Transaction Monitoring Market: Opportunities, Analysis and Forecast 2024
Transaction Monitoring Market – Overview
The massive surge in transactions being conducted on a day to day basis is increasing the application rate of transaction monitoring applications. Reports that judge the information and communication technology industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. A CAGR of 17.4 % is expected to lead to revenue generation worth USD 19.32 billion by 2024.
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The need to ensure real time monitoring of transactions to curb discrepancies and prevent fraudulent transactions is foreseen to boost the market in the approaching period. The rising preference for proactive risk alerting is expected to further raise the growth potential of the market for transaction monitoring in the upcoming years.
The segmental review of the Transaction Monitoring Market has been conducted out on the basis of vertical, component, deployment, application, organization size, and region. Based on the component, the transaction monitoring market has been bifurcated into service and solution. Based on the deployment modes, the transaction monitoring market has been segmented into the cloud and on-premise. Based on the organization sizes, the market for transaction monitoring comprises of small enterprises (SMEs), medium-sized, and large enterprises. On the basis of application, the transaction monitoring market has been segmented into fraud detection and prevention, compliance management, anti-money laundering, and customer identity management. Based on the functions, the market for transaction monitoring consists of dashboard and reporting, watch list screening, case management, and KYC/customer onboarding. On the basis of vertical, the market for transaction monitoring has been segmented into energy and utilities, healthcare, IT and telecommunication, retail, government and defense, banking, financial services and insurance (BFSI), manufacturing, and others.
The key players in the global Covid-19 Impact on Transaction Monitoring Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Fiserv, Inc. (US), SAS Institute, Inc. (US), IBM Corporation (US), FIS (US), Oracle Corporation (US), Fair Isaac Corporation (US), NICE Systems Ltd (Israel), ACI Worldwide (US), ACTICO GmbH (Germany), Bottomline Technologies (US), Beam Solutions, Inc. (US), Infrasoft Technologies (India), Software AG (Germany), Experian Information Solutions, Inc. (Ireland), and BAE Systems (UK). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and the launch of solutions.
Detailed Regional Analysis
The regional scrutiny of the transaction monitoring market covers regions such as Europe, North America, Asia Pacific, and other regions around the world. The region of North America was the main revenue-generating region for the transaction monitoring solution and service sellers in 2018. The BFSI and retail & e-commerce verticals are estimated to be the foremost verticals that are using transaction monitoring solutions in the region of North America. The European region is evaluated to be the following principal market in the forecast period due to the growing demand for transaction monitoring solutions in the BFSI sector. The Asia Pacific region is expected to be the fastest intensifying market in the transaction monitoring market through the forecast period. The market in the Asia Pacific is attaining traction, as a mounting number of enterprises are applying these solutions across the BFSI and retail & e-commerce industries.
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