The Europe Payment Monitoring Market would witness market growth of 18.7% CAGR during the forecast period (2020-2026). Increased usage of smartphones, combined with high internet penetration, is expected to fuel the demand over the forecast period. Easy access to digital mobile payment applications is also expected to fuel market growth. In addition, various governments around the world are taking steps to facilitate digital payments. For example, the Indian Government launched the Digital India initiative, which focuses on promoting digital payment methods and cashless transactions in the country.
The growth of global digitization has had a huge impact on the demand for digital payment services. The Internet allows merchants to sell their commodities in the marketplace with digital payment systems. The growing need for enhanced customer service at the Point of Sales (POS) terminal is expected to drive the demand for digital payment systems over the next few years. Numerous advances in mobile payment technology, the growing number of e-commerce companies and the rising usage of mobile wallets for transactions are further contributing to market growth.
Business leaders operating across sectors, from healthcare to financial services, identify the shortcomings of conventional or current approaches and resources to counter digital fraud. Traditional approaches require complex and time-consuming investigations and are, therefore, predicted to become obsolete. Threats such as ransomware, phishing, Card Not Present (CNP), fake card, and Account Take Over (ATO) have adversely affected the usage of e-payment platforms. However, these threats are expected to limit the wider reach of digital channels, thereby hindering business growth.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into KYC/Customer Onboarding, Case Management, Watch List Screening, and Dashboard & Reporting. Based on Application, the market is segmented into Anti-Money Laundering, Compliance Management & Customer Identity Management and Fraud Detection & Prevention. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Energy & Utilities, Manufacturing, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Payment Monitoring Market in Europe is expected to register a CAGR of 18.7% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ACI Worldwide, Inc., BAE Systems PLC, Fiserv, Inc., NICE Ltd., Oracle Corporation, SAS Institute, Inc., Software AG, Fair Isaac Corporation (FICO), Fidelity Information Services (FIS), Inc., and Refinitiv Company.
Market Segmentation:
By Component
By Application
By Organization Size
By End-User
By Country
Companies Profiled
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