CHICAGO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- "Transaction Monitoring Market" is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. Transaction Monitoring market analysis report has been prepared based on detailed market analysis with inputs from industry experts. This market survey provides key information about the Transaction Monitoring industry, including very helpful and important facts and figures, expert opinions, and the latest developments across the globe. Analysis and interpretation of market research data performed in this industry analysis report is used to build a report which contains information and knowledge that can be used to predict future events, future products, marketing strategies, actions or behaviors. Global Transaction Monitoring market document covers a strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
The global transaction monitoring market was valued at USD 13.65 billion in 2021 and is expected to reach USD 42.52 billion by 2029, registering a CAGR of 15.26% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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The process of managing, examining, and analyzing a transaction that has been completed on a business application or an information system is known as transaction monitoring. The firm uses transaction monitoring to effectively and efficiently manage various consumer transaction types. Transaction monitoring's major objectives are to spot high-risk activity, safeguard consumer transactions, and keep the banking relationship intact.
Detecting fraud becomes difficult because, on average, 99.85% of credit card transactions handled each day are legitimate. The amount of anomalies found by KYT is maximised, and it can identify fraudulent credit card transactions. In August 2019, Telindus revealed plans to develop a KYT concept that makes use of AI and intends to satisfy AML and PSD2 standards. The reach of Chainalysis's anti-money laundering monitoring service has increased with the addition of support for 10 additional ERC-20 tokens in April 2020.
Competitive Landscape
The research promotes high-end commercialization and profit-steering opportunities, and it takes market dimensions and volatility into account.
This section of the report also focuses on accurately decoding the competitive landscape with astute high-end identification of frontline players, complete with an in-depth analytical study of their business choices and investment discretion, to ensure thoroughly impeccable investor participation and noteworthy growth prospects.
To ensure a smooth ride and hopeful business returns despite numerous odds and unprecedented hurdles, this research has carefully gauged facts pertaining to portfolio advancements, geographical presence, and other essential market details.
Recent Developments
A significant player in the global transaction monitoring business, Telindus created and sold technologies in August 2019 that integrated AI and conventional analytical skills. The end result was a better approach that was quicker and simpler to identify fraudulent credit card transactions
The Transaction Monitoring Market is Dominated by Firms Such as
- NICE (Israel)
- Oracle (U.S.)
- FICO (U.S.)
- BAE Systems (U.K.)
- Fiserv, Inc. (U.S.)
- SAS Institute Inc. (U.S.)
- Experian Information Solutions, Inc. (Ireland)
- FIS (U.S.)
- ACI Worldwide (U.S.)
- Refinitiv (U.K.)
- Software AG (Germany)
- ComplyAdvantage (U.S.)
- Infrasoft Technologies (India)
- Actico GmbH (Germany)
- ComplianceWise (Netherlands)
- EastNets (UAE)
- Bottomline Technologies, Inc. (U.S.)
- Jumio (U.S.)
- Caseware International Inc. (Canada)
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The report includes six parts, dealing with:
- Basic information
- The Asia Transaction Monitoring Market
- The North American Transaction Monitoring Market
- The European Transaction Monitoring Market
- Market entry and investment feasibility
- The report conclusion
All the research report is made by using two techniques that are Primary and secondary research. There are various dynamic features of the business, like client need and feedback from the customers. Before (company name) curate any report, it has studied in-depth from all dynamic aspects such as industrial structure, application, classification, and definition.
Opportunities for Key Players:
- Rising adoption of advanced technologies
Artificial intelligence and machine will truly benefit the market in the long run. Such advanced technologies offer greater degree of security and safeguards the crucial information of the user. Advanced analytics offers security and safety against proactive risks and therefore, this will spread a positive word of mouth for the transaction monitoring technology on a global scale.
- Growth and expansion
Growth and expansion of banking and financial services industry especially in the developing economies will present very many opportunities for the growth of the market. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market. Rising number of end users on daily basis, both at large and small scale and complete digitization of operations will also work in favor of the market.
Key Market Segments Covered in Transaction Monitoring Industry Research
Component
- Solutions
- Services
- Professional Services
- Consulting
- Integration
- Training and education
- Support and maintenance
Function
- Case Management
- KYC/Customer On boarding
- Dashboard and Reporting
- Watch List Screening
Deployment Model
- 0n-Premises
- Cloud
Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
Application Area
- Customer Identity Management
- Fraud Detection and Prevention
End User
- Banking, Financial Services, and Insurance
- Government and Defense
- IT and Telecom
- Retail
- Healthcare
- Energy and Utilities
- Manufacturing
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Transaction Monitoring Market Regional Analysis/Insights:
The countries covered in the transaction monitoring market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America is flourishing its dominance in the global transaction monitoring market due to factors including the government's increased focus on maintaining and repairing civil infrastructure, the ageing infrastructure, and growing need to manage KYC compliance. Additionally, to safeguard the safety and security of crucial documents against proactive risks, there is a high scale deployment of advanced analytics.
Over the forecast period, Asia-Pacific is anticipated to have the greatest CAGR. The growth of the region is attributed to the increasing awareness of the transaction monitoring process and its benefits. In order to encourage economic growth, many nations, notably China, India, and others, are increasing their investments in infrastructure.
Key Industry Drivers:
- Market opportunities in developing economies as a result of automation
The current global trend is widespread adoption of automation, smart technologies, and digitization by both major and small and medium-sized businesses. 90% to 95% of all businesses are small and medium-sized, whereas just 5% to 10% are huge in scope. In order to increase operational efficiency, the majority of SMEs in the U.S. have integrated or plan to integrate their work flow with automation. As a result, transaction monitoring software is becoming more widely used worldwide. The market is anticipated to develop as a result of SMEs automating their workflow processes.
- Increased number of cybercrimes and cyber threats
Global average cost of data breaches across small scale businesses in 2019 was USD 3.9 million and USD 116 million for large scale businesses. The requirement for corporations to control money laundering and counter-terrorist financing (CTF) operations as well as KYC compliance and this will bolster the growth of the market in the upward direction.
Furthermore, the factors such as rising urbanization, industrialization and mounting awareness among organizations to comply with the regulations and standards related to payment services are some other important market drivers. Additionally, growing support by the government on the promotion of the technology and solutions and increasing per capita income are anticipated to drive the growth rate of the market.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Transaction Monitoring Market: Regulations
- Market Overview
- Global Transaction Monitoring Market, By Component
- Global Transaction Monitoring Market, By Function
- Global Transaction Monitoring Market, By Deployment Model
- Global Transaction Monitoring Market, By Organization Size
- Global Transaction Monitoring Market, By Application Area
- Global Transaction Monitoring Market, By End User
- Global Transaction Monitoring Market, By Region
- Global Transaction Monitoring Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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