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Global Transaction Monitoring Software Market Research Report 2023-2028:
According to the latest report by IMARC Group, titled " Transaction Monitoring Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
," the global transaction monitoring software market size reached US$ 14.4 Billion in 2022.
Transaction monitoring software refers to an advanced solution that enables financial institutions to administer, monitor, and assess the transaction history and activities of users. It assists in analyzing the overall data of the account holder to get a comprehensive picture of the customer financial behavior, identifying and eliminating unusual money-laundering activities, and generating suspicious activity reports to alert the organizations.
As a result, it aids businesses in maintaining banking relationships, expanding transaction circles, managing regulatory priorities, mitigating financial sanctions, and optimizing the overall work efficiency of the company.
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The transaction monitoring software market is primarily being driven by the widespread adoption of the solution across various industrial verticals due to the increasing instances of money laundering and sophisticated cyber-attacks across the globe. Cybercriminals and terrorists explore possible vulnerabilities in the system of the organization to commit frauds, which can be avoided or controlled through transaction monitoring software. The rising utilization of online transactions services through various platforms has further facilitated the need for the effective management of know your customer (KYC), know your transactions (KYT) compliances and counter-terrorist financing (CTF) activities. These solutions assist in detecting the risk of identity theft, financial fraud, and financing of criminal organizations, which, in turn, is acting as another major growth-inducing factor.
Additionally, the extensive utilization of artificial intelligence (AI)- and Software-as-a-Service-based transaction and security monitoring solutions across small and medium-sized enterprises (SMEs), are contributing to the market growth. Apart from this, the implementation of the regulatory framework to inhibit financial threats, along with the initiatives being undertaken by the government bodies for sensitizing masses and companies regarding escalating money-laundering cases, are creating a positive outlook for the market.
Looking forward, IMARC Group expects the market to reach a value of US$ 31.5 Billion by 2028, exhibiting at a CAGR of 13.6% during 2023-2028.
View Report TOC, Figures and Tables: https://www.imarcgroup.com/transaction-monitoring-software-market
Key Market Segmentation
The research report includes the following segments:
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
Competitive Landscape with Key Players:
• ACI Worldwide Inc
• BAE Systems plc
• ComplyAdvantage
• Experian plc
• Fair Isaac Corporation
• FIS
• Fiserv Inc
• NICE Ltd
• Oracle Corporation
• SAS Institute Inc
• Software AG
• Thomson Reuters Corporation
1. What was the size of the global transaction monitoring software market in 2022?
2. What is the expected growth rate of the global transaction monitoring software market during 2023-2028?
3. What are the key factors driving the global transaction monitoring software market?
4. What has been the impact of COVID-19 on the global transaction monitoring software market?
5. What is the breakup of the global transaction monitoring software market based on the component?
6. What is the breakup of the global transaction monitoring software market based on the deployment mode?
7. What is the breakup of the global transaction monitoring software market based on enterprise size?
8. What is the breakup of the global transaction monitoring software market based on the application?
9. What is the breakup of the global transaction monitoring software market based on the end use industry?
10. What are the key regions in the global transaction monitoring software market?
11. Who are the key players/companies in the global transaction monitoring software market?
Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/transaction-monitoring-software-market/toc
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