GLOBAL TRANSACTION MONITORING SOFTWARE MARKET 2020-2028

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  Triton Market Research predicts that the global transaction monitoring software market would rise with a CAGR of 14.25% during the forecast period 2020-2028. The market was valued at $9.81billion in the year 2019 and is expected to rise to a revenue of about $28.49 billion by the year 2028.
Transaction monitoring is a type of software that aids financial institutions such as credit unions, commercial banks, and finance companies to monitor customer money transactions such as cash deposits, withdrawals, and wire transfers. It helps them provide a wholesome report of a customer’s transactions and the risk level associated with that customer.
The main purpose of transaction monitoring software is to analyze distrustful financial transfers of currencies, exposing the origins of money obtained illegally. Triton Market Research’s report on the transaction monitoring software market provides an in-depth insight into the market.
The detailed analysis of the market includes key market insights, Porter’s five force analysis, and the market attractiveness index.   Factors such as the use of advanced analytics to identify high-risk activities, mitigate money laundering, and manage KYC compliance/CTF activities, along with the increase in digitalized payment transactions are expected to foster the growth of the market during the forecast period.
In the recent past, advanced analytics has been the main feature of data science using tools and methods that focus on projecting future events, trends, and behaviors. There has been an increase in the use of advanced analytics by various financial and banking institutions for monitoring high-risk activities, which is the key factor that drives the growth of the transaction monitoring software market.
Advanced analytics is applied in transaction monitoring to detect and monitor specific risks, which cannot be detected by traditional methods. For example, advance transaction monitoring helps in identifying financial crimes and various suspicious and terrorist financing activities.
  https://www.tritonmarketresearch.com/reports/transaction-monitoring-software-market#request-free-sample Furthermore, the integration of Big Data, machine learning, and AI in transaction monitoring, and the increasing deployment of transaction monitoring systems by SMEs are expected to act as some opportunities for the market. Banking and other financial institutions consider SMEs as the major risk sector as they are generally used as a shield to perform money laundering and various financial crimes.
Thus, SMEs are focused towards the adoption of advanced technologies such as Big Data, machine learning, and artificial intelligence in their transaction monitoring systems to increase the adequacies to reduce fraud. Moreover, digitization has been considered as the major factor for the adoption of transaction monitoring by SMEs to keep track of various transactions made by customers.
The shortage of skilled professionals has been the major challenge encountered by the financial industry. This is because of the lack in the number of people with skills related to transaction monitoring, such as in-depth knowledge of AML monitoring.
Several companies are encouraging their existing workforce to undergo necessary training as well as are ready to train new people on AML skills. However, it takes time to get everyone on the same page, or there is barely any improvement.
Furthermore, the increasing risk of security breaches, difficulties in managing cross-border and multi-jurisdictional AML-compliance are some of the key restraining factors of the transaction monitoring software market. Key geographies covered in the global transaction monitoring software market are: •         North America: United States and Canada •         Europe: United Kingdom, France, Germany, Spain, Italy, Russia and Rest of Europe •         Asia-Pacific: China, Japan, India, Australia, South Korea, ASEAN Countries and Rest of Asia-Pacific •         Latin America: Brazil, Mexico and Rest of Latin America •         Middle East and Africa: Saudi Arabia, Turkey, United Arab Emirates, South Africa and Rest of Middle East & Africa The global transaction monitoring software market includes segmentation analysis on the basis of components, deployment mode, enterprise size, application, and industrial vertical.
•         Market by Components: O       Solution O       Service •         Market by Deployment Mode: O       On-premise O       Cloud •         Market by Enterprise Size: O       Large Enterprises O       SMEs •         Market by Application: O       Anti-Money Laundering O       Customer Identity Management O       Fraud Detection & Prevention O       Compliance Management •         Market by Industrial Vertical: O       BFSI O       Government & Defense O       Retail & E-commerce O       IT & Telecom O       Healthcare O       Energy & Utilities O       Manufacturing O        Others The key companies profiled in the report include SAS Institute Inc, Oracle, Bottomline Technologies (de) Inc, BAE Systems, Thomson Reuters, Nice Ltd, InfrasoftTech, Software AG, ACI Worldwide Inc, Dow Jones Risk & Compliance, ComplyAdvantage, Experian plc, Fiserv Inc, Fair Isaac Corporation, and FIS. Source: Free Articles from ArticlesFactory.com We are a leading market research company providing you with syndicated market insights, customized research reports and cost-effective consulting services for constructive decision making.
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