Jun 10th, 2021 · Comments Off on Transaction Monitoring Market will reach to $16.8 billion by 2023
According to a new market research report“Transaction Monitoring Marketby Component,Application Area (AML, FDP, Compliance Management, and Customer IdentityManagement), Function, Deployment Mode, Organization Size, Vertical, and Region– Global Forecast to 2023″published byMarketsandMarkets™, the Transaction Monitoring Market size expected to growfrom $8.3 billion in 2018 to $16.8 billion by 2023, at a Compound Annual GrowthRate (CAGR) of 15.1% during the forecast period.
The key factors expected to drive the transaction monitoringmarket include organizations’ need to manage KYC compliance, mitigate moneylaundering and CTF activities, and comply with stringent regulations.
Browsein-depth TOC on“Transaction Monitoring Market”
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The solution segment to hold a higher market share in 2018
The transaction monitoring solution providers have added a layerto the existing financial security of organizations by offering the transactionmonitoring solution. The transaction monitoring solution is a cloud-based andon-premises solution that monitors financial transactions in real time toidentify suspicious transactions. The solution can be integrated with otherfinancial security solutions such as Anti-Money Laundering (AML) and FraudDetection and Prevention (FDP). The increasing financial crimes, such asfinancial terrorism, money laundering, corruption; and the rising pressure fromstringent regulations and laws have triggered the solution segment to garnermore revenue during the forecast period.
The cloud deployment mode is expected to grow at a higher CAGRduring the forecast period
The transaction monitoring market by deployment mode has beensegmented into on-premises and cloud. Cloud deployment is the fastest-growingdeployment mode in the transaction monitoring market. Small and Medium-sizedEnterprise (SMEs), in particular, have implemented the cloud deployment mode,as it enables them to focus on their core competencies, rather than investingtheir capital on network infrastructure. Organizations can avoid the costsrelated to hardware, software, storage, and technical staff by using cloud-basedtransaction monitoring solution. The security of financial transactions is thebiggest priority, as it is the primary target of criminals. The cloud-basedplatform offers a unified way in the form of Software-as-a-Service (SaaS)-basedtransaction monitoring services to secure financial transactions and assistorganizations in complying with General Data Protection Regulation (GDPR) andother data protection regulations, thus benefitting enterprises with tightbudgets for security investments. The cloud-based transaction monitoringsolution is easy to maintain and upgrade; as a result, it is driving the growthof the cloud deployment mode.
North America to account for the largest market size during theforecast period
North America is expected to account for the largest market sizein the overall transaction monitoring market during the forecast period. Theincrease in the number of financial crimes; and reforms in regulatorycompliances are some of the factors driving the adoption of transactionmonitoring solution and services. The presence of many transaction monitoringvendors and the widespread awareness of transaction monitoring solution andservices are expected to account for the region’s highest market share duringthe forecast period.
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The transaction monitoring market comprises major solutionproviders, such as NICE (Israel), Oracle (US), FICO (US), BAE Systems (UK),Fiserv (US), SAS (US), Experian (Ireland), FIS (US), ACI Worldwide (US),Refinitiv (UK), Software AG (Germany), ComplyAdvantage (US), InfrasoftTechnologies (India), ACTICO (Germany), ComplianceWise (Netherlands), EastNets(UAE), Bottomline (US), Beam Solutions (US), IdentityMind (US), and CaseWare(Canada). The research study includes an in-depth competitive analysis of thekey players in the transaction monitoring market, along with their companyprofiles, recent developments, and key market strategies.
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