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The global payment analytics software market is estimated to be valued at $4,844.1 million by 2030, surging from $3,178.0 million in 2021, at a noteworthy CAGR of 4.6%.
The global market for payment analytics software measurably experienced a positive growth during the COVID-19 pandemic. During the COVID-19 pandemic, the global market for payment analytics software is expected to grow significantly. This increase could be attributed to an increase in the demand for data insights to help businesses develop long-term strategies. Several banks and fintech firms are implementing cutting-edge solutions to make payments more seamless, secure, and convenient. Furthermore, the growing number of COVID-19 patients worldwide has prompted many businesses and individuals to adopt online payment methods. As a result, there has been a significant increase in the demand for analytics in the payment industry during the global health crisis. Furthermore, customers were hesitant to buy from offline stores because they were afraid of contracting COVID-19 through physical money. People pay for goods and services using electronic payment methods, including mobile payment. The majority of first-time digital buyers on e-commerce websites now conduct their transactions via mobile devices, specifically smartphones. With an increasing number of data analysis techniques available, vendors can tailor their offerings to increase sales. As e-commerce purchases become more common, the amount spent via mobile transactions will rise. All of the aforementioned factors are expected to drive demand for payment analytics software market. All such factors are predicted to positively impact the global payment analytics software market amid the pandemic.
The enormous growth of the global payment analytics software market is mainly attributed to increasing mobile payment solutions as they are quick and easy. Customers all over the world are increasingly accepting the use of smartphones to pay for goods and services. Furthermore, due to challenges posed by the COVID-19 pandemic, both e-commerce as well as conventional businesses focus on adjusting to different customer behavior, including cashless payment methods via mobile devices. These above said factors are expected to drive the payment analytics software market growth during the forecast period. Near-field communication (NFC) is a digital payment technology that transmits encrypted information directly and immediately to point of sale (POS) gadgets. When compared to PIN as well as chip technology, this saves significant time. NFC in mobile devices uses nearer radio frequency identification to interact with NFC-enabled card machines. These types of aspects and elements are fueling the payment analytics software market growth.
However, a lack of network infrastructure, concerns about data privacy, a lack of understanding, and other operations and maintenance potential challenges could quash market growth. Several smart devices collect personal information and track consumers' real-time location, raising the risk of being used illegitimately and unlawfully by hacker attacks and other elements, potentially stifling advancement in the coming years.
The massive amount of data generated by these technologies, such as AI, machine learning, and big data, has created a demand for payment analytics software. Because these technologies generate a massive amount of unstructured and irrelevant data, it is critical to train a machine learning model with only accurate and relevant data. Various technologies have thus been adopted by major players to improve their overall payment performance in order to make accurate predictions and improve the performance of payment services. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
The global payment analytics software market is segmented based on type, enterprise size, and region.
Type:
The type segment is further classified into cloud based analytics and web based analytics. Among these, the web based analytics type sub-segment is anticipated to have the dominant share and surpass $2,536.7 million by 2030, with an increase from $1,702.5 million in 2021.
Web analytics can help with the analysis of various key performance indicators that aid in the company development process by monitoring: which search engine, common keywords, and referral sites bring you the most traffic (examples of traffic sources), as well as the number of new visits to the website and the duration of the visits. During the forecast period, these factors are expected to drive the sub-segment growth. The measurement, collection, analysis, and reporting of web analyze along with understanding and optimizing web usage is recognized as web analytics. Web analytics is much more than just trying to measure website traffic; it could also be used for economic and business studies, as well as to assess and improve the effectiveness of internet sites. Web analytics applications can also help enterprises in monitoring the efficiency of printed media or broadcast ad campaigns. It can be used to predict how traffic to a website will alter after a new ad campaign is launched. Web analytics provides statistics on the number of website visitors, the number of page hits, and the creation of user behavior profiles. It is useful for market research because it helps gauge traffic and audience trends. All of these factors will drive the sub-segment growth.
Enterprise Size:
The enterprise size segment is further classified into large enterprise and small & medium enterprise (SME). Among these, the small & medium enterprise (SME) sub-segment is anticipated to have the fastest growth and surpass $2,109.4 million by 2030, with an increase from $1,303.7 million in 2021.
The rise can be attributed to an increase in the number of SMEs in emerging markets such as China and India. Furthermore, the market is expected to expand as a result of an increase in demand for cloud analytics software among SMEs in order to streamline workflow and reduce operational costs. Cloud type payment analytics software helps SMEs cut costs, eliminate repetitive tasks, priorities work, and improve team collaboration. These benefits are expected to drive adoption in the segment in the coming years.
Region:
The payment analytics software market in the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $791.6 million in 2021 and is further projected to reach up to $1,272.1 million by 2030.
Asia-Pacific is expected to grow significantly as a result of rising economies such as India, China, and South Korea. These countries are also undergoing rapid economic growth and have a high potential for mobile payment adoption. Furthermore, due to increased smartphone prevalence and fast connectivity, the expansion of mobile commerce has been observed in this region over the last few years, which is likely to provide a profitable potential for the payment analytics software market growth in this region. The Asia-Pacific region market is a significant market for smartphones, owing to the region's rapidly developing telecom sector and large customer base. Furthermore, the region is increasing its investment in mobile networks. Countries like India, Japan, Australia, Singapore, and South Korea are increasing their investments in the development of payment analytics software markets, which are expected to drive the payment analytics software market. Rising number of mobile devices and the accessibility of 5G have resulted inside a surge in mobile online activity in China, supporting this same country's ascension up the electronic value chain. More than 990 million people are using mobile internet services, with an additional 200 million expected by 2025. All such factors are anticipated to boost the market in the Asia-Pacific payment analytics software market.
Some of the leading global payment analytics software market players are
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