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 smart phones across emerging economies, particularly in the Asia-Pacific region, is expected to have a positive impact on market growth.
IMPACT OF COVID-19 ON THE GLOBAL PAYMENT ANALYTICS SOFTWARE MARKET
- The COVID-19 pandemic had a positive impact on payment analytics software market growth. The pandemic has increased customer preferences for contactless payments in order to reduce the number of touchpoints at the point of sale. According to EastWestBank statistics, contactless payment usage in the United States increased by 150% in 2020 compared to 2019. Furthermore, 87% of consumers preferred to shop in-store using contactless payment options.
- The COVID-19 outbreak has had a significant impact on economies and societies in a relatively short period of time. With workplaces, academic facilities, and manufacturing facilities having to close indefinitely, major athletics and events being postponed, and work-from-home and social distancing policies, companies are increasingly looking for technologies to help them get through these tough moments. Analytics professionals, business analytics professionals, and experts in more analysis tools such as AI and ML have been called upon to assist executives in making business decisions about how to react to the new business challenge posed by the COVID-19 outbreak. All such factors increase the adoption of payment analytics software market amid the pandemic.
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The global payment analytics software industry is segmented on the basis of type, enterprise size, and region. By type, the market is classified into cloud based and web based.
By enterprise size, the analysis has been divided into large enterprise and small & medium enterprise. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include ProfitWell, BlueSnap, Databox, Payfirma, Yapstone, CashNotify, HiPay Intelligence, PaySketch, Revealytics, and RJMetrics.
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 the market growth as well as market opportunity.
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