Payment Monitoring Global Market Report 2024

The payment monitoring market has grown rapidly in recent years. It will grow from $16.48 billion in 2023 to $19.73 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The expansion observed in the historical period can be attributed to several key factors, including heightened concerns regarding fraud prevention, regulatory compliance adherence, the surge in digital transactions, effective risk management strategies, bolstering customer trust, and safeguarding reputation within the market landscape. These factors collectively contributed to the growth trajectory witnessed during that period.

The payment monitoring market is expected to see rapid growth in the next few years. It will grow to $40.53 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in the forecast period can be primarily linked to the evolution of cybersecurity threats, the proliferation of globalization leading to increased cross-border transactions, a more stringent regulatory landscape, rising concerns regarding data privacy, and the integration of artificial intelligence (AI) and analytics into payment systems.

The upward trajectory of payment fraud and cyberattacks is propelling the growth of the payment monitoring sector. Payment fraud encompasses various illicit transactions conducted by cybercriminals through the unauthorized use of third-party payment credentials. To combat this, payment monitoring systems remain vigilant, continually scanning transactions for any signs of irregular or suspicious behavior. The AFP Payments Fraud and Control Survey by JP Morgan in April 2022 revealed that 30% of companies experienced increased payment fraud in 2021, with a substantial 71% reporting being victims of payment fraud attacks. Notably, business email compromise (BEC) accounted for 55% of reported or attempted payment fraud. This surge in fraudulent activities underscores the imperative for robust monitoring systems.

The expanding landscape of digital payments is set to catalyze growth within the payment gateway sector. These digital transactions, excluding traditional cash or checks, rely on mediums such as credit cards, debit cards, mobile wallets, and online payment systems. Payment gateways serve as intermediary platforms, ensuring secure and efficient transactions between merchants and customers. As per insights from FreedomPay Inc. in September 2023, in the UK, approximately 17.0% of retail, leisure, and hospitality sector expenses are currently attributed to digital wallets. Projections indicate a steep increase to $160.50 billion (£127.7 billion) in digital wallet transactions by 2027-2028, with an anticipated 39.7% of total transactions projected to be conducted via digital wallets by 2033. This underscores the pivotal role and growth potential of payment gateways in the digital payment ecosystem.

The integration of cutting-edge technologies such as machine learning (ML), artificial intelligence (AI), and big data marks a notable trend within the payment monitoring arena. Key market players are intensifying their efforts to enhance infrastructures by leveraging these advanced technologies. For instance, the Society for Worldwide Interbank Financial Telecommunication introduced an AI tool in August 2022, harnessing predictive data intelligence capabilities to identify potential transaction errors before completion. By leveraging insights from successful past transactions, this tool effectively detects and rectifies errors, thereby mitigating failure rates. This emphasis on technological advancements underscores the industry's commitment to innovation.

Leading entities within the payment monitoring sphere are placing significant emphasis on next-generation solutions, particularly AI-based AML transaction monitoring solutions. These solutions leverage sophisticated AI algorithms to efficiently identify and prevent instances of money laundering within financial transactions. Notably, in April 2023, NICE, an Israel-based technology company, unveiled SAM-10, a state-of-the-art suspicious activity monitoring solution. This solution significantly enhances detection capabilities for suspicious activities while concurrently minimizing false positives. By incorporating a multifaceted approach, SAM-10 fortifies each layer of defense, resulting in comprehensive coverage and heightened detection of potential illicit activities within the financial sector. This represents a substantial advancement in anti-money laundering capabilities.

In December 2022, NMI, a US-based company that provides a payment enablement platform, acquired Agreement Express for an undisclosed amount. Through this acquisition, NMI aims to expand its full commerce enablement offering that includes underwriting and risk monitoring capabilities. Additionally, through this acquisition, the company can now provide customizable risk scoring, automated data collection, compliance monitoring, Know Your Customer (KYC), anti-money laundering (AML), and fraud screenings to its fintech partners. Agreement Express is a Canada-based company that focuses on the automation of onboarding and underwriting processes for financial services firms.

Major companies operating in the payment monitoring market report are ACI Worldwide Inc., BAE Systems plc, Fair Isaac Corporation, Fidelity National Information Services Inc., Fiserv Inc., Nice Ltd., Oracle Corporation, SAS Institute Inc., Software AG, Refinitiv Company, Bottomline Technologies Inc., Broadcom Inc., International Business Machines Corporation, ThreatMetrix Inc., ComplyAdvantage Ltd., Thomson Reuters Corporation, LexisNexis Group, HawkAI, Napier Healthcare Solutions, FinScan, Flywire Corporation, PPRO Financial Ltd., CheckoutLtd., Adyen NV, Stripe Inc., Square Inc., PayPal Holdings Inc., Apple Inc., Global Payments Inc., PayNearMe.

North America was the largest region in the payment monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global payment monitoring market report during the forecast period. The regions covered in the payment monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the payment monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of payment monitoring encompass case management, dashboard and reporting functionalities, KYC (Know Your Customer) or customer onboarding processes, and watch list screening. Case management involves the adept handling of data relationships, documents, and procedural workflows for specific instances requiring action and resolution, such as service requests or investigative matters. These solutions are implemented both on cloud-based and on-premise systems, catering to the needs of both large enterprises and small to medium-sized businesses. They find application across various domains, including anti-money laundering initiatives, compliance management, fraud detection and prevention, and customer identity management. Industries such as banking, financial services and insurance (BFSI), information technology (IT) and telecom, healthcare, retail and e-commerce, government and defense, among others, benefit from these solutions for effective payment monitoring and management.

The payment monitoring market research report provides payment monitoring market statistics, including payment monitoring industry global market size, regional shares, competitors with a payment monitoring market share, detailed payment monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the payment monitoring industry. This payment monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The payment monitoring market includes revenues earned by entities by providing services that include ongoing monitoring, real-time alerts, fraud detection, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The payment monitoring market consists of sales of payment fraud detection systems, transaction monitoring software, and payment gateway monitoring tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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