Solutions for transaction monitoring can be used to examine each transaction’s plausibility. It provides a number of advantages, including risk management system, flexible and transparent configuration of rules, analysis of business cases for plausibility, and secure business applications.
The market for transaction monitoring is anticipated to reach US$ 25 billion by 2031, growing at a CAGR of 15% from 2021 to 2031.
Applications for transaction monitoring software include anti-money laundering, managing customer identities, detecting and preventing fraud, and managing compliance.
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Artificial intelligence (AI), the Internet of Things (IOT), and robotic process automation (RPA) are examples of new technologies that are constantly being developed and implemented. These technologies hold great promise for combating money laundering, terrorist financing, fraud, and market manipulation.
The transaction monitoring market refers to the use of software tools and services to monitor financial transactions for potential fraud, money laundering, terrorist financing, and other illegal activities. The market includes various types of software solutions such as anti-money laundering (AML) solutions, fraud detection and prevention solutions, compliance management solutions, and risk management solutions.
The transaction monitoring market has been growing in recent years, driven by increasing regulatory pressures and the need for financial institutions to combat financial crimes. The market is expected to continue to grow as financial institutions seek to improve their detection and prevention capabilities, especially in the face of emerging threats such as cybercrime and digital currency-related crimes.
Who are the Key Providers of Transaction Monitoring?
Some of the leading providers of Transaction Monitoring include
- Oracle Corporation
- FICO
- Fiserv, Inc.
- BAE Systems
- Software AG
- SAS
- Experian plc
- FIS
- Infrasoft Technologies
- Others.
Market participants are adopting the product diversification strategy to enhance their market presence. Moreover, emerging companies are significantly investing in new product development. For instance, ACAMS launched new transaction monitoring certification for compliance professionals.
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U.S. and Canada Transaction Monitoring Outlook
U.S. is the largest market for transaction monitoring, owing to the strong presence of transaction monitoring software and service provider, and the increasing adoption of digital technologies in the US region. The U.S transaction monitoring market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031.
Demand is likely to remain muted in the next couple of years, as several end-use industries make a gradual recovery.
Moreover, increasing emphasis on regulating the U.S. government regarding money laundering, and terrorist financing activities, and fraud protection, is also expected to drive the U.S. market. The U.S. and Canada-based transaction monitoring providers focus on offering cost-effective cloud-based solutions across the North American market.
Key Segments of Transaction Monitoring Market
By Solution:
- Transaction Monitoring Software
- Services
- Professional Services
- Implementation and Integration
- Consulting
- Support and maintenance
- Managed Services
- Professional Services
By Enterprise Size:
- Small and Medium-sized Enterprises (SMEs)
- Large enterprises
By Application:
- Customer Identity Management
- Anti-Money Laundering
- Compliance Management
- Fraud Detection and Prevention
By Region:
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- UK
- France
- Germany
- Italy
- Spain
- BENELUX
- Russia
- Rest of Europe
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About Future Market Insights, Inc.
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