Use of Smartphone Technology Backed by Availability of Superior Network Connectivity to Boost Payment Analytics Software Market Growth
Technological advancements in the connectivity space have led to multiple developments from both product wise and network standpoints. Since past several decades, smartphone technology has been continuously evolving and will continue to improve. This has triggered use of smartphones equipped with cognitive technology that has been supporting its user in different manners. Moreover, the advent of 4G, and 5G networks has given an impetus to the use of smartphones in routine activities, including tasks such as performing UPI, and other online payments. Customers, and businesses can make and accept payments using smartphones backed by the combination of availability of online payment portals, superior network improvement and improving smartphone technology.
In addition, information and telecommunications are being leveraged by countries to enhance their digital economies. Also, governments are promoting shift towards cashless digital payments and reduce reliance on physical cash. Digital payments have the ability to enhance the economic productivity along with improving transparency. Moreover, it can also facilitate revenue increment and widen the access to several financial services for customers. Emerging technologies such blockchain, and machine learning backed by Internet of Things (IoT) are also being deployed to facilitate smooth, quick, and safe payment processing. This factor remains instrumental in driving payment analytics software market forward.
Development of New Technologies to Boost Digital Banking, Consequently Paving an Optimistic Growth Pathway for the Market
Integration of emerging technologies such as machine learning, artificial intelligence and big data analytics is expected to create potential growth opportunities for payment analytics software market. In addition, advent of cloud has caused positive technological disruptions across businesses and industries. The rampant growth of cloud-based technologies has transformed the financial services sector and has provided various offerings such as the cloud-based payment analytics. This concept is expanding owing to favourable government efforts coupled with consumer inclination towards usage of advanced technology from a convenience standpoint. That said, the payment analytics are likely to become simpler, personalised, and versatile, consequently fuelling market growth.
Other technological developments in the financial services sector such as deployment of chatbots are expected to augur well for the market. Chatbot technology in the digital banking space can automate several mundane tasks and can address customer requests in turn improving routine operational work alongside enhancing omni-channel consumer experience. Chatbots can also be deployed in payments of bills, tracking of money transfers, establish payments, charge debit cards, and facilitate credit bill payments. This technology can be used by customers to carry out other tasks such as account check without logging into respective e-banking accounts. Chatbots are also programmed to send payment due dates and warn users should they go close towards balance thresholds. This has influenced use of digital banking by end users, in turn paving an opportunistic pathway for payment analytics software market.
Cloud Deployment Likely to Accelerate Market Growth
Proliferation of cloud technology has transformed the payment analytics space. Deployment of payment analytics software through cloud is expected to gain significant traction in the coming years. Through cloud integration, secured storage, confidentiality, and secured interoperability can be achieved which is expected to benefit the BFSI sector. That said, cloud deployment is expected to largely contribute towards payment analytics software market growth on the global front.
Europe Likely to Remain a Potential Revenue Pocket
Developed economies in Europe are expected to account for a significant share in the payment analytics software market. This can be attributed towards adoption of various technologies in mobile payments such as RFID, NFC and presenter card technology coupled with booming e-commerce industry. In addition, increasing demand for easy and quicker transaction services has further pushed the use of digital payments, thereby favouring market growth. Other factors such as influx of several technology providers, shift towards use of smartphones for carrying out payments and rising investment in digital wallet innovation to offer user friendly and safe platform for customers to carry out payments has further influenced market growth in Europe.
On the other hand, Asia Pacific’s emerging economies are expected to witness high momentum apropos to use of digital payments. Backed by government efforts to promote digital banking to enhance digital economy, the payment analytics software market in Asia Pacific is likely to spearhead in the coming years. For instance, in India government has launched UPI (Unified Payments Interface) to influence the shift towards digital payments. Alongside this aspect, factors such as rising m-commerce (Mobile commerce) industry and large customer pool are expected to play crucial role in driving growth of the payment analytics software market in Asia Pacific.
Payment Analytics Software Market: Competitive Landscape
A few of the major players in the market include ProfitWell, RJMetrics, Databox, Bluesnap, HiPay Intelligence, Payfirma, CashNotify, and Revealytics.
The global payment analytics software market is segmented as below:
By Enterprise Size
Key Elements Included In The Study: Global Payment Analytics Software Market
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