Payment Analytics Software Market Size Exceed to Reach USD 4.8 Billion by 2030 | Asia-Pacific Hits CAGR of 4.6%
Rise in adoption of smartphones and 5G networking may act as the major driving factor for the market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 13, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Payment Analytics Software Market,” The payment analytics software market was valued at $3.2 billion in 2021, and is estimated to reach $4.8 billion by 2030, growing at a CAGR of 4.6% from 2022 to 2030.
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 smartphones across emerging economies, particularly in the Asia-Pacific region, is expected to have a positive impact on market growth.
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The global payment analytics software industry is segmented on the basis of type, enterprise size, and region.
By type, the cloud-based sub-segment is predicted to be fastest growing sub-segment. The increasing use of cloud technology is raising data security concerns (such as data theft and loss of industry-specific information) among business organizations around the world.
Cloud integration technology is used in core banking services to integrate various data and applications such as Digital Wallets, Apple Wallet, PayPal Account, and many others through IT and business model transformations.
By enterprise size, large enterprises sub-segment was the dominating sub-segment in 2021. The large enterprise’s segment held the largest market share owing to growing demand such as lower operating expenses, increased collaboration, greater flexibility, as well as a reduced time to market. Cloud computing enables businesses to delegate routine tasks to technology that can complete them more quickly.
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As a result, increased usage in major organizations to streamline operations is expected to aid the segment’s growth. During the forecast period, the growing number of large enterprises in both developed and developing countries would drive up demand for payment analytics software market.
By region, North America dominated the global payment analytics software market in 2021. North America payment analytics software dominated the global market because companies in the United States place a high value on digitalization and are commonly viewed as adopters of the next technologies such as the Internet of Things, additive manufacturing, big data analytics, linked industries, AI, and most recent communications technology including such 4G, 5G, and LTE.
The continued use of cutting-edge new technology by companies based in the United States bodes well for growth prospects. All such factors are anticipated to drive the global payment analytics software market share over the forecast period.
The key players profiled in this report include ProfitWell, BlueSnap, Databox, Payfirma, Yapstone, CashNotify, HiPay Intelligence, PaySketch, Revealytics, and RJMetrics.
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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.
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.
• 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.
• 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 market growth as well as a market opportunity.
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