Market Overview:

The global transaction monitoring software market size reached US$ 14.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.6% during 2023-2028.

Transaction monitoring software helps in the real-time and regular monitoring of activities of financial institutions. It analyzes the historical information and account profile of consumers to take measures and mitigate money laundering risks by determining risks at the customer level. A transaction monitoring software provides alerts when a transaction is made against a customer profile and violates a rule. These solutions offer various benefits, which include expansion of transaction circle, detecting of financial crimes, easy access to necessary information, compliance with changing regulations and prevention of financial sanctions and risks. At present, transaction monitoring solutions are extensively used in the government and defense, retail and eCommerce, information technology (IT), telecom, healthcare, energy and utilities, manufacturing, and banking, financial services and insurance (BFSI) industries.

Transaction Monitoring Software Market Trends:

A rapid rise in the digital payments and increasing instances of money laundering are some of the primary factors driving the growth of the global transactional monitoring software market. Additionally, the emerging need for effectively managing know you customer (KYC) compliance and counter-terrorist financing (CTF) activities are further fueling the market growth. In line with this, organizations have started using advance analytics to identify high risk activities, which is contributing to the growth of the market. Other than this, the rapidly evolving regulatory framework to eliminate financial threats has led market players to adopt high-technology transactional monitoring software, which is positively influencing the market growth. Moreover, governments of various nations have been undertaking several initiatives to spread awareness regarding the benefits of these systems across different industries. This, in turn, is creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global transaction monitoring software market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, enterprise size, application and end use industry.

Breakup by Component:

• Solution
• Services
   

Breakup by Deployment Mode:

• On-premises
• Cloud-based
   

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises
• Large Enterprises
   

Breakup by Application:

• Anti-Money Laundering
• Customer Identity Management
• Fraud Detection and Prevention
• Compliance Management
   

Breakup by End Use Industry:

• BFSI
• Government and Defense
• IT and Telecom
• Retail
• Healthcare
• Energy and Utilities
• Manufacturing
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

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.

Report Coverage: