Growing corruption, terrorist financing, and the emergence of advanced technologies to drive the global transaction monitoring market through 2024. According to TechSci Research report, “Global Transaction Monitoring Market By Component, By Application, By Function, By End-Use, By Deployment Mode, By Organization Size, By Region, Competition, Forecast & Opportunities, 2024”, Global transactions monitoring market is anticipated to witness robust growth, exhibiting a CAGR of close to 15% during the forecast period on account of increasing terrorism and rising adoption of advanced analytics to provide proactive risk alerts.
The Important Elements of Transaction Monitoring Market
the rising frequency and intensity of cyber threats coupled with increasing security attacks such as spyware and viruses are making them more difficult to be detected and control. Therefore, the most challenging factor in the global transactions monitoring market is the identification and prevention of transaction threats. However, due to emerging technological advancements like artificial intelligence and blockchain, the efficiency of transaction monitoring solutions will improve significantly over the years to come. However, the lack of risk analysis professionals can act as a major impediment to the growth of the transaction monitoring market in the forthcoming years.
Browse market data Tables and Figures spread through Pages and an in-depth TOC on the “Global Transaction Monitoring Market”.
The global transactions monitoring market can be segmented based on component, application, function, end-use, deployment mode, organization size, and region. Considering the application, the market can be segmented into AML, FDP, Compliance Management, and Customer Identity Management. Among them, Anti-Money Laundering (AML) and Fraud Detection and Prevention (FDP) are anticipated to grow at a rapid rate on account of an increasing number of financial crimes, such as financing terrorism, money laundering, corruption, and the stringent regulations would trigger the growth of this segment during the forecast period.
In terms of region, North America held the largest market share of approximately 39% in 2018 and is projected to dominate the market through the forecast years as well due to the rising need to manage KYC compliance and mitigate money laundering and Counter-Terrorist Financing activities. Additionally, the use of advanced analytics to provide proactive risk alerts is further expected to fuel the growth of the transaction monitoring market in North America. Moreover, the Asia-Pacific region is anticipated to record the highest growth through 2024 as it is the biggest hub for various big banks that are rapidly deploying transaction monitoring solutions, thus propelling market growth.
The Major competitors in Transaction Monitoring Market
- BAE Systems
- FICO
- Infrasoft Technologies
- IdentityMind
- ComplyAdvantage
- ACI Worldwide
- Oracle
- NICE
- Software AG, and SAS, among others, are the leading players operating in the global transactions monitoring market.
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“On account of the rising number of people who are digitally connected and the growing adoption of online transactions, personal identity, and data control has become a primary concern for online retailers. Therefore, the risks of identity theft can be reduced by using a decentralized identity such as transaction monitoring solutions for identity management. Thus, the growing need for protection against online frauds will fuel the market growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Transaction Monitoring Market By Component, By Application, By Function, By End-Use, By Deployment Mode, By Organization Size, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global transaction monitoring market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global transactions monitoring market.
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