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The monitoring of customer transactions daily is estimated to impel the transaction monitoring market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A CAGR of 17.4% is estimated to steer market expansion in the future.
The implementation of digitalization for payment transaction procedures offers is expected to maximize the development potential of the global market in the forecast period. The necessity for proactive risk alerting is estimated to develop the transaction monitoring market size in the forecast period.
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The segmental study of the transaction monitoring market has been segmented into organization size, application, vertical, deployment, and component. By the function basis, the transaction monitoring market comprises of watch list screening, dashboard & reporting, KYC/customer onboarding, and case management. By the component basis, the transaction monitoring market comprises of solutions and services. On a vertical basis, the transaction monitoring market comprises of retail, energy & utilities, IT & telecommunication, healthcare, government & defense, BFSI, and manufacturing. By the application basis, the transaction monitoring market comprises of compliance management, anti-money laundering, fraud detection & prevention, and customer identity management. By the deployment mode basis, the transaction monitoring market comprises of on-premise and cloud. By the organization size basis, the transaction monitoring market comprises of small & medium-sized enterprises (SMEs) and large enterprises.
Detailed Regional Analysis
The regional examination of the transaction monitoring market encompasses Asia-Pacific, North America, Europe, and the rest of the regions. The regional market in North America was the main region in the transaction monitoring solution market in 2018. The increasing requirement of enterprises to fulfill with KYC regulations, and decrease money laundering & Counter-Terrorist Financing activities is inspiring the market. The utilization of advanced analytics to provide proactive risk alerts is one of the factors which is expected to compel the market in North America. The retail and e-commerce verticals are expected to be the foremost verticals that are using transaction monitoring solutions in North America. The escalating demand for transaction monitoring solutions in the BFSI sector has led the European region to the second position in the global market. Asia-Pacific is predicted to be the fastest increasing market in the transaction monitoring market in the forecast period. A mounting number of enterprises are adopting these solutions across the BFSI, and retail and e-commerce industries are estimated to benefit the APAC region.
The prospects for growth in the market have to be carefully sought out and examined to ensure that they will ensure the favorable development of the market in the coming period. The investment in robotic elements in the supply chain is estimated to be seen in the future to reduce the impact of the human capital on the long term market expansion. The state of the market is extremely indecisive due to the effect of the macro factors operating in the global economy. The road to the resurgence of the market is estimated to be extensive and arduous due to the degree of the setbacks it has suffered. The competitors present in the market are recalibrating their market share to open up new areas of development in the market. The stress on enhancing the production potential and upgradation of the workforce are the top priorities to reinvigorate the development potential of the market in the coming period. The establishment of robust distribution channels is estimated to define the development of the market in the future.
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The notable contenders in the transaction monitoring market are Beam Solutions, Inc. (US), SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Experian Information Solutions, Inc. (Ireland), FIS (US), Fiserv, Inc. (US), ACI Worldwide (US), Fair Isaac Corporation (US), ACTICO GmbH (Germany), NICE Systems Ltd (Israel), Bottomline Technologies (US), Infrasoft Technologies (India), Software AG (Germany), and BAE Systems (UK).
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