In today's digital era, the payments sector is progressively driven by data and information generated every single day. With the growing penetration of the internet and smartphones, retailers, acquirers, and card issuers have comprehended that obtaining better insights into customer behavior offers a profounder understanding of sales as well as consumer spending patterns. By attaining detailed insights into payments data, a business can boost productivity, improve revenue, and cut expenses. With the help of transaction data and analytics that offers clear visibility into the payments arena, a business can detect transaction performance problems or identify fraud and other issues. Thus, the growing awareness among business professionals about the need to monitor and analyze transactional data has boosted the demand for payment analytics software. As per a report by Research Dive, the global payment analytics software market is predicted to surpass $4,844.1 million by 2030.
What is a Payment Analytics Software?
A payment analytics software allows a business to obtain historic data and use it to mend or sort issues occurring in the current business workflow. This data can be applied to sales and payment processes or any online services in the payment sector. Analytics are as vital to the payment sector as any business, or even more than it. For improving a business’ payment services as well as performance, it is essential to study customer profiles and behaviors.
A payment analytics software helps in tracking online transactions for subscription-based or e-commerce companies. It combines payment data from numerous sources (e.g., Stripe, PayPal, etc.) to monitor consumer payments. This kind of software is mostly used by accounting experts to manage revenues and by sales executives to keep an eye on the efficacy of their sales strategies.
Impact of the COVID-19 Pandemic on the Global Payment Analytics Software Market
The sudden outburst of the coronavirus pandemic has positively impacted the global payment analytics software market. The growth in the revenue of this sector is chiefly due to the increasing online sales and payments during the pandemic crisis. Several business have swiftly adopted payment analytics software to obtain better insights and data into their business processes, this has significantly driven the growth of the payment analytics software sector amidst the pandemic. As per analysts, this growth is expected to continue even in the coming years with the rising awareness and demand for analytical tools among business professionals.
Payment Analytics Software Market Trends and Developments
Payment analytics tools and software are imperative as they aid businesses in measuring business performance, viewing growth, making decisions all through the payments cycle, and keeping an eye on payment activities across every different platform. As the payments sector is continuously evolving, analytics software providers must stay ahead of the new competitors, emerge new software and technologies, as well as keep a check on the growing customer demands, rising regulatory challenges, and ever-increasing threat of fraudulent activities.
Currently, the global payment analytics software market players are striving to invent and develop novel technologies to obtain a leading-edge in the market. The global payment analytics software industry is expected to have lucrative opportunities with the integration of advanced technologies like machine learning, big data analytics, and artificial intelligence.
Some of the leading players of the payment analytics software market are ProfitWell, Databox, BlueSnap, Payfirma, CashNotify, Yapstone, HiPay Intelligence, Revealytics, PaySketch, and RJMetrics. Market players are focused on developing strategies such as partnerships, product development, mergers and acquisitions, and collaborations to achieve a foremost position in the global market. For instance:
- In January 2021, Worldline, a front-runner in the payments and transactional services industry in the European market, launched its first ever Data as a Service (DaaS) platform for payments, Ingenico Insight. This novel platform features the advanced in machine learning (ML) as well as data science competencies for payments combined with an in-built and personalised user experience.
- In September 2021, BKD Analytics, a foremost developer of leading-edge data analytics solutions, launched a new addition to its range of products: Payment Risk Analytics for identifying areas for process enhancement and conflicts of interest, and for offering assistance in the identification of scam.
- In November 2021, ACI Worldwide, a leading provider of real-time digital payment software, launched Omni-Commerce Payment Analytics to aid merchants in accessing and analysing huge sets of transactional data in real time.
Forecast Analysis of Global Market
The global payment analytics software market is projected to witness an exponential growth over the forecast period, owing to the integration of advanced technologies, such as machine learning, big data analytics, and artificial intelligence. Conversely, the data privacy issues, legal concerns, and danger of identity thefts are the factors expected to hamper the market growth in the projected timeframe.
The increasing usage of smartphone devices and the widespread expansion of smartphone companies’ distribution networks are the significant factors and payment analytics software market trends estimated to bolster the growth of the global market in the coming future. Geographically, the Europe region of the payment analytics software market is estimated to hold the maximum revenue share by 2030, owing to the rising smartphone penetration around the European countries and the rapid growth in the m-commerce industry in emerging markets.