New York, USA, March 07, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global payment analytics software market is predicted to rise at a tremendous CAGR of 4.6%, thereby garnering a revenue of $4,844.1 million in the 2022-2030 timeframe. This integrated report presents a brief outlook of the current framework of the payment analytics software market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Technological advancements and innovations in the form of machine learning and big data are anticipated to be the primary growth driver of the payment analytics software market in the forecast period. Along with these, growing demand for specialized, secure, and customized payment processing is expected to push the market forward.
Opportunities: Significant increase in the use of smartphones is estimated to provide numerous growth opportunities to the market in the forecast period. The rise of cloud-based analytics is expected to help the market register a significant growth in the analysis timeframe.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the legal concerns and data privacy issues, which might prove to be a restraint for the payment analytics software market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The payment analytics software market, however, has been an exception. The pandemic saw a massive surge in card payments and mobile wallet payments, which increased the demand for payment analytics software, thus helping to push the growth rate of the market.
Segments of the Market
The report has divided the payment analytics software market into certain segments based on type, enterprise size, and region.
Type: Cloud Based Sub-segment to be Highly Lucrative
By type, the cloud based sub-segment is expected to be highly lucrative and is predicted to gather $2,307.4 million by 2030. Increasing use of cloud-based payment analytics software by core banking services to integrate various data and applications through IT and business model transformations is predicted to boost the growth rate of the sub-segment in the forecast period.
Enterprise Size: Large Enterprise Sub-segment to Flourish Immensely
By enterprise size, the large enterprise sub-segment is expected to grow rapidly and is predicted to gather $2,734.7 million by 2030. Large enterprises are trying to adopt digital payment solutions to automate their billing landscape and simplify company's operations, thereby increasing competitiveness in the market. This growing adoption of digital payment solutions is predicted to be the main factor behind the growth of this sub-segment.
Europe Region to Have the Highest Market Share
By regional analysis, the payment analytics software market in Europe region is predicted to be the most dominant and garner $1,388.3 million by 2030. Increase in the penetration of smartphones across the European countries and the growth of the m-commerce industry are expected to boost the growth of this sub-segment in the forecast period.
Prominent Market Players
Some of the prominent players of the payment analytics software market are
- ProfitWell
- Yapstone
- PaySketch
- BlueSnap
- RJMetrics
- CashNotify
- Revealytics
- Databox
- HiPay Intelligence
- Payfirma
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
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For instance, in February 2021, TSG, a leading integrated payments and business management software provider for health and fitness market, announced the acquisition of Adaptive Analytics LLC., a data analytics firm. This acquisition is expected to increase the footprint of TSG in payment analytics software market substantially in the coming period.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Payment Analytics Software Market:
- The Need for Payment Analytics Software in Today’s Digital Era
- Product Launches and Strategic Partnerships by Market Players such as BKD Analytics and ACI Worldwide to Drive the Payment Analytics Software Market Growth
