Transaction Monitoring Software Market Growth Analysis: Regional Perspectives and Market Segmentation

According to a recent report published by Allied Market Research, the global transaction monitoring software market was valued at $7,957.14 million in 2018, and the is projected to reach $25.41 billion by 2026, growing at a CAGR of 15.70% from 2019 to 2026.

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Transaction monitoring involves overseeing, examining, and analyzing transactions carried out on an information system or within a business application. Organizations utilize transaction monitoring to adeptly manage various customer transactions. The key objective of this process is to pinpoint high-risk activities, safeguard the customer's business, and uphold the banking relationship.

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 large enterprises segment dominated the transaction monitoring software market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in different factors such as assets protection, reputation management, supply chain risks, IP protection, and competitor analysis. Furthermore, the small & medium enterprises are expected to grow at a significant CAGR during the forecast period, owing to surge in the adoption of transaction monitoring among SMEs is expected in the upcoming years for identifying, managing, and controlling different types of suspicious transactions.

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The global transaction monitoring software market was led by the BFSI segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors driving the adoption of transaction monitoring software in this sector include the adoption of this software by various banking and insurance industry to prevent from different types of threats which include, cyber security threats, data privacy & compliance, changes in customer expectations, and third-party risks.

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.

Prominent participants in the Transaction Monitoring Software market include:

1. NICE Actimize
2. SAS Institute Inc.
3. FICO (Fair Isaac Corporation)
4. BAE Systems
5. Oracle Corporation
6. ACI Worldwide
7. Fiserv, Inc.
8. Bottomline Technologies
9. Software AG
10. ACTICO GmbH

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