IMARC Group, a leading market research company, has recently releases report titled “Payment Monitoring Market Report by Component (Solution, Services), Organization Size (Large Enterprises, Small and Medium Enterprises), Deployment (Cloud-based, On-premises), Application (Anti-Money Laundering, Compliance Management, Customer Identity Management, Fraud Detection and Prevention), End User (BFSI, IT and Telecom, Healthcare, Retail and E-Commerce, Government and Defense, and Others), and Region 2023-2028”, The study provides a detailed analysis of the industry, including the global payment monitoring market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the payment monitoring market?

The global payment monitoring market size reached US$ 15.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.3 Billion by 2028, exhibiting a growth rate (CAGR) of 16.7% during 2023-2028.

What is payment monitoring?

Payment monitoring is a crucial component of financial management and business operations. It involves the systematic tracking and analysis of all financial transactions within an organization, with a primary focus on incoming and outgoing payments. The primary objective of payment monitoring is to ensure that all financial activities align with the established policies of the company, comply with regulatory requirements, and maintain financial integrity. Payment monitoring encompasses various tasks, such as scrutinizing invoices, verifying the accuracy of payment amounts, and confirming that payments are made to the correct recipients. It also involves monitoring payment terms to take advantage of discounts and avoid late fees or penalties. Additionally, payment monitoring can identify potential irregularities or discrepancies, helping to prevent fraud and financial losses.

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What are the growth prospects and trends in the payment monitoring industry?

The ongoing digital transformation across industries has led to an increase in electronic transactions. As more businesses and consumers shift toward digital payments, there is a greater need for robust payment monitoring solutions to ensure the security and accuracy of these transactions. Additionally, with the increase in digital transactions, there is a parallel rise in cybersecurity threats. Payment monitoring solutions are essential for detecting and mitigating fraud and cyberattacks, which have become more sophisticated and frequent. Other than this, companies are expanding their operations globally, which means dealing with different currencies, payment methods, and regulations. Payment monitoring solutions provide a unified approach to managing payments across borders and ensuring compliance with local and international laws. Besides this, the use of data analytics and artificial intelligence (AI) in payment monitoring has become more prevalent. These technologies help in real-time analysis of payment data, enabling businesses to detect anomalies and potential fraud faster and with greater accuracy. In line with this, customers now expect seamless and secure payment experiences.

Payment monitoring systems contribute to customer trust by ensuring that their financial transactions are safe and reliable. Furthermore, payment monitoring solutions also enhance operational efficiency by automating various aspects of payment processing, reducing manual errors, and streamlining workflows. Apart from these factors, the growth of mobile payment apps and contactless payments has introduced new challenges in terms of security and monitoring. Payment monitoring solutions are adapting to address these specific needs. Moreover, governments and regulatory bodies worldwide are tightening their regulations around financial transactions. Companies are under increased pressure to comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations. Payment monitoring systems help organizations adhere to these regulations and avoid hefty fines.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

  • Solution
    • KYC/Customer Onboarding
    • Case Management
    • Watch List Screening
    • Dashboard and Reporting
  • Services

Breakup by Organization Size:

  • Large Enterprises
  • Small and Medium Enterprises

Breakup by Deployment:

  • Cloud-based
  • On-premises

Breakup by Application:

  • Anti-Money Laundering
  • Compliance Management
  • Customer Identity Management
  • Fraud Detection and Prevention

Breakup by End User:

  • BFSI
  • IT and Telecom
  • Healthcare
  • Retail and E-Commerce
  • Government and Defense
  • Others

Breakup by Region:

  • North America (U.S. Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • ACI Worldwide Inc.
  • Bottomline Technologies Inc.
  • FICO
  • FIS
  • Fiserv Inc.
  • International Business Machines Corporation
  • NICE Ltd.
  • Oracle Corporation
  • Refinitiv (London Stock Exchange Group plc)
  • SAS Institute Inc.

Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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