LONDON--(BUSINESS WIRE)--A new market research study by Technavio on the global transaction monitoring solutions market projects the market to grow at a CAGR of close to 15% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
Need for protection against online frauds
With a rising number of people becoming digitally connected and the growing adoption of online transactions, personal identity and data control have become a primary concern for online retailers. Moreover, the number of cyber thefts by cybercriminals and hackers is growing at an alarming rate. Such cases are frequently reported across the world and cost retail customers several billions of dollars each year. The high risks of identity theft can be eliminated with the use of a decentralized identity such as transaction monitoring solutions for identity management. Thus, the growing need for protection against online frauds will fuel market growth during the forecast period.
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The emergence of advanced technologies in transaction monitoring
The transaction monitoring solutions market is witnessing the development of advanced technologies that aim to enhance these solutions. Vendors are integrating artificial intelligence (AI) in transaction monitoring solutions to make services smarter and more secure. Smart AI-based transaction monitoring solutions have features such as network threat detection, intrusion detection, object classification, and behavioral analysis. Thus, the integration of technologies such as AI and blockchain with transaction monitoring solutions will drive the market growth during the forecast period.
According to a senior analyst at Technavio for IT services, “With the number of fraudulent activities increasing every year, and frauds are becoming more sophisticated, the number of government regulations are increasing, which must be complied by financial enterprises to tackle frauds. Thus, the need for compliance with government regulations will increase the demand for transaction monitoring solutions, which help enterprises control and monitor data movement.”
Lack of efficient security solutions
Cyber threats and malicious attacks have been increasing significantly in terms of both frequency and intensity. Security attacks such as spyware and viruses are evolving into more complex attacks, making them more challenging to be detected and controlled. Thus, identifying and preventing transaction threats is one of the most challenging factors in the market. However, with technological advances and innovations such as AI and blockchain, the efficiency of security solutions such as transaction monitoring solutions will improve significantly over the years to come.
Top players in the global transaction monitoring solutions market:
- ACI Worldwide Inc.
- BAE Systems Plc
- NICE Ltd.
- Oracle Corp.
- SAS Institute Inc.
Some of the key topics covered in the global transaction monitoring solutions market include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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