Payment Analytics Software Market Surges to $4.8 Billion
Payment analytics
software is the integration and processing of payment data from various
sources such as credit and debit cards, mobile wallets, and money transfers. It
can help businesses by providing insights into their revenues, payment trends,
and customer shopping behavior if used correctly. The global payment analytics
software and transaction landscape is rapidly changing as the number of
enterprises and consumer proclivity for digital transformation grows, as does
the proliferation of smartphones. Mobile phones, digital card payments, as well
as point-of-sale (POS) at general merchandise connectors are driving payment
analytics software market growth. Furthermore, the dramatic growth in smart
phones across emerging economies, particularly in the Asia-Pacific region, is
expected to have a positive impact on market growth.
IMPACT OF COVID-19 ON
THE GLOBAL PAYMENT ANALYTICS SOFTWARE MARKET:
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The COVID-19 pandemic had a positive impact on payment analytics software
market growth. The pandemic has increased customer preferences for contactless
payments in order to reduce the number of touchpoints at the point of sale.
According to EastWestBank statistics, contactless payment usage in the United
States increased by 150% in 2020 compared to 2019. Furthermore, 87% of
consumers preferred to shop in-store using contactless payment options.
►
The COVID-19 outbreak has had a significant impact on economies and societies
in a relatively short period of time. With workplaces, academic facilities, and
manufacturing facilities having to close indefinitely, major athletics and
events being postponed, and work-from-home and social distancing policies,
companies are increasingly looking for technologies to help them get through
these tough moments. Analytics professionals, business analytics professionals,
and experts in more analysis tools such as AI and ML have been called upon to
assist executives in making business decisions about how to react to the new
business challenge posed by the COVID-19 outbreak. All such factors increase
the adoption of payment analytics software market amid the pandemic.
The
global payment analytics software industry is segmented on the basis of type,
enterprise size, and region. By type, the market is classified into cloud based
and web based. By enterprise size, the analysis has been divided into large
enterprise and small & medium enterprise. By region, the market is analyzed
across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings of the
Study:
►
On the basis of type, the web based segment emerged as the global leader in
2021 and is anticipated to be the largest market during the forecast period.
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On the basis of enterprise size, the large enterprise segment emerged as the
global leader in 2021 and is anticipated to be the largest market during the
forecast period.
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On the basis of region, Asia-Pacific is projected to have the fastest growing
market during the forecast period.
►
A comprehensive global payment analytics software market analysis covers
factors that drive and restrain the market growth as well as market
opportunity.
The
report focuses on the global payment analytics software size and the major
products & applications, where payment analytics software are deployed. It
further highlights numerous factors that influence the market growth, such as
forecast, trends, drivers, restraints, opportunities, and roles of different
key players that shape the market. The report focuses on the overall Payment
analytics software share in various countries, presenting data in terms of both
value and volume. The revenue is calculated by proliferating the volume by
region-specific prices, considering the region-wise differentiated prices.
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