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Payment Monitoring Market To Reach $46.03Bn By 2030

Payment Monitoring Market To Reach $46.03 Billion By 2030

December 2024 | Report Format: Electronic (PDF)

Payment Monitoring Market Growth & Trends

The global payment monitoring market size is expected to reach USD 46.03 billion by 2030, registering a CAGR of 16.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.

People are becoming more digitally connected, which is driving the adoption of online transactions, hence, data control and personal identity theft have become a major concern for online retailers. Furthermore, the cyber thefts by hackers and cybercriminals are growing at an alarming rate, which costs companies several billion dollars each year. The high-level risk of identity theft and data loss can be reduced with the usage of payment monitoring solutions. Thus, the rising need for protection against cyber frauds will drive market growth during the forecast period.

The transaction monitoring market is witnessing the development of innovative technologies that aim to improve these solutions. Vendors are incorporating Artificial Intelligence (AI) in payment monitoring to create services more secure and smarter. Smart AI enabled payment monitoring solutions are equipped with features such as intrusion detection, network threat detection, behavioral analysis, and object classification. Thus, the integration of blockchain and AI technologies with payment monitoring solutions will propel market growth over the forecast period.

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Payment Monitoring Market Report Highlights

The solution segment dominated the market with a revenue share of 67.7% in 2023. This is owing to the increasing demand for comprehensive payment monitoring solutions that can effectively mitigate fraud, ensure compliance, and optimize payment processing.
On-premise deployment accounted for a larger market share in 2023. This is attributed to its widespread adoption among large enterprises and financial institutions that require high levels of security, control, and customization.
Large enterprises held a leading market revenue share in 2023. Large enterprises, including multinational corporations and financial institutions, require robust payment monitoring solutions to mitigate fraud, ensure compliance, and optimize payment processing.
Anti-money laundering (AML) applications accounted for the largest market share in 2023. This share can be attributed to the increasing regulatory requirements implemented by regional authorities and a growing need among financial institutions to prevent and detect money laundering activities.
Banking, Financial Services, and Insurance (BFSI) accounted for a leading market share in 2023. As a highly regulated industry, BFSI institutions are required to adhere to stringent payment monitoring and reporting requirements to prevent fraud, money laundering, and terrorist financing.

Payment Monitoring Market Segmentation

Grand View Research has segmented global payment monitoring market report based on component, deployment, enterprise size, application, end use, and region.:

Payment Monitoring Component Outlook (Revenue, USD Million, 2018 - 2030)

Solution
- Case Management
- Dashboard & Reporting
- KYC/Customer Onboarding
- Watch List Screening
Service
- Integration & Deployment
- Support & Maintenance
- Training & Consulting