A New Study Title “Transaction Monitoring Market Size, Status And Forecast 2027” Has Been Featured On Market Research Future.
The worldwide transaction monitoring market is projected to achieve USD 19.32 billion by the end of the year 2024 and is further estimated to hold a CAGR of 17.4% for the analysis period.In any business application, the transaction monitoring process is extensively used for administering, reviewing, and analyzing transactions. Transaction monitoring is helpful for enterprises to monitor transactions of the customers in real-time or on a regular basis. Through the use of software, an enterprise can able to inspect suspicious behavior.
The Global Transaction Monitoring Market growth relies upon the complying standards and stringent regulations of the organization. In addition, the global market has projected to grow on a large scale due to the rising advancements in technologies such as artificial intelligence (AI), big data analytics, machine learning (ML), and its application in the solution of transaction monitoring.
Moreover, the global market has significant opportunities for the market players and vendors due to the rising adoption of digitalization for payment transaction processes. However, the current transaction monitoring marketmight experience restraint due to the lack of professional or skilled resources.
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As per the global transaction monitoring market report, the current market has been segmented into organization size, component,vertical,application, function, and deployment.
The worldwide market has been categorized into different organizational sizes, such as large enterprises and small and medium-sized enterprises (SMEs). Based on the component segment, the global market has been classified into service and solution. Depending on the vertical segment, the worldwide market has been segmented into government and defense, banking, financial services and insurance (BFSI), manufacturing, retail, IT and telecommunication, energy and utilities, healthcare, and others.
In terms of the application segment, the current market is divided into anti-money laundering, fraud detection and prevention, customer identity management, and compliance management. The global transaction monitoring markethas been segregated based on two deployment modes as cloud and on-premise. Based on the function segment, the current market has been classified intoKYC or customer onboarding, dashboard and reporting, watch list screening, and case management.
Regionally, the worldwide transaction monitoring markethas been divided into various specific areas such as Asia-Pacific, North America, Europe, and the rest of the world.
In 2018, North America gained the dominant position by holding the largest market revenue-generating location. This is because of the rising Counter-Terrorist Financing (CTF) activities, growing requirements for know your customer (KYC) regulations, use of advanced analytics for offering proactive risk alerts, and mitigating money laundering among the population of North America.
Apart from this, the European market is projected to be the second-largest revenue-generating region in the predicted periodbecause of the rising transaction monitoring solution demand among the BFSI field. Moreover, the Asia Pacific market is registered to be the fastest-growing market in the research period because of the rising adoption of transaction monitoring solutions among various industries like e-commerce, BFSI, and retail.
In October 2018, prominent market layers like Mphasis (India) and BAE Systems (UK) did a partnership to offer better services to the financial services industry along with offering leading fraud and money laundering detection capabilities.
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