Growing corruption, terrorist financing and emergence of advanced technologies to drive global transaction monitoring market through 2024
According to TechSci Research report, “Global Transaction Monitoring Market By Component, By Application, By Function, By End-Use, By Deployment Mode, By Organization Size, By Region, Competition, Forecast & Opportunities, 2024”, Global transaction monitoring market is anticipated to witness robust growth, exhibiting a CAGR of close to 15% during the forecast period on account of increasing terrorism and rising adoption of advanced analytics to provide proactive risk alerts. Moreover, rising frequency and intensity of cyber threats coupled with increasing security attacks such as spyware and viruses is making them more difficult to be detected and controlled. Therefore, the most challenging factor in the global transaction monitoring market is the identification and prevention of transaction threats. However, due to emerging technological advancements like artificial intelligence and blockchain, the efficiency of transaction monitoring solutions will improve significantly over the years to come. However, lack of risk analysis professionals can act as a major impediment to growth of transaction monitoring market in the forthcoming years.
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Global transaction monitoring market can be segmented based on component, application, function, end-use, deployment mode, organization size and region. Considering the application, the market can be segmented into AML, FDP, Compliance Management, and Customer Identity Management. Among them, Anti-Money Laundering (AML) and Fraud Detection and Prevention (FDP) is anticipated to grow at a rapid rate on account of increasing number of financial crimes, such as financial terrorism, money laundering, corruption and the stringent regulations would trigger growth of this segment during the forecast period. In terms of region, North America held the largest market share of approximately 39% in 2018 and is projected to dominate the market through the forecast years as well due to the rising need to manage KYC compliance and mitigate money laundering and Counter-Terrorist Financing activities. Additionally, the use of advanced analytics to provide proactive risk alerts is further expected to fuel the growth of transaction monitoring market in North America. Moreover, the Asia-Pacific region is anticipated to record the highest growth through 2024 as it is the biggest hub for various big banks that are rapidly deploying the transaction monitoring solution, thus propelling the market growth. BAE Systems, FICO, Infrasoft Technologies, IdentityMind, ComplyAdvantage, ACI Worldwide, Oracle, NICE, Software AG and SAS, among others are the leading players operating in global transaction monitoring market.
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“On account of rising number of people who are digitally connected and the growing adoption of online transactions, the personal identity and data control have become a primary concern for online retailers. Therefore, the risks of identity theft can be reduced by using 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 forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Transaction Monitoring Market By Component, By Application, By Function, By End-Use, By Deployment Mode, By Organization Size, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global transaction monitoring market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global transaction monitoring market.
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