Transaction Monitoring Software Market Size to Reach US$ 31.5 Billion 2023-2028
The global transaction monitoring software market size reach US$ 31.5 Billion by 2028, exhibiting a growth rate (CAGR) of 13.6% during 2023-2028.
NY 11249, BROOKLYN, UNITED STATES, July 12, 2023/EINPresswire.com/ — IMARC Group, a leading market research company, has recently releases report titled, “Transaction Monitoring Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“ The study provides a detailed analysis of the industry, including the global transaction monitoring software market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the transaction monitoring software market?
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.
What is transaction monitoring software?
Transaction monitoring software uses advanced analytics and machine learning (ML) algorithms to detect patterns in transaction data that indicate potential financial crimes, such as high-value cash deposits and unusual account activity. It includes software solutions for monitoring and analyzing financial transactions and financial crime prevention tools, such as customer due diligence and know-your-customer (KYC) software. At present, it finds application in banking, financial services and insurance (BFSI), government, defense, information technology (IT), telecommunication, retail, healthcare, and manufacturing industries, across the globe.
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What are the growth prospects and trends in the transaction monitoring software industry?
The rising incidences of financial crime, such as money laundering and fraud and the escalating demand for identifying suspicious patterns and detecting fraudulent transactions, represent one of the key factors positively influencing the market. In addition, the increasing regulatory compliance and stringent regulations of anti-money laundering (AML) and counter-terrorism financing (CTF) are catalyzing the demand for transaction monitoring software. Apart from this, the incorporation of advanced technologies, such as artificial intelligence (AI), ML, and big data analytics, for improving the accuracy and effectiveness of transaction monitoring by identifying sophisticated patterns and anomalies in the data is creating a favorable market outlook. Furthermore, the increasing adoption of transaction monitoring software to streamline the compliance process, reduce the need for manual intervention, and improve overall efficiency are stimulating the market growth worldwide.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
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