Dublin, June 13, 2023 (GLOBE NEWSWIRE) -- The "Global Transaction Monitoring Market (2023-2028) by Component, Deployment Mode, Application, Geography and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Transaction Monitoring Market is estimated to be USD 16.5 billion in 2023 and is expected to reach USD 34.73 billion by 2028, growing at a CAGR of 16.05%.
The market is being driven by the increase in demand for data protection laws and the dearth of expensive security solutions for payment network integration. The demand that businesses manage their money laundering and counter-terrorist financing (CTF) operations as well as KYC compliance will support the market's upward expansion.
Lack of technological know-how, lack of awareness, and a lack of expert knowledge will restrain the market. This is especially true in underdeveloped economies. Payment monitoring systems can be very beneficial for businesses, but these systems require knowledgeable, skilled staff who have relevant experience in logical and analytical thinking as well as financial domain knowledge. Currently, there is a shortage of experts in solution development, including statisticians, ethical hackers, data analysts, and data scientists. The biggest challenge that companies in the transaction monitoring market industry face is the development of more sophisticated technologies that are easier for users who aren't IT or business analytics experts to use. Making a less complex system might lead to issues because an effective system requires that the end users have a solid understanding of the product.
However, the market has an opportunity due to integration of advance technology such AI, machine learning and big data. Machine learning and artificial intelligence will ultimately be beneficial for the market. Such cutting-edge technologies provide a higher level of security and protect the user's sensitive information. Advanced analytics provides protection and safety against preventative hazards; as a result, this will boost the reputation of transaction monitoring technology internationally. Processes for transaction monitoring and screening perform better because of technological advancements.
Market Dynamics
- Drivers
- Need to Mitigate Money Laundering, Managing KYC Compliance and CTF Activities
- Increasing Need for Organizations to Comply with Stringent Regulatory Agreements
- Utilization of Advance Analytics to Provide Proactive Risk Alerts
- Growing Integration of Advance Technology such AI, Machine Learning and Big Data
- Restraints
- Lack of Risk Analysis Professional
- Opportunities
- Increase in the Deployment of Digital Transactions
- Increasing Demand from Non-Banking Financial Institutions
- Increasing Digitalization in Payment Transaction Process
- Challenges
- Complications in Managing Cross-Border and Multi-Jurisdictional AML Compliance
Company Profiles
The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are ACI Worldwide, ACTICO, BAE Systems, Beam Solutions, Experian, Fair Isaac Fidelity National Information Services, Fiserv, etc.
Report Highlights:
- A complete analysis of the market, including the parent industry
- Important market dynamics and trends
- Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
- Market segmentation
- Competitive Analysis: Comparative analysis of competitor
- Historical, current, and projected size of the market based on value and volume
- Market size of the US states
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 137 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $16.5 Billion |
| Forecasted Market Value (USD) by 2028 | $34.73 Billion |
| Compound Annual Growth Rate | 16.0% |
| Regions Covered | Global |
Company Profiles
- ACI Worldwide, Inc.
- ACTICO GmbH
- BAE Systems PLC
- Beam Solutions, Inc.
- Bottomline Technologies
- Caseware International, Inc.
- ComplianceWise
- Eastnets
- Experian PLC
- Fair Isaac Corp.
- Fidelity National Information Services, Inc.
- Fiserv, Inc.
- IdentityMind Global
- Infrasoft Technologies Ltd.
- Nice Ltd.
- Oracle Corp.
- Refinitiv Ltd.
- SAS Institute, Inc.
- Software Ag
- Thomson Reuters Corp.
For more information about this report visit https://www.researchandmarkets.com/r/tl0j3g
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