Transaction monitoring software market value
Transaction monitoring software market is experiencing significant growth due to the increasing need for real-time fraud detection and prevention.
PORTLAND, PORTLAND, OR, UNITED STATES, May 12, 2023 /EINPresswire.com/ — The market for transaction monitoring software, which had a global market value of $7,957.14 million in 2018, is anticipated to expand to $25.41 billion by 2026, with a compound annual growth rate (CAGR) of 15.70% from 2019 to 2026.
The organization uses transaction monitoring to efficiently and effectively manage various consumer transaction kinds. The profitable elements driving the expansion of the transaction monitoring software market include the numerous advantages connected with transaction monitoring systems, including red flag identification, KYC screening, automatic CTR/SAR filing, and real-time data aggregation.
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Surge in the need for identifying high risk activities by using advance analytics, need for organizations to comply with stringent regulatory agreements, and surge in the need of data protection regulations and lack of high-cost security solution within the payment network infrastructure fuel the growth of the transaction monitoring software market. However, lack of transaction monitoring and AML professionals and difficulties in managing cross-border and multi-jurisdictional AML-compliance hampers the growth of the market. Furthermore, integration of advance technology such AI, machine learning and big data and increase in the deployment of transaction monitoring system by SMEs are anticipated to provide lucrative opportunity for the market.
The large enterprises segment dominated the transaction monitoring software market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in different factors such as assets protection, reputation management, supply chain risks, IP protection, and competitor analysis. Furthermore, the small & medium enterprises are expected to grow at a significant CAGR during the forecast period, owing to surge in the adoption of transaction monitoring among SMEs is expected in the upcoming years for identifying, managing, and controlling different types of suspicious transactions.
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The transaction monitoring software market is experiencing significant growth due to the increasing need for real-time fraud detection and prevention. Transaction monitoring software is used to monitor financial transactions for potential fraud and to ensure compliance with regulatory requirements. One of the main trends driving the growth of this market is the increasing prevalence of financial crimes such as money laundering, terrorist financing, and cyber fraud. In response to these threats, financial institutions are investing heavily in transaction monitoring software to identify and prevent fraudulent activity.
Another trend driving the growth of the transaction monitoring software market is the increasing adoption of AI and machine learning technologies. These technologies enable transaction monitoring software to learn and adapt to new fraud patterns, improving the accuracy and efficiency of fraud detection. Additionally, the integration of these technologies with other security systems, such as cybersecurity and anti-money laundering (AML) solutions, is becoming more common. This integrated approach allows financial institutions to monitor transactions holistically, enabling them to detect and prevent a wide range of financial crimes. Overall, the transaction monitoring software market is expected to continue to grow as financial institutions seek to enhance their fraud detection capabilities and ensure compliance with regulatory requirements.
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The key players profiled in the transaction monitoring software market analysis are ACI Worldwide Inc., BAE Systems, Fair Isaac Corporation, Fiserv Inc., FIS, Nice Ltd., Oracle Corporation, SAS Institute, Software AG, and Thomson Reuters Corporation.
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