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Cryptocurrencies And Blockchain Transactions Fueling The Transaction Monitoring Market Growth: An Emerging Driver Transforming The Transaction Monitoring Market Landscape
Transaction Monitoring Market Size
What Is the Projected Growth of the Transaction Monitoring Market?
The market size of transaction monitoring has experienced substantial growth recently and is anticipated to further expand from $17.14 billion in 2024 to $19.98 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 16.6%. Factors contributing to this growth during the historical period include the escalated usage of virtual payment methods, the surge in e-commerce transactions, enhanced transaction security and convenience, rising number of banking transactions, the convenience of online banking, and an increased demand for immediate detection of dubious activities.
Over the coming years, the transaction monitoring market is set to experience substantial growth, with predictions suggesting it will reach $36.79 billion by 2029, with a compound annual growth rate (CAGR) of 16.5%. This projected growth during the forecast period is due to a variety of factors including the increasing prevalence of digital transactions, the advent of cryptocurrencies and blockchain transactions, the ever-evolving complexity of financial cyber threats, the rise in the deployment of transaction monitoring systems, and an increase in online shopping demand. The forecast period is also expected to witness several trends, such as the adoption of the transaction monitoring system, incorporation of advanced technologies, improvement of transaction monitoring solutions incorporating AI and ML, incorporation of data visualization tools for user-friendly transaction analysis, and the use of cloud-based transaction monitoring solutions for improved scalability.
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What Are the Different Transaction Monitoring Market 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
Subsegments:
1) By Solution: Transaction Monitoring Software, Artificial Intelligence (AI)-Based Solutions, Machine Learning-Based Solutions, Data Analytics Solutions, Case Management Solutions
2) By Services: Managed Services, Consulting Services, Support And Maintenance Services, Integration Services
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What Are the Primary Drivers Shaping the Transaction Monitoring Market?
The transaction monitoring market is predicted to flourish due to the increasing prevalence of cryptocurrencies and blockchain transactions. Cryptocurrencies are a form of digital or virtual money that implement cryptography for safety and function without the need for a central authority. The act of transferring cryptocurrency from one entity to another within the blockchain network is referred to as blockchain transactions. The escalating demand for cryptocurrencies and blockchain transactions can be attributed to various aspects like decentralization, financial inclusion, security and transparency, and institutional endorsement. Transaction monitoring in the context of cryptocurrencies and blockchain scrutinizes and studies financial activities to identify and block fraudulent practices, money laundering, and unauthorized transactions, thus ensuring adherence to regulations and bolstering security measures. For instance, a recent report by Security.org, a non-governmental organization based in the US, stated that as of September 2024, the fraction of American adults owning cryptocurrencies has escalated to 40%, a ten percent increase from 30% in 2023, representing roughly 93 million individuals participating in the cryptocurrency market. Consequently, the surge in cryptocurrencies and blockchain transactions is spurring the growth of the transaction monitoring market.
Which Companies Are Leading in the Transaction Monitoring Market?
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
What Are the Major Trends Shaping the Transaction Monitoring Market?
Prominent businesses in the transaction monitoring market are incorporating cutting-edge solutions like Software-as-a-Service (SaaS) platforms to build a competitive advantage. The SaaS platform is used for real-time supervision of transactions, enabling rapid identification and reaction to irregularities for stronger security and compliance standards. For example, Fenergo Ltd., a Software-as-a-Service enterprise based in Ireland that provides fintech solutions, introduced a Know Your Customer (KYC) and transaction compliance solution in June 2023. This solution offers real-time customer insight and endless monitoring capabilities, combining identity validation and transaction tracking to better comprehend customers, identify potentially illicit activities such as money laundering and adhere to anti-money laundering regulations. This technology actively scrutinizes transactions, gathers data from diverse sources through a single simplified tool, and reduces instances of incorrect detection of legitimate transactions.
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What Are the Top Revenue-Generating Geographies in the Transaction Monitoring Market?
North America was the largest region in the transaction monitoring market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the transaction monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transaction Monitoring Market?
2. What is the CAGR expected in the Transaction Monitoring Market?
3. What Are the Key Innovations Transforming the Transaction Monitoring Industry?
4. Which Region Is Leading the Transaction Monitoring Market?
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