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Transaction Monitoring Market Size, Share, Growth & Trends 2024-2033 | Competitive Landscape & Forecast
Transaction Monitoring Market Size
According to The Business Research Company's, The transaction monitoring market size has grown rapidly in recent years. It will grow from $14.75 billion in 2023 to $17.14 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to increasing use of online payment methods, increased e-commerce transactions, convenient and secure transaction, increase in the number of banking transactions and facility of online banking, increasing need for real-time detection of suspicious activities.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Transaction Monitoring Market 2024 Key Insights:
• 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%.
• Cryptocurrencies And Blockchain Transactions Fueling The Transaction Monitoring Market Growth
• Advancements In Transaction Monitoring With The Integration Of SaaS Solutions For Enhanced Security And Compliance
• North America was the largest region in the transaction monitoring market in 2023
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