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Strategic Analysis Of The Global Payment Monitoring Market 2024 – 2033
The Business Research Company's Payment Monitoring Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 12, 2024 /EINPresswire.com/ -- The global payment monitoring market is projected to grow from $16.48 billion in 2023 to $19.73 billion in 2024, at a CAGR of 19.7%. Despite various challenges, the market is anticipated to reach $40.53 billion by 2028 at a CAGR of 19.7%, driven by evolving cybersecurity threats and the integration of AI and analytics.
Rising Payment Fraud and Cyberattacks Drive Market Growth
The rising payment fraud and cyberattacks are significant factors contributing to the growth of the payment monitoring market. Payment fraud encompasses various illegal transactions completed by cybercriminals, often involving stolen payment credentials. Payment monitoring systems actively scan and monitor transactions for suspicious behavior, taking action to prevent losses. For instance, a 2022 survey by JP Morgan revealed that roughly 30% of companies saw a rise in payment fraud, with 71% reporting attacks and 55% citing business email compromise as a key issue. Therefore, the increase in payment fraud is driving the market's growth.
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Key Players and Market Trends
Major companies in the payment monitoring market include ACI Worldwide Inc., BAE Systems PLC, Fair Isaac Corporation, and Fidelity National Information Services Inc., among others. These companies focus on integrating advanced technologies such as machine learning (ML), artificial intelligence (AI), and big data to enhance their offerings. For instance, in August 2022, SWIFT launched an AI tool utilizing predictive data intelligence to identify potential issues with cross-border transactions, thereby reducing failure rates.
Segments:
• Type: Case Management, Dashboard and Reporting, KYC or Customer Onboarding, Watch List Screening
• Deployment: Cloud, On-premise
• Organization Size: Large Enterprises, Small and Medium Enterprises
• Application: Anti-Money Laundering, Compliance Management, Fraud Detection and Prevention, Customer Identity Management
• End User: Banking, Financial Services and Insurance (BFSI), Information Technology (IT) and Telecom, Healthcare, Retail and E-commerce, Government and Defense, Other End-Users
Geographical Insights: North America Leading the Market
North America was the largest region in the payment monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, with detailed insights into regional dynamics, market trends, and growth opportunities provided in the comprehensive report.
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Payment Monitoring Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Payment Monitoring Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on payment monitoring market size, payment monitoring market drivers and trends, payment monitoring market major players, competitors' revenues, market positioning, and market growth across geographies. The payment monitoring market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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