Payment Analytics Software Market Report
Payment Analytics Software Market by Type (Cloud Based and Web Based), Enterprise Size (Large Enterprise and Small & Medium Enterprise), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030
Global Payment Analytics Software Market Analysis
The global payment analytics software market size is predicted to garner a revenue of $4,844.1 million in the 2022–2030 timeframe, growing from $3,178.0 million in 2021, at a healthy CAGR of 4.6%.
Payment analytics software is in high demand due to the large amount of data generated by various technologies such as e, machine learning, and big data. Because these technologies generate a large amount of unstructured and irrelevant data, it is critical to build a machine learning technique with only accurate and relevant data. As a result, key players have used a variety of technologies to improve their overall payment performance, generating more accurate predictions and improving payment service performance. As banks and financial institutions adopt new business models, developing economies offer significant market opportunities for payment analytics software. Furthermore, as demand for specialized, secure, and customized payment processing grows, market adoption of payment data analytics solutions is increasing. Furthermore, high investments in digitalized online payments, adoption of new technology such as artificial intelligence, big data, analytics, and machine learning, as well as rapid domestic business expansion, are expected to drive market growth, particularly in Singapore, China, Hong Kong, and South Korea.
However, a lack of network infrastructure, data privacy concerns, a lack of understanding, and other operational challenges & risks may stifle market growth. Several connected devices capture personal data and track users' real-time location, putting them at risk of being used fraudulently and unlawfully by hackers and other elements, stifling progress in the coming years.
According to the regional outlook, the Asia-Pacific payment analytics software market is expected to create massive growth opportunities for market investors by growing at a CAGR of 5.2% during the review period.
Payment Analytics Software Overview
Payment analytics software tracks online payments for subscription-based businesses or e-commerce. It combines payment data analytics from various sources to display consumer payments. Office workers primarily use payment analytics software to boost their earnings and by sales managers to track the effectiveness of their sales techniques. It assists businesses and subscription services in achieving more consistent revenue growth. Payment software also consolidates all data in one location, monitors progress toward goals, visualizes performance patterns, and collaborates with other departments to make better decisions; such aspects are expected to drive product demand.
Furthermore, payment analytics tools enable a company to take historical data and apply it to things that are happening in the present. This applies to sales and payment processing, as well as any online payment services. Analytics are just as important in the payment industry as they are in any other business. To improve your payment services and performance, you must first understand your customers' profiles and behaviors, as well as gain insight into the risk profiles of your providers.
COVID-19 Impact on Payment Analytics Software Market
COVID-19 was declared a pandemic by the World Health Organization in March 2020, resulting in travel restrictions and disruptions in financial markets, as well as a negative impact on supply chains and production levels. The coronavirus pandemic has triggered a chain of unprecedented events that have affected every industry. Despite the fact that the novel coronavirus pandemic has had a devastating effect on several industries, the payment analytics software market has seen significant growth during this time due to an increase in online sales and payment. Payment analytics software includes terminal sales, subscriptions, currency payments, markets, and financial guides to assist clients in making better financial decisions. Overall, the pandemic is expected to benefit the global payment analytics software market.
Furthermore, COVID-19 outbreak has had a significant impact on operations in a few key sectors, including manufacturing, logistic support, hotel management, public transit, healthcare, and sales, as well as a moderate impact on IT & communications company, power and utilities, government, schooling, and banking. The pandemic has accelerated the adoption of card payment and mobile wallet payments. Due to the lockdown and aversion to cash exchange, eWallets are gaining traction for blockchain (Internet - based) transfers, payment services, and consumer to industry (C2B) payment transactions for essential services. All such aspects are expected to help boost payment analytics software demand.
Increase in the Usage of Smartphones Drives the Payment Analytics Software Market Globally
Smartphones are becoming more popular all over the world, particularly in emerging markets, which is propelling the market forward. Furthermore, the widespread availability of 3G and 4G connectivity has made it possible for clients to access services via their cellphones. Furthermore, the widespread expansion of smartphone companies' distribution networks has made these devices widely available to end users. Businesses and customers can now accept and make payments using their cellphones, thanks to the increased use of smartphones and improved connectivity, propelling the payment analytics market forward. Moreover, countries all over the world use information and communications technology (ICT) technologies to enhance digital economies. Government agencies are conducting various initiatives to create a digital payment process. One of the primary growth implications for just a national growth is digital payment. It also has the ability to increase productivity in the economy, improve the transparency, increase revenues, broaden access to financial services, as well as provide end people with new market prosperity. The Indian government launched a number of initiatives to promote payment systems. Digitalization in India, the release of a Unified Payments Interface (UPI), all act as catalysts in the shift to digital payments. Such efforts help promote digitization and raise awareness about the benefits of leveraging new technologies. Other countries, such as Singapore and Australia, have initiated a range of digital payment initiatives. Therefore, all such aspects and developments are projected to gain traction for payment analytics software.
To know more about global payment analytics software market trends, get in touch with our analysts here.
Legal Concerns and Data Privacy Issues Might Restrict the Global Payment Analytics Software Market Growth
Privacy risks arise when data is combined with additional personal information. When companies begin collecting data profile information, the danger of identity theft rises, especially if the data is not kept secure. Lawbreakers can use location data to determine a person's current and expected future position, so if the data includes data which can be used to identify the person, they could use that information to target that person. As a result, before using data obtained thru the money transfer analytics software, institutions should thoroughly assess all legal and privacy issues. Moreover, online payment vendors are still unable to obtain a competitive advantage due to a lack of global payment systems that would provide ease of use, a lack of international standards, and various government regulations in different countries. Payment regulations as well as digital storage requirements differ from country to country. These laws and regulations make pass payments ineffective. Furthermore, the domestic deposit facilities are not designed for cross-border transactions. All such factors may hamper the growth of the global market.
Technological Advancements to Increase the Opportunities in the Payment Analytics Software Market
The payment analytics software market as a whole is working to create and develop new technologies. The integration of advanced technologies such as big data analytics, machine learning, and artificial intelligence is expected to benefit the global payment analytics software market. Furthermore, the rise of cloud-based analytics is expanding the opportunities in the payment analytics software market. The payment analytics software market is expected to grow as a result of favorable government efforts. As a result of digitization and ongoing technological advancements, accounts payable analytics technology will become more personalized, simple, and versatile.
Moreover, chatbots in the digital banking sector can be used to automate a variety of tasks in order to improve daily operations and the omni-channel customer experience. Chatbots can be used to pay the bills, track transfers of money, and establish or withdraw payments. Chatbots could also be used to charge prepaid debit cards and pay off credit card bills. Customers can request that chatbots check their account balance in a matter of seconds. Digital assistants can also approximate account balances and warn users as they are about to fall below some threshold. Customers can effectively manage their accounts without having to log into their e-banking account or call their bank directly. Chatbots can be programmed to send useful alerts and regular notifications, such as bill payment due dates or even the distribution of specific financial transaction documents (e.g., loan applications). They can also send important notifications, such as banking updates and changes to your credit score. These push notifications and alerts may make users aware of information they were previously unaware of, leading to increased digital banking service usage and increased customer satisfaction. Thus, such factors create an opportunity to gain major pull in the coming years for payment analytics software market.
To know more about global payment analytics software market opportunities, get in touch with our analysts here.
Global Payment Analytics Software Market, by Type
Based on food type, the payment analytics software market has been segmented into cloud based analytics and web based analytics of which cloud based analytics sub-segment is expected to have the fastest growth during the forecast period.
Global Payment Analytics Software Market Share, By Type, 2021
Source: Research Dive Analysis
In 2030, the global cloud based payment analytics software sub-segment will be worth more than $2,307.4 million. Cloud integration technology is used in core banking services to integrate various data and applications through IT and business model transformations such as Digital Wallets, Apple Wallet, Paypal Account, and many others. By revamping and transforming the banking system, a new way to improved financial and returns is created. Moreover, the BFSI industry is critical to a financial well-being and advancement of countries overall. Cloud integration benefits the BFSI sector by addressing issues such as secure storage, interoperability, and confidentiality, as well as providing numerous benefits such as cost savings. The BFSI sector can avoid the large investments associated with establishing IT facilities by utilizing cloud integration. All such factors are expected to promote the adoption of cloud based payment analytics software growth during the forecast period.
Global Payment Analytics Software Market, by Enterprise Size
Based on enterprise size, the payment analytics software market has been sub-segmented into large enterprise and small & medium enterprise (SME) of which large enterprise sub-segment is expected to have the dominant share during the forecast period.
Global Payment Analytics Software Market Share, By Enterprise Size, 2021
Source: Research Dive Analysis
In 2030, the global large enterprise sub-segment will be worth more than $2,734.7 million. Large entrepreneurship is defined as entities with a working population of much more than thousand population. Large enterprises are trying to adopt digital payment solutions to automate their billing landscape, cater to varying consumer patterns, simplify company's operations, and increase competitiveness in the market. Larger companies use the omnichannel strategy to better customer experience. Integration of digital payment systems, such as e-wallets and payment systems, which is responsible for a high current payment landscape is critical for the redemption of loyalty points and the enablement of fast payment at PoS terminals. All such factors are expected to promote the adoption of payment analytics software by large enterprises growth during the forecast period.
Global Payment Analytics Software Market, Regional Insights:
The payment analytics software market was inspected across North America, Europe, Asia-Pacific, and LAMEA.
Global Payment Analytics Software Market Size & Forecast, By Region, 2021-2030 (USD Million)
Source: Research Dive Analysis
The Market for Payment Analytics Software in Europe to Hold the Maximum Revenue
Europe payment analytics software market is anticipated to generate maximum revenue during the forecast time period and reach $1,388.3 million by 2030, with a CAGR of 4.9%. The rise in smartphone penetration around the European countries, as well as the growth of the m-commerce industry in emerging markets, are the major factors driving payment analytics software market growth. Furthermore, the increase in adoption of mobile payment in emerging markets fuels market growth. Besides that, increased use of NFC, RFID, and presenter card emulation technology in mobile payments, as well as the rising demands for quick and easy transaction services, is expected to provide such a lucrative opportunity for the Europe payment analytics software market.
In 2020, the ownership segment of UK tech companies held more than 60% of the digital wallet share of the market. Growing investments in digital wallet innovation by technology companies to provide a secure and user-friendly way for customers to conduct financial transactions are expected to drive payment analytics software growth. Consumers are shifting to mobile devices to conduct various financial transactions as the penetration of internet-enabled mobile devices and internet traffic grows. The influx of various technology players from adjacent industries is also helping to boost market revenue. E-wallets have been developed by technology companies such as Google, Alibaba, Tencent, and Facebook. All such factors are expected to drive the Europe payment analytics software market and witness noticeable growth.
Competitive Scenario in the Global Payment Analytics Software Market
Product launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading payment analytics software market players are ProfitWell, BlueSnap, Databox, Payfirma, Yapstone, CashNotify, HiPay Intelligence, PaySketch, Revealytics, and RJMetrics.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by Enterprise Size
Key Companies Profiled
Q1. What is the size of the global payment analytics software market?
A. The size of the global payment analytics software market is expected to be $4,844.1 million in the year 2030, growing from $3,178.0 million in 2021.
Q2. Which are the major companies in the payment analytics software market?
A. ProfitWell and BlueSnap are some of the key players in the global payment analytics software market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific payment analytics software market?
A. Asia-Pacific payment analytics software market is anticipated to grow at 5.2% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. New product development and strategic partnerships are the key strategies opted by the operating companies in this market.
Q6. Which industries are expected to drive the growth of the payment analytics software market in the next 5 years?
A. Web based industry is expected to drive the growth of the payment analytics software market in the next 5 years.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on Global Payment Analytics Software market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on Payment Analytics Software market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Payment Analytics Software Market, by Enterprise Size
5.1.1.Market size and forecast, by Enterprise Size
5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region, 2022-2030
5.2.3.Market share analysis, by country 2022 & 2030
5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region, 2022-2030
5.3.3.Market share analysis, by country 2022 & 2030
5.4.Research Dive Exclusive Insights
6.Payment Analytics Software Market, by Enterprise Size
6.1.1.Market size and forecast, by Sales Channel
6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by region, 2022-2030
6.2.3.Market share analysis, by country 2022 & 2030
6.3.Small & medium enterprises
6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by region, 2022-2030
6.3.3.Market share analysis, by country 2022 & 2030
6.4.Research Dive Exclusive Insights
7.Payment Analytics Software Market, by Region
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Enterprise Size
7.1.4.Research Dive Exclusive Insights
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Enterprise Size
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
7.2.6.Rest of Europe
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Enterprise Size
7.2.7.Research Dive Exclusive Insights
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Enterprise Size
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
7.3.6.Rest of Asia Pacific
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Enterprise Size
7.3.7.Research Dive Exclusive Insights
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Enterprise Size
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Enterprise Size
7.4.5.Rest of LAMEA
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Enterprise Size
7.4.6.Research Dive Exclusive Insights
8.1.Top winning strategies, 2021
8.3.Market share analysis, 2021
10.1.Parent & peer market analysis
10.2.Premium insights from industry experts
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.