Press release
Transaction Monitoring Software Market To Reach US$ 31.5 Billion By 2028
Transaction Monitoring Software Market Research Report 2023-2028
Transaction monitoring software uses advanced analytics and machine learning (ML) algorithms to detect patterns in transaction data that indicate potential financial crimes, such as high-value cash deposits and unusual account activity. It includes software solutions for monitoring and analyzing financial transactions and financial crime prevention tools, such as customer due diligence and know-your-customer (KYC) software. At present, it finds application in banking, financial services and insurance (BFSI), government, defense, information technology (IT), telecommunication, retail, healthcare, and manufacturing industries, across the globe.
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Transaction Monitoring Software Market Trends and Drivers:
The rising incidences of financial crime, such as money laundering and fraud and the escalating demand for identifying suspicious patterns and detecting fraudulent transactions, represent one of the key factors positively influencing the market. In addition, the increasing regulatory compliance and stringent regulations of anti-money laundering (AML) and counter-terrorism financing (CTF) are catalyzing the demand for transaction monitoring software. Apart from this, the incorporation of advanced technologies, such as artificial intelligence (AI), ML, and big data analytics, for improving the accuracy and effectiveness of transaction monitoring by identifying sophisticated patterns and anomalies in the data is creating a favorable market outlook. Furthermore, the increasing adoption of transaction monitoring software to streamline the compliance process, reduce the need for manual intervention, and improve overall efficiency are stimulating the market growth worldwide.
Transaction Monitoring Software Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
ACI Worldwide Inc.
BAE Systems plc
Comply Advantage
Experian plc
Fair Isaac Corporation
FIS
Fiserv Inc.
NICE Ltd.
Oracle Corporation
SAS Institute Inc.
Software AG
Thomson Reuters Corporation.
The report has segmented the market based on component, deployment mode, enterprise size, application and end use industry.
Breakup by Component:
Solution
Services
Breakup by Deployment Mode:
On-premises
Cloud-based
Breakup by Enterprise Size:
Small and Medium-sized Enterprises
Large Enterprises
Breakup by Application:
Anti-Money Laundering
Customer Identity Management
Fraud Detection and Prevention
Compliance Management
Breakup by End Use Industry:
BFSI
Government and Defense
IT and Telecom
Retail
Healthcare
Energy and Utilities
Manufacturing
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Ask Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/transaction-monitoring-software-market
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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