$ 3.1 billion in 2021 and is expected to reach US$ 5.2 billion by 2032. Payment Analytics Software can assist in automating the critical process of generating data-driven insights.
These insights are being used for a variety of purposes, including understanding the effects of products or campaigns, preventing or understanding payment fraud, improving customer relationships, analysing opportunities, and ultimately optimising the use of their resources.
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.
Request a Sample to Obtain Authentic Analysis @
https://www.futuremarketinsights.com/reports/sample/rep-gb-15427
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.” comments an analyst at Future Market Insights.
Payment Analytics Software Market: Competition Insights
At present, Payment Analytics Software providers are focused on developments that will make it cheaper to handle larger amounts of data, as well as on the more insightful analysis of collected data. The key companies operating include Profitwell, BlueSnap, CashNotify, Databox, HiPay Intelligence, IXOPAY, MRR.io, Payfirma, PaySketch, RJMetrics, and Yapstone among others.
Some of the recent developments in Payment Analytics Software are as follows:
- In February 2021, TSG announced the acquisition of Adaptive Analytics LLC, a data analytics and visualization tools provider. This acquisition is expected to hugely benefit TSG as it will enhance its capabilities to address the demands of a larger customer base which will eventually help the company to increase its market share.
- In February 2020, French payment service provider, World line announced its intention to take over its competitor Ingenico, for EUR 7.8 Bn.
- In November 2021, ACI ACI Worldwide announced the launching 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.
Similarly, recent developments related to companies manufacturing Payment Analytics Software have been tracked by the team at Future Market Insights, which is available in the full report.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Payment Analytics Software Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Payment Analytics Software Market in terms of Product (Cloud-based, On-Premise), Application (Large companies, Small and Medium Companies), across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
Request a Customization @
https://www.futuremarketinsights.com/customization-available/rep-gb-15427
Key Segments Covered In Payment Analytics Software Industry Survey
Payment Analytics Market by Type:
- Cloud-Based Payment Analytics Software
- On-Premise Payment Analytics Software
Payment Analytics Software Market by Application:
- Large Companies
- Small and Medium Companies
Payment Analytics Software Market by Region:
- North America Payment Analytics Software Market
- Europe Payment Analytics Software Market
- Asia Pacific Payment Analytics Software Market
- Middle East & Africa Payment Analytics Software Market
- Latin America Payment Analytics Software Market
Related Links –
https://shangwich.mn.co/posts/29387948
https://careero.mn.co/posts/29387950
https://thegameoflife-de.mn.co/posts/29387931
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs