In terms of revenue, the Global Payment Analytics Software Market is expected to reach USD 4.09 Billion by 2028, augmenting at a Compound Annual Growth Rate (CAGR) of 4.30% from 2022 to 2028.
The increase in the usage of smartphones and technological advancement to increase the opportunities is anticipated to multiply the market's growth during the forecast period.
Key Highlights from Report:
- The Cloud-Based sub-segment held a crucial share in 2021. This share is attributable to the rising demand for Cloud-Based Payment Analytics Software in fundamental banking services to understand various data and applications. The Cloud-Based Payment Analytics Software include Apple Wallet, Digital Wallets, PayPal Account, and many others. This software is seen to transform the traditional business model of banks.
- On the other hand, the Large Enterprise sub-segment is projected to grow higher during the forecast period (2022-2028). The growth is attributable to the increasing adoption of Payment Analytics Software in huge enterprises as it is executing digital payment applications to automate their billing systems, provide better services to consumers, streamline the company's processes, and produce cutting-edge market.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The growth is attributable to the growing adoption of smartphones and the increasing use of mobile payment methods in various developed and developing European nations.
The increase in Smartphones usage is on the rise and is anticipated to augment the growth of the Payment Analytics Software Market in the years to come. The growth is due to the increasing use of smartphones owing to the growing accessibility of 3G and 4G network connectivity. Furthermore, most businesses, in addition to customers, have started accepting and making payments through smartphone apps. This change is boosting the growth of the Payment Analytics Software Market. Furthermore, rising technological advances in Payment Analytics Software, which include the integration of technologies like machine learning, big data analytics, and artificial intelligence, are anticipated to bring lucrative growth opportunities for the market during the forecast period.
The positive Payment Analytics Software growth during the pandemic period is mainly due to increased online sales and payment. The software includes terminal sales, currency payments, subsets, markets, and guidebooks to assist clients in making better financial decisions. In addition, the pandemic has the adoption spurring of card payment and mobile wallet payments. Due to lockdown and disinclination to cash exchange, eWallets is gaining traction for blockchain transfers, payment services, and consumer-to-industry payment transactions for required services. All such characteristics are anticipated to enhance Payment Analytics Software demand.
Europe held the largest shares in 2021. The US held the largest share in North America for the Payment Analytics Software Market. The share is attributable to the high value of digitalization. It is commonly observed as adopters of the next technologies, including the Internet of Things, additive manufacturing, big data analytics, linked industries, AI, and most recent communications technology, which include 4G, 5G, and LTE. All such components are expected to propel the market's growth in the region during the forecast period.