Press release
Transaction Monitoring Global Market Report 2024 - By Trends, Share, Industry Growth, Report, Forecast To 2033
Transaction Monitoring Market
The transaction monitoring market size is expected to see rapid growth in the next few years. It will grow to $31.40 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increasing digital transactions, rise of cryptocurrencies and blockchain transactions, growing sophistication of financial cyber threats, increase in the deployment of transaction monitoring systems, growing demand for online shopping. Major trends in the forecast period include adoption of the transaction monitoring system, integration of advanced technologies, advancement in transaction monitoring solution incorporating AI and ML, integration of data visualization tools for intuitive transaction analysis, adoption of cloud-based transaction monitoring solutions for scalability.
Market Overview -
Transaction monitoring refers to the process of observing and analyzing financial transactions to detect suspicious activities, such as money laundering or fraud, within a system or organization. It is used to help organizations ensure compliance with regulations, mitigate financial risks, and safeguard themselves against illicit activities.
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Cryptocurrencies And Blockchain Transactions Fueling The Transaction Monitoring Market Growth
The rise of cryptocurrencies and blockchain transactions is expected to propel the growth of the transaction monitoring market going forward. Cryptocurrencies refer to a type of digital or virtual currency that uses cryptography for security and operates independently of a central authority. Blockchain transactions refer to the process of transferring cryptocurrency from one party to another within the blockchain network. The demand for cryptocurrencies and blockchain transactions is rising due to numerous factors such as decentralization, financial inclusion, security and transparency, and institutional acceptance. Transaction monitoring in cryptocurrencies and blockchain tracks and analyzes financial activities to detect and prevent fraud, money laundering, and illicit transactions, ensuring regulatory compliance and enhancing security measures. For instance, in August 2023, according to the International Monetary Fund, a US-based financial agency, trading volume by institutional investors in crypto exchanges surged over 1700% from around $25 billion to over $450 billion between the second quarters of 2020 and 2021. Therefore, the rise of cryptocurrencies and blockchain transactions is driving the growth of the transaction monitoring market.
Competitive Landscape -
Major companies operating in the transaction monitoring market are International Business Machines Corporation, Oracle Corporation, BAE Systems PLC, Fiserv Inc., Fidelity National Information Services Inc., Thomson Reuters Corporation, Refinitiv Limited, Experian Information Solutions Inc., SAS Institute Inc., NICE Systems Ltd., ACI Worldwide Inc., Fair Isaac Corporation, Protiviti Inc., Software AG, CaseWare International Inc., EastNets, Jumio Corporation, Bottomline Technologies Inc., Acuant Inc., ACTICO GmbH , ComplyAdvantage Ltd., Infrasoft Technologies Limited, Beam Solutions Inc., ComplianceWise B.V., Complyadvantage
Advancements In Transaction Monitoring With The Integration Of SaaS Solutions For Enhanced Security And Compliance
Major companies operating in the transaction monitoring market are integrating advanced solutions, such as software-as-a service (SaaS) platforms, to gain a competitive edge in the market. The SaaS platform is utilized for real-time transaction monitoring, ensuring swift detection and response to anomalies for enhanced security and compliance. For instance, in June 2023, Fenergo Ltd., an Ireland-based SaaS company that offers financial technology solutions, launched a KYC (Know Your Customer) and transaction compliance solution, providing real-time customer intelligence and continuous monitoring capabilities. This solution combines identity verification and tracking transactions to better understand customers, spot suspicious behavior such as money laundering, and follow anti-money laundering rules. It uses smart technology to analyze transactions, pulls data from various places through one easy tool, and cuts down on wrongly flagging innocent transactions.
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Key Segments -
The transaction monitoring market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Companies
4) By Application Area: Anti-Money Laundering, Customer Identity Management, Fraud Detection And Prevention, Compliance Management
5) By Verticals: Banking, Financial Services, And Insurance, Government And Defense, Information Technology (IT) And Telecommunications, Retail, Healthcare, Energy And Utilities, Manufacturing, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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