LONDON--(BUSINESS WIRE)--The transaction monitoring solutions market size is poised to grow at a CAGR of nearly 15% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
With more 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 enterprises 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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As per Technavio, the emergence of advanced technologies in transaction monitoring will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Transaction Monitoring Solutions Market: 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 market growth during the forecast period.
“Other factors such as the growth of quantum computing and the need for multi-factor authentication with transaction monitoring will have a significant impact on the growth of the transaction monitoring solutions market value during the forecast period,” says a senior analyst at Technavio.
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Transaction Monitoring Solutions Market: Segmentation Analysis
This market research report segments the transaction monitoring solutions market by deployment (cloud-based and on-premises), application (anti-money laundering, customer identity management, fraud detection and prevention, and compliance management), and geography (APAC, Europe, MEA, North America, and South America).
The North American region held the largest share of the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. The growth of the transaction monitoring solutions market in North America can be attributed to factors such as the presence of established vendors and the increasing adoption of online payments in BFSI, retail, healthcare, and government sectors in the US and Canada.
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Some of the key topics covered in the report 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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