According to a new report Global Payment Monitoring Market, published by KBV research, The Global Payment Monitoring Market size is expected to reach $24.5 billion by 2026, rising at a market growth of 19.7% CAGR during the forecast period. Growing awareness among organizations in compliance with payment services regulations and standards is the primary factor contributing to market growth. In addition, the growing trend of proactive risk alerting systems using advanced analytics is also driving growth.
The Small and Medium Enterprise (SME) segment is expected to expand at the highest CAGR in the forecast period. Small and medium-sized enterprises are primarily considered to be a high-risk market, since they are widely used as shells for different forms of money laundering and financial crimes.
Owing to need to deter money laundering operations worldwide, the anti-money laundering (AML) segment dominated the market in 2019. The integration of increased regulations and technology for the next generation that addresses AML across different organizations has driven progress.
The KYC/Customer onboarding segment dominated the market in 2019. KYC solutions offer analytical resources and data sources that provide customers with the requisite insight in future processes. In comparison to a one-time onboard inspection, advanced KYC approaches provide ongoing risk monitoring and behavior analysis. During the forecast period, substantial growth is expected in the case management service segment. Case management approach assists companies in increasing customer support, resolving compliance problems, rising market performance and reducing costs and risks.
North America led the payment monitoring industry in 2019. The emergence of two major economies, the U.S. and Canada, which are regarded as the most digitized economies in the world, has triggered the early adoption of leading technologies and solutions for efficient business operations. The emergence of developing markets such as India, China and Singapore, the global hub for many banks deploying payment-monitoring solutions, is expected to sustain rapid growth in Asia Pacific over the forecast period.
Structural Insights: https://www.kbvresearch.com/payment-monitoring-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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