On-Premise Payment Analytics software is driving Market demand, having witnessed a CAGR of 5.0% with a forecasted CAGR of 4.8%. The US payment analytics market accounts for more than 34% of the global market. Europe Payment Analytics Software Market size of US $ 1.3 Bn by 2032
NEWARK, Del., Aug. 12, 2022 /PRNewswire/ — Global Payment Analytics Software Market was valued at US$ 3.1 Bn in 2021 and is expected to reach US$ 5.2 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. 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.
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.
Get Sample PDF Brochure: 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.
Browse Detailed Summary of Research Report with TOC: https://www.futuremarketinsights.com/reports/payment-analytics-software-market
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).
Download PDF Brochure @ https://www.futuremarketinsights.com/reports/brochure/rep-gb-15427