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Transaction Monitoring Market: Major Trends Reshaping the Future of the Industry
Transaction Monitoring Market
What Will the Transaction Monitoring Industry Market Size Be by 2025?
In the past few years, the transaction monitoring market has expanded significantly. This market is anticipated to rise from a valuation of $17.14 billion in 2024 to $19.98 billion in 2025, boasting a compound annual growth rate (CAGR) of 16.6%. The robust growth experienced during the historic period can be traced back to the surge in usage of online payment options, growth in e-commerce transactions, the convenience and security of transactions, an increased frequency of banking transactions, easily accessible online banking, and a growing demand for live detection of suspicious activities.
What's the Long-Term Growth Forecast for the Transaction Monitoring Market Size Through 2029?
Expectations for the transaction monitoring market forecast a brisk expansion in the ensuing years, ballooning to $36.79 billion by 2029 with a CAGR of 16.5%. Influences contributing to the predicted growth within the forecasted period include the escalation of digital transactions, the emergence and popularity of cryptocurrencies and blockchain transactions, the proliferating sophistication of financial cyber threats, increased integration of transaction monitoring systems, and the upswing in demand for online shopping. Anticipated trends within the forecasted period encompass the widespread adoption of transaction monitoring systems, fusion with cutting-edge technologies, enhancements in transaction monitoring solutions incorporating AI and ML, integration of data visualization tools for in-depth transaction analysis, and the growing preference for cloud-based transaction monitoring solutions to promote scalability.
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What Are the Key Growth Drivers Fueling the Transaction Monitoring Market Expansion?
The continued surge of cryptocurrencies and blockchain transactions is predicted to supercharge the expansion of the transaction monitoring market. Cryptocurrencies are a form of digital or virtual money using cryptography for safety, functioning without the oversight of a central body. On the other hand, blockchain transactions imply the act of shifting cryptocurrency between two parties within the blockchain framework. The popularity of cryptocurrencies and blockchain transactions is escalating due to reasons like decentralization, economic inclusion, security and transparency, and institutional recognition. Transaction monitoring within this domain proactively monitors and scrutinizes financial activities to detect and halt fraudulent actions, money laundering, and illegal dealings, thereby ensuring regulatory adherence and bolstering security protocols. For example, a report from Security.org, a US-based NGO, suggested that in September 2024, the percentage of American adults owning cryptocurrency had risen to 40%, marking an increase from 30% in 2023. This indicates an estimated 93 million people involved in the crypto market. Thus, the growing influence of cryptocurrencies and blockchain transactions is fueling the expansion of the transaction monitoring market.
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What Are the Key Trends Driving Transaction Monitoring Market Growth?
Premier businesses within the transaction monitoring market are incorporating cutting-edge solutions, such as Software-as-a-Service (SaaS) platforms to retain superiority within the industry. These SaaS platforms are employed for on-the-fly transaction scrutiny, guaranteeing speedy identification and reaction to irregularities for heightened safety and adherence to compliance. For instance, in June 2023, Fenergo Ltd., a SaaS organization situated in Ireland providing fintech solutions, unveiled a KYC (Know Your Customer) and transaction adherence solution, offering instantaneous customer knowledge and non-stop monitoring capabilities. This solution fuses identity verification with transaction tracking to better comprehend customers, spot potential illicit activities like money laundering and align with anti-money laundering laws. By using intelligent technology to examine transactions, it amasses data from diverse sources through a single, user-friendly tool and minimizes false detection of harmless transactions.
How Is the Transaction Monitoring Market Segmented?
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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Which Companies Are Leading the Charge in Transaction Monitoring Market Innovation?
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
Which Regions Are Leading the Global Transaction Monitoring Market in Revenue?
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.
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