Payment Monitoring Market Overview 2024-2033 – Competitive Landscape and Strategies

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The Payment Monitoring Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Payment Monitoring Global Market Report 2024, The payment monitoring market size has grown rapidly in recent years. It will grow from $16.48 billion in 2023 to $19.73 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. 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 rapid growth in the next few years. It will grow to $40.53 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to evolving cybersecurity threats, globalization and cross-border transactions, stricter regulatory environment, data privacy concerns, 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.

The rising payment fraud and cyberattacks are driving the growth of the payment monitoring market going forward. Payment frauds include 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 in 2021 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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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

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 and thereby reducing failure rates.

The payment monitoring market report table of contents includes: