The Business Research Company’s report on the Payment Monitoring Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the payment monitoring market’s growth in recent years?
The rising payment fraud and cyberattacks are driving the growth of the payment monitoring market going forward. Payment fraud includes all the various types of illegal transactions completed by cybercriminals. Such payments are carried out by stealing a third person’s payment credentials and completing unauthorized transactions. Payment monitoring systems constantly scan and monitor the transactions made for any illicit and suspicious behavior and take action to prevent losses for the victims. For instance, in April 2022, according to the AFP Payments Fraud and Control Survey by JP Morgan, a US-based investment banking, commercial banking, financial transaction processing, and asset management company, roughly 30% of companies saw a rise in payments fraud while 71% of organizations reported to have been victims of payment fraud attacks. Furthermore, 55% of companies reported actual or attempted payment fraud because of business email compromise (BEC). Therefore, the rise in payment fraud is driving the growth of the payment monitoring market.
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How does the future projection of the payment monitoring market size compare to its historical growth?
The payment monitoring market size has grown rapidly in recent years. It will grow from$19.65 billion in 2024 to $23.36 billion in 2025 at a compound annual growth rate (CAGR) of 18.9%. The growth in the historic period can be attributed to fraud prevention concerns, regulatory compliance, increased digital transactions, risk management, customer trust and reputation
The payment monitoring market size is expected to see exponential growth in the next few years. It will grow to “$49.52 billion in 2029 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to evolving cybersecurity threats, globalization and cross-border transactions, stricter regulatory environment, data privacy concerns, and integration with AI and analytics. Major trends in the forecast period include cross-channel monitoring, blockchain technology integration, collaboration with financial institutions, focus on customer data protection, user-friendly interface, and reporting.
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Which key players are shaping the future of the payment monitoring market?
Major companies operating in the payment monitoring market include 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, Bottomline Technologies Inc., Broadcom Inc., International Business Machines Corporation, ThreatMetrix Inc., ComplyAdvantage Ltd., Thomson Reuters Corporation, LexisNexis Group, Hawk:AI, Napier Healthcare Solutions, FinScan, Flywire Corporation, PPRO Financial Ltd., CheckoutLtd., Adyen NV, Stripe Inc., Square Inc., PayPal Holdings Inc., Apple Inc., Global Payments Inc., PayNearMe
What trends will propel the growth and evolution of the payment monitoring market?
Integration of advanced technologies such as machine learning (ML), artificial intelligence (AI), and big data is the key trend that is gaining popularity in the payment monitoring market. Major companies operating in the market are focused on the advancement of their infrastructures to sustain their position in the market. For instance, in August 2022, the Society for Worldwide Interbank Financial Telecommunication, a Belgium-based cooperative society that serves as a provider of a secure messaging system for financial transactions between banks, launched an artificial intelligence tool that utilizes its predictive data intelligence capability to determine potential problems with cross-borders before a transaction gets completed. This tool uses the data from previous successful transactions to pinpoint errors that may have occurred in the new transaction thereby reducing failure rates.
Which regions are expected to become dominant players in the payment monitoring market?
North America was the largest region in the payment monitoring market in 2024.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
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What are the emerging key segments in the payment monitoring market, and how are they evolving?
The payment monitoring market covered in this report is segmented –
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
Subsegments:
1) By Case Management: Incident Management, Investigation Management, Workflow Management, Reporting And Analytics
2) By Dashboard And Reporting: Real-Time Monitoring Dashboards, Compliance Reporting, Performance Metrics, Customizable Reporting
3) By KYC or Customer Onboarding: Identity Verification, Document Verification, Risk Assessment, Enhanced Due Diligence
4) By Watch List Screening: Sanctions Screening, PEP (Politically Exposed Persons) Screening, Adverse Media Screening, Ongoing Monitoring
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What defines the structure and scope of the payment monitoring market?
Payment monitoring is a process that includes reviewing, managing, and analyzing the monetary transactions that are processed during a business application. Payment monitoring is an essential process in a business as it reduces the risk of revenue and service disruption, increases operational efficiency, and reduces support costs.
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