Transaction Monitoring Software Market 2023 | Industry Trends, Share, Size and Forecast 2028

According to the latest report by IMARC Group, titled, “Transaction Monitoring Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global transaction monitoring software market size reached US$ 14.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.6% during 2023-2028.

Transaction monitoring software is developed to track transactions and detect suspicious account activities automatically. It comprises tools to monitor every data associated with a transaction and assess it through fraud detection rules. It blocks dubious actions and lists information of flagged transactions in the suspicious activity report (SAR). It also monitors algorithms that utilize adaptive strategies and large data pools to analyze fraudulent patterns that cannot be detected by traditional security systems. It examines international and domestic money transfers, large cash deposits, and withdrawals to prevent electronic crime. Transaction monitoring software finds applications in e-commerce businesses to increase reliability, build strong connections with their targeted customers, and avoid financial crimes. It enables organizations to stay compliant with the anti-money laundering (AML) regulations. Furthermore, it helps various financial institutions to simplify the complexities of an online payment network and secure valuable information about customer accounts. It also allows banks to set velocity rules or transaction limits required for detecting the rapid movement of funds through large deposits. It eliminates the expenses of hiring a team to manage illicit transactions and reduces the occurrence of manual errors in the scanning process. As it can inspect multiple data sources to generate accurate analytics, transaction monitoring software is widely used in information and technology (IT), retail, healthcare, telecommunication, defense, and government sectors across the globe.

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Transaction Monitoring Software Market Trends and Drivers:

The rising demand for transaction monitoring software due to the increasing occurrence of cybersecurity breaches and phishing activities represents one of the primary factors influencing the market positively. Besides this, the growing utilization of various high-risk payment methods, such as cryptocurrencies or digital wallets, by criminal organizations to stay anonymous while trading is offering a favorable market outlook. In addition, there is a rise in online shopping activities among individuals to save time and money. This, along with the increasing employment of digital payment applications to make transactions effortlessly, is propelling the growth of the market. Apart from this, the rising demand for predictive analytics among businesses to assess future risks and secure payment information of their customers is contributing to the growth of the market. Additionally, the increasing integration of machine learning (ML) and artificial intelligence (AI) in transaction monitoring software to detect financial crimes, such as terrorist financing, bribery and corruption, and tax evasion, is strengthening the growth of the market. Moreover, the rising adoption of know-your-transactions (KYT) to prevent money laundering is bolstering the growth of the market. Furthermore, governing agencies of several countries are introducing stringent AML policies to prevent financial terrorism around the world.

Transaction Monitoring Software Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

  • ACI Worldwide Inc.
  • BAE Systems plc
  • Comply Advantage
  • Experian plc
  • Fair Isaac Corporation
  • FIS
  • Fiserv Inc.
  • NICE Ltd.
  • Oracle Corporation
  • SAS Institute Inc.
  • Software AG
  • Thomson Reuters Corporation.

The report has segmented the market based on component, deployment mode, enterprise size, application and end use industry.

Breakup by Component:

  • Solution
  • Services

Breakup by Deployment Mode:

  • On-premises
  • Cloud-based

Breakup by Enterprise Size:

  • Small and Medium-sized Enterprises
  • Large Enterprises

Breakup by Application:

  • Anti-Money Laundering
  • Customer Identity Management
  • Fraud Detection and Prevention
  • Compliance Management

Breakup by End Use Industry:

  • BFSI
  • Government and Defense
  • IT and Telecom
  • Retail
  • Healthcare
  • Energy and Utilities
  • Manufacturing
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

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Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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