The report of Global Transaction Monitoring Market by component (Solution, Services (Professional Services (Consulting Services, Integration Services, Training and Education, Support and Maintenance), Managed Services), application area (Anti-Money Laundering, Customer Identity Management, Fraud Detection and Prevention, Compliance Management), function (Case Management, KYC/Customer Onboarding, Dashboard and Reporting, Watch List Screening), deployment mode (On-Premises, Cloud), organization size (Small and Medium-Sized Enterprises, Large Enterprises), vertical (Banking, Financial Services, and Insurance, Government and Defense, IT and Telecom, Retail, Healthcare, Energy and Utilities, Manufacturing, Others), and region (North America, Europe, Asia Pacific, Middle East & Africa, And South America) is expected to reach US$ 31.82 Bn By 2027, at a CAGR of 16.1 % during a forecast period.
The key factors expected to drive the transaction monitoring market contain organizations’ need to manage KYC compliance, mitigate money laundering and CTF activities, and comply with stringent regulations. Integration of AI, machine learning, and big data analytics and growing digitalization in payment transaction process are the opportunity of the market. Difficulties in managing cross-border and multi-jurisdictional AML compliance is the challenge of the market.
The cloud deployment segment is leading the Global Transaction Monitoring Market.
The cloud deployment mode is anticipated to grow at a higher CAGR, as small and Medium-sized Enterprises (SMEs) are rapidly adopting the cost-effective cloud deployment mode. This model aids SMEs avoid the costs associated with hardware, software, storage, and technical staff. The cloud based platform proposals a unified way in the form of Software-as-a-Service (SaaS)-based security services to secure business applications. It is also useful for organizations with strict budgets for security investments.
North America dominating the Global Transaction Monitoring Market.
North America is expected to account for the largest market size in the whole transaction monitoring market throughout the forecast period. The rise in the number of financial crimes; and reforms in regulatory compliances are some of the factors driving the adoption of transaction monitoring solution and services.
Key Players operating the market are, 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
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global transaction monitoring market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global transaction monitoring market positioning of competitors.
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