Transaction Monitoring Software Market Size Surges as Financial Institutions Prioritize Compliance | Growing at CAGR of 15.7%

The global transaction monitoring software market was valued at $7,957.14 million in 2018, and is projected to reach $25.41 billion by 2026, growing at a CAGR of 15.70% from 2019 to 2026.

Transaction monitoring is used by the organization for efficiently and effectively managing different types of the customer transaction. Numerous benefits associated with transaction monitoring solutions, such as red flag identification, KYC screening, automatic CTR/SAR filing, and real time data aggregation are the lucrative factors that boost the transaction monitoring software market growth. Increase in the digitization of payments and need for mitigating money laundering, managing KYC compliance, and CTF activities are the major factors that drive the growth of the market.

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Surge in the need for identifying high risk activities by using advance analytics, need for organizations to comply with stringent regulatory agreements, and surge in the need of data protection regulations and lack of high-cost security solution within the payment network infrastructure fuel the growth of the transaction monitoring software market. However, lack of transaction monitoring and AML professionals and difficulties in managing cross-border and multi-jurisdictional AML-compliance hampers the growth of the market. Furthermore, integration of advance technology such AI, machine learning and big data and increase in the deployment of transaction monitoring system by SMEs are anticipated to provide lucrative opportunity for the market.

The adoption of artificial intelligence (AI) and machine learning (ML) in transaction monitoring is on the rise. These technologies enable more accurate and efficient detection of suspicious transactions by analyzing vast amounts of data in real-time. AI-driven models can identify complex patterns and anomalies, reducing false positives and improving the overall effectiveness of fraud detection and anti-money laundering (AML) efforts.

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There is a growing demand for real-time transaction monitoring. As financial transactions become faster and more complex, organizations need to identify and respond to suspicious activities in real-time. This trend is driven by the need to stay ahead of emerging threats, comply with stricter regulations, and provide a seamless customer experience.

Criminals often exploit multiple channels and international borders to conduct fraudulent activities. Transaction monitoring software is evolving to include cross-channel and cross-border capabilities. This allows organizations to track transactions across various channels (online, mobile, in-person) and international boundaries, providing a holistic view of potential risks.

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By region, the global transaction monitoring software market size was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region includes the rise in different types of cyber-attacks, financial theft, and data theft which creates a lucrative opportunity for the transaction monitoring software market. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, due to increase the banking and insurance industry owing to which there is rise in the mobile and credit card transactions.

The key players profiled in the transaction monitoring software market analysis are ACI Worldwide Inc., BAE Systems, Fair Isaac Corporation, Fiserv Inc., FIS, Nice Ltd., Oracle Corporation, SAS Institute, Software AG, and Thomson Reuters Corporation.

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