The past decade witnessed several technological breakthroughs in the connectivity space, in terms of both, product and network. Smartphone technology is no exception. It has been drastically evolving, ever since its inception. Such next-generation advancements have paved pathways for adoption of this cognitive technology. The availability of advanced networks such as 4G and 5G has further propelled the adoption of smartphones. These networks facilitate a smooth transfer of payments via UPI and other online payment methods. Apart from this, government authorities around the world are leveraging information and technology to upscale digital transformation. These initiatives reduce users’ dependency on physical cash, redirecting them towards online payment methods. Notably, digital payments have the ability to improve economic productivity and establish transparency. These factors are creating a holistic growth bent for the payment analytics software market.
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Integration of Cutting-Edge Technologies to Accelerate Payment Analytics Software Market Growth
The payment analytics software is expected to become more personalised, versatile and flexible. This is attributed to the integration of cutting-edge technologies such as machine learning, artificial intelligence and big data analytics. Several chatbot technologies are being leveraged to automate repetitive mundane tasks. Additionally, they address customer requests with great efficiency, thus improving routine operational work and the omnichannel consumer experience. technologies are also deployed in the making bill payments, tracking money transfers, initiating payments, charging debit cards, and facilitating credit bill payments. With rampant developments in banking sector, the payments and transactions are being carried online. To this end, an increased use of new age technologies in banking sector is presenting the need for payment analytics software, expanding the horizons of global market.
Cloud Deployment to Play a Prominent Role in Market Expansion
The commencement of cloud technology has completely transformed the way businesses and industries operate. It has also revolutionised the financial services sector and has provided offerings such as cloud-based payment analytics. Integration of various data and applications such as digital wallets, PayPal accounts, and many others through IT and business models have elevated the demand for cloud-based payment analytics software. This enables secured storage, confidentiality, and secure interoperability, which in turn, is expected to benefit the Banking, Financial Services and Insurance (BFSI) market. The deployment of cloud technology is thus expected to create strong tailwinds for the payment analytics software market in the coming years.
Europe to Establish Itself as Key Region Amid Booming E-commerce Industry
Developed countries in Europe are projected to have a lion’s share in the payment analytics software market. This is owing to the adoption of various technologies in mobile payments including presenter card technology, RFID, and NFC coupled with the expanding e-commerce industry. Furthermore, the rising demand for easy and quick transaction services, the advent of several technology providers and growing investments in digital wallet innovation to provide user-friendly and safe platforms are other factors promoting the growth of the payment analytics software market in Europe.
Prominent Market Players
Some of the major players in the global payment analytics software market include RJMetrics, Databox, Bluesnap, HiPay Intelligence, ProfitWell, Payfirma, CashNotify, and Revealytics.
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