Global Transaction Monitoring Market was valued at US$ 9.64 Bn in 2019 and is expected to reach US$ 31.82 Bn by 2027, at a CAGR of 16.1 % during a forecast period.
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Global Transaction Monitoring Market Dynamics
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Transaction Monitoring Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Transaction Monitoring Market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Some of the major drivers of the market are, organizations’ need to manage KYC compliance and mitigate money laundering and CTF activities use of advanced analytics to offer proactive risk alerts, organizations’ need to comply with stringent regulatory compliances. Lack of risk analysis professionals is the major restraint of the transaction monitoring market.
Cloud deployment segment is the fastest-growing deployment mode in the transaction monitoring market globally. Small and Medium-sized Enterprise (SMEs), in particular, have implemented the cloud deployment model, as it allows them to focus on their core competencies, rather than investing their capital on network infrastructure. Organizations can avoid the costs associated with hardware, software, storage, and technical staff by using cloud-based transaction monitoring solution. The security of financial transactions is the biggest priority, as it is the major target of criminals.
The SMEs segment is expected to grow at a higher CAGR throughout the forecast period, owing to the growing data protection regulations and lack of high-cost security solution within the payment network infrastructure. SMEs are small in terms of their size but cater to a large number of customers worldwide. The robust and comprehensive transaction monitoring solution is not implemented in SMEs owing to financial constraints in these organizations.
Global Transaction Monitoring Market Regional Analysis
Region-wise, North America, followed by Europe, is likely to become the largest revenue-generating region for transaction monitoring solution and service vendors in 2019. The growing need to manage KYC compliance, and mitigate money laundering and Counter-Terrorist Financing (CTF) activities; and use of advanced analytics to offer proactive risk alerts are some of the significant factors expected to fuel the growth of the market in North America. The Asia Pacific market is gaining traction, as the transaction monitoring solution provides proactive security measures for preventing data breaches.
Recent development: In August 2018, BAE Systems combined big data technology into its insurance fraud solution to offer customers with smarter detection of fraudulent activities.
In October 2018, BAE Systems partnered with Mphasis to deliver leading fraud and money laundering detection capabilities to the financial services industry.
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Scope of Global Transaction Monitoring Market:Inquire before buying
Global Transaction Monitoring Market, by Component
• Solution
• Services
o Professional Services
Consulting Services
Integration Services
Training and Education
Support and Maintenance
o Managed Services
Global Transaction Monitoring Market, by Application Area
• Anti-Money Laundering
• Customer Identity Management
• Fraud Detection and Prevention
• Compliance Management
Global Transaction Monitoring Market, by Function
• Case Management
• KYC/Customer Onboarding
• Dashboard and Reporting
• Watch List Screening
Global Transaction Monitoring Market, by Deployment Mode
• On-Premises
• Cloud
Global Transaction Monitoring Market, by Organization Size
• Small and Medium-Sized Enterprises
• Large Enterprises
Global Transaction Monitoring Market, by Vertical
• Banking, Financial Services, and Insurance
• Government and Defense
• IT and Telecom
• Retail
• Healthcare
• Energy and Utilities
• Manufacturing
• Others
Global Transaction Monitoring Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Transaction Monitoring Market Key Players
• FICO
• Bae Systems
• Fiserv
• SAS
• Experian
• Oracle
• FIS
• ACI Worldwide
• Software AG
• Refinitiv
• Complyadvantage
• Infrasoft Technologies
• Caseware
• Actico
• Compliancewise
• Eastnets
• Bottomline Technologies
• Beam Solutions
• Identitymind
• NICE Ltd.
• Acuant, Inc.
• IdentityMind
• ACI Worldwide
• Fair Isaac Corporation
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