DUBLIN, March 6, 2024 /PRNewswire/ — The “Global Transaction Monitoring Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Transaction Monitoring Market estimated at USD 17.25 Billion in 2023, is expected to reach USD 36.35 Billion by 2028 growing at a CAGR of 16.07%.
Transaction monitoring is the management, inspection, and analysis of a completed transaction on a business application or information system. Businesses employ transaction monitoring to manage a variety of client interactions successfully and efficiently. To comply with various AML and counter-terrorist funding (CTF) requirements, transaction monitoring data is largely utilized to submit Suspicious Activity Reports (SARs) and other reporting obligations. The world’s financial regulators are starting to make transaction monitoring a requirement under the law. Large amounts of transactional data must be analyzed in real-time or very soon after they are collected using cutting-edge technology and analytical tools.
The market is being driven by the increase in demand for data protection laws and the dearth of expensive security solutions for payment network integration. The demand that businesses manage their money laundering and counter-terrorist financing (CTF) operations as well as KYC compliance will support the market’s upward expansion.
Lack of technological know-how, lack of awareness, and a lack of expert knowledge will restrain the market. This is especially true in underdeveloped economies. Payment monitoring systems can be very beneficial for businesses, but these systems require knowledgeable, skilled staff who have relevant experience in logical and analytical thinking as well as financial domain knowledge. Currently, there is a shortage of experts in solution development, including statisticians, ethical hackers, data analysts, and data scientists. The biggest challenge that companies in the transaction monitoring market industry face is the development of more sophisticated technologies that are easier for users who aren’t IT or business analytics experts to use. Making a less complex system might lead to issues because an effective system requires that the end users have a solid understanding of the product.
However, the market has an opportunity due to integration of advance technology such AI, machine learning and big data. Machine learning and artificial intelligence will ultimately be beneficial for the market. Such cutting-edge technologies provide a higher level of security and protect the user’s sensitive information. Advanced analytics provides protection and safety against preventative hazards; as a result, this will boost the reputation of transaction monitoring technology internationally. Processes for transaction monitoring and screening perform better because of technological advancements.
Market Segmentations
The Global Transaction Monitoring Market is segmented based on Component, Deployment Mode, Organization Size, Function, Application, Industry, and Geography.
- By Component, the market is classified into Solution and Services. The Service Segment is anticipated to grow at fastest CAGR the market. The segment is further categorized into two categories namely, Professional Services and Managed Services. The growth is due to the increasing demand for outsourcing transaction monitoring activities.
- By Deployment Mode, the market is classified into On-Premises and Cloud Based. The cloud deployment model is the one that is expanding at the fastest rate in the Transaction Monitoring Industry. Small and medium-sized businesses (SMEs) have embraced the cloud deployment strategy since it allows them to focus on their core competencies rather than incurring costs for network infrastructure. Businesses can save money by using a cloud-based transaction monitoring service instead of purchasing hardware, software, storage, and technical staff. Because thieves commonly target financial transactions, their security is of the utmost importance.
- By Organization Size, the market is classified into Large Enterprises and Small & medium enterprises (SMEs). The SMEs category is anticipated to grow at a higher CAGR during the projected period due to the expanding data protection regulations and lack of expensive security solutions inside the payment network infrastructure. Despite their small size, SMEs service a vast array of customers worldwide. Small and medium-sized businesses (SMEs) rarely invest in a strong and all-encompassing transaction monitoring system.
- By Function, the market is classified into Case Management, KYC/Customer Onboarding, Dashboard & Reporting, and Watch List Screening. The KYC/Customer Onboarding segment is expected to hold a significant share of the market. The increasing need for compliance with regulatory requirements and the rise in fraudulent activities have led to the adoption of KYC/Customer Onboarding solutions, which has fueled the growth of this segment.
- By Application, the market is classified into Anti-Money Laundering, Customer Identity Management, and Fraud Detection and Prevention. The Fraud Detection and Prevention holds the largest market share and as the highest CAGR. By spotting and preventing fraudulent transactions before they are processed, it helps to lower financial losses. It increases consumer confidence and aids businesses in identifying new dangers and patterns of fraud. Businesses may keep ahead of potential fraudsters and modify their prevention efforts as needed by studying transaction data and spotting patterns.
- By Industry, the market is classified into BFSI, Government & Defense, Retail, IT & Telecom, Healthcare, Energy & utilities, Manufacturing, and Others.
- The BFSI sector is likely to account for a considerable portion of the global transaction monitoring market share. To maintain compliance with legal requirements relating to anti-money laundering (AML) and counter-terrorist financing, it is one of the industries that significantly rely on transaction monitoring (CTF). Higher-risk transactions are given priority for review in BFSI institutions that monitor transactions using a risk-based methodology. This entails determining the risk levels of a consumer based on details about their business, geography, previous transactions, and the products or services they use. It adheres to legislative regulations.
- By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific.
- Americas is flourishing its dominance in the global transaction monitoring market due to factors such as the government’s increased attention on maintaining and repairing civil infrastructure, the ageing infrastructure, and the growing requirement to manage KYC compliance. Also, there is a large-scale implementation of advanced analytics to protect the safety and security of important documents against proactive hazards. This is because the majority of international e-commerce transactions currently take place in the United States and the rest of the American region. The United States of America, which currently accounts for the majority of global e-commerce transactions, is the reason for this since it is in the Americans region.
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies’ recent development and competitive scenario. Some of the companies covered in this report are ACI Worldwide, ACTICO, BAE Systems, Beam Solutions, Experian, Fair Isaac Fidelity National Information Services, Fiserv, etc
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis – a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
3.1 Introduction
3.2 Market Size, Segmentations and Outlook
4 Market Dynamics
4.1 Impact Analysis
4.2 Drivers
4.2.1 Need to Mitigate Money Laundering, Managing KYC Compliance and CTF Activities
4.2.2 Increasing Need for Organizations to Comply with Stringent Regulatory Agreements
4.2.3 Utilization of Advance Analytics to Provide Proactive Risk Alerts
4.2.4 Growing Integration of Advance Technology such AI, Machine Learning and Big Data
4.3 Restraints
4.3.1 Lack of Risk Analysis Professional
4.4 Opportunities
4.4.1 Increase in the Deployment of Digital Transactions
4.4.2 Increasing Demand from Non-Banking Financial Institutions
4.4.3 Increasing Digitalization in Payment Transaction Process
4.5 Challenges
4.5.1 Complications in Managing Cross-Border and Multi-Jurisdictional AML Compliance
5 Market Analysis
5.1 Regulatory Scenario
5.2 Porter’s Five Forces Analysis
5.3 PESTEL Analysis
5.4 Impact of Covid-19
5.5 Ansoff Matrix Analysis
6 Global Transaction Monitoring Market, By Component
6.1 Introduction
6.2 Solution
6.3 Services
6.3.1 Professional Services
6.3.2 Managed Services
7 Global Transaction Monitoring Market, By Deployment Mode
7.1 Introduction
7.2 On-Premises
7.3 Cloud Based
8 Global Transaction Monitoring Market, By Organization Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small & Medium Enterprises (SMEs)
9 Global Transaction Monitoring Market, By Function
9.1 Introduction
9.2 Case Management
9.3 KYC/Customer Onboarding
9.4 Dashboard & Reporting
9.5 Watch List Screening
10 Global Transaction Monitoring Market, By Application
10.1 Introduction
10.2 Anti-Money Laundering
10.3 Customer Identity Management
10.4 Fraud Detection and Prevention
10.5 Compliance Management
11 Global Transaction Monitoring Market, By Industry Vertical
11.1 Introduction
11.2 BFSI
11.3 Government & Defense
11.4 Retail
11.5 IT & Telecom
11.6 Healthcare
11.7 Energy & Utilities
11.8 Manufacturing
11.9 Others
12 Americas’ Transaction Monitoring Market
13 Europe’s Transaction Monitoring Market
14 Middle East and Africa’s Transaction Monitoring Market
15 APAC’s Transaction Monitoring Market
16 Competitive Landscape
17 Company Profiles
- ACI Worldwide
- ACTICO
- BAE Systems
- Beam Solutions, Inc.
- Bottomline Technologies
- Caseware International, Inc.
- ComplianceWise
- Eastnets
- Experian PLC
- Fair Isaac Corp.
- Fidelity National Information Services
- Fiserv, Inc.
- IdentityMind Global
- Infrasoft Technologies Ltd.
- Nice Ltd.
- Oracle Corp.
- Refinitiv Ltd.
- SAS Institute, Inc.
- Software Ag
- Thomson Reuters
For more information about this report visit https://www.researchandmarkets.com/r/uobmyq
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