According to the latest report by IMARC Group, titled " Transaction Monitoring Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global transaction monitoring software market reached a value of US$
14.4 Billion in 2022. Transaction monitoring software refers to an advanced solution that enables financial institutions to administer, monitor, and assess the transaction history and activities of users. It assists in analyzing the overall data of the account holder to get a comprehensive picture of the customer financial behavior, identifying and eliminating unusual money-laundering activities, and generating suspicious activity reports to alert the organizations. As a result, it aids businesses in maintaining banking relationships, expanding transaction circles, managing regulatory priorities, mitigating financial sanctions, and optimizing the overall work efficiency of the company.
Global Transaction Monitoring Software Market Trends:
The transaction monitoring software market is primarily being driven by the widespread adoption of the solution across various industrial verticals due to the increasing instances of money laundering and sophisticated cyber-attacks across the globe. Cybercriminals and terrorists explore possible vulnerabilities in the system of the organization to commit frauds, which can be avoided or controlled through transaction monitoring software. The rising utilization of online transactions services through various platforms has further facilitated the need for the effective management of know your customer (KYC), know your transactions (KYT) compliances and counter-terrorist financing (CTF) activities. These solutions assist in detecting the risk of identity theft, financial fraud, and financing of criminal organizations, which, in turn, is acting as another major growth-inducing factor. Additionally, the extensive utilization of artificial intelligence (AI)- and Software-as-a-Service-based transaction and security monitoring solutions across small and medium-sized enterprises (SMEs), are contributing to the market growth. Apart from this, the implementation of the regulatory framework to inhibit financial threats, along with the initiatives being undertaken by the government bodies for sensitizing masses and companies regarding escalating money-laundering cases, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$
31.5 Billion by 2028, growing at a CAGR of
13.6% during 2023-2028.
- Based on the component, the market has been bifurcated into solution and services.
- On the basis of the deployment mode, the market has been segregated into cloud-based and on-premises.
- Based on the enterprise size, the market has been categorized into small and medium-sized enterprises (SMEs), and large enterprises.
- On the basis of the application, the market has been divided into anti-money laundering, customer identity management, fraud detection and prevention, and compliance management.
- Based on the end-use industry, the market has been classified into BFSI, government and defense, IT and telecom, retail, healthcare, energy and utilities, manufacturing, and others.
- On a regional basis, the market has been bifurcated into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being ACI Worldwide Inc., BAE Systems plc, ComplyAdvantage, Experian plc, Fair Isaac Corporation, FIS, Fiserv Inc., NICE Ltd., Oracle Corporation, SAS Institute Inc., Software AG and Thomson Reuters Corporation.
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