Global Transaction Monitoring Market Report 2023: A $34.73 Billion Market by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Transaction Monitoring Market (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The Global Transaction Monitoring Market is estimated to be USD 16.5 billion in 2023 and is expected to reach USD 34.73 billion by 2028, growing at a CAGR of 16.05%.

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.

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 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. 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. 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 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

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for 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.

Key Topics Covered:

Market Dynamics

• Drivers
  • Need to Mitigate Money Laundering, Managing KYC Compliance and CTF Activities
  • Increasing Need for Organizations to Comply with Stringent Regulatory Agreements
  • Utilization of Advance Analytics to Provide Proactive Risk Alerts
  • Growing Integration of Advance Technology such AI, Machine Learning and Big Data
• Restraints
  • Lack of Risk Analysis Professional
• Opportunities
  • Increase in the Deployment of Digital Transactions
  • Increasing Demand from Non-Banking Financial Institutions
  • Increasing Digitalization in Payment Transaction Process
• Challenges
  • Complications in Managing Cross-Border and Multi-Jurisdictional AML Compliance

Market Analysis

• Regulatory Scenario
• Porter's Five Forces Analysis
• PESTEL Analysis
• Impact of Covid-19
• Ansoff Matrix Analysis

Company Profiles

• ACI Worldwide
• ACTICO
• BAE Systems
• Beam Solutions
• Bottomline Technologies
• Caseware International
• ComplianceWise
• Eastnets
• Experian
• Fair Isaac
• Fidelity National Information Services
• Fiserv
• IdentityMind Global
• Infrasoft Technologies
• Nice Ltd.
• Oracle
• Refinitiv
• SAS Institute
• Thomson Reuters

For more information about this report visit https://www.researchandmarkets.com/r/rzo579

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