Dublin, March 29, 2019 (GLOBE NEWSWIRE) -- The "Transaction Monitoring Market by Component, Application Area (AML, FDP, Compliance Management, and Customer Identity Management), Function, Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global transaction monitoring market size is estimated to grow from USD 8,299.7 million in 2018 to USD 16,795.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 15.1% from 2018 to 2023.
The factors expected to drive the transaction monitoring market are the need to manage KYC compliance, and mitigate money laundering and CTF activities; and the use of advanced analytics to provide proactive risk alerts. However, the difficulties in managing cross-border and multi-jurisdictional AML-compliance is still a concern for organizations. Furthermore, the lack of risk analysis professionals is expected to restrain market growth.
Money laundering, corruption, and terrorist financing are some of the major concerns for global organizations. These issues are major causes of terrorist activities, drug smuggling, human trafficking, and other illegal activities. Global organizations are focusing on deploying various security solutions to restrict criminals from money laundering, which shuts off the cash flow and help reduce criminal activities. Fighting against money laundering and reducing overall crime are the major objectives of global organizations.
Organizations are deploying various solutions, such as Fraud Detection and Prevention (FDP), Anti-money Laundering (AML), transaction monitoring, and compliance management to fight financial crimes. Transaction monitoring solutions involve the processes of reviewing, analyzing, and administering the financial transactions, such as money transfers, deposits, and withdrawals processed on the web or mobile applications, Automated Teller Machines (ATMs) or Point of Sale (PoS) systems, and in financial institutions. The real-time transaction monitoring helps an organization identify suspicious transactions and mitigate the same.
This growth in the market can be attributed to the increasing awareness and investments in security solutions in global organizations operating across verticals.
Key players in the global transaction monitoring market includes
- ACI Worldwide
- Actico
- Bae Systems
- Beam Solutions
- Bottomline Technologies
- Caseware
- Compliancewise
- Complyadvantage
- Eastnets
- Experian
- FICO
- FIS
- Fiserv
- Identitymind
- Infrasoft Technologies
- Nice
- Oracle
- Refinitiv
- SAS
- Software AG
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Transaction Monitoring Market
4.2 Market Share of Top 3 Verticals and Regions, 2018
4.3 Market, Top 3 Verticals
4.4 Market, By Component, 2018-2023
4.5 Market, By Deployment Mode, 2018
4.6 Market, By Organization Size, 2018
4.7 Market, Top 3 Verticals, 2018
4.8 Market Investment Scenario
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Organizations' Need to Manage KYC Compliance and Mitigate Money Laundering and CTF Activities
5.2.1.2 Use of Advanced Analytics to Provide Proactive Risk Alerts
5.2.1.3 Organizations' Need to Comply With Stringent Regulatory Compliances
5.2.2 Restraints
5.2.2.1 Lack of Risk Analysis Professionals
5.2.3 Opportunities
5.2.3.1 Integration of AI, Machine Learning, and Big Data Analytics
5.2.3.2 Increasing Digitalization in Payment Transaction Process
5.2.4 Challenges
5.2.4.1 Difficulties in Managing Cross-Border and Multi-Jurisdictional AML Compliance
5.3 Regulatory Landscape
5.3.1 Financial Industry Regulatory Authority
5.3.2 Financial Action Task Force
5.3.3 International Monetary Fund
5.3.4 General Data Protection Regulation
5.3.5 Gramm-Leach-Bliley Act
5.3.6 Sarbanes-Oxley Act
6 Transaction Monitoring Market, By Component
6.1 Introduction
6.2 Solution
6.2.1 Increasing Malware and Zero-Day Attacks to Drive the Adoption of Transaction Monitoring Software
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting Services
6.3.1.1.1 Need for Highly-Qualified Industry Experts and Domain Experts to Drive Consulting Services
6.3.1.2 Integration Services
6.3.1.2.1 Need for Integrating Complex Security Systems to Drive Integration Services
6.3.1.3 Training and Education
6.3.1.3.1 Need for Skilled Security Professionals to Drive Training and Education Services
6.3.1.4 Support and Maintenance
6.3.1.4.1 Demand for Service Providers Who Help Enterprises in Providing Installation, Maintenance, and Other Support Activities to Drive Support and Maintenance Services
6.3.2 Managed Services
6.3.2.1 Need to Comply With Stringent Regulations Driving Managed Services
7 Transaction Monitoring Market, By Application Area
7.1 Introduction
7.2 Anti-Money Laundering
7.2.1 Need for Preventing Money Laundering Across the World to Fuel the Adoption of Transaction Monitoring
7.3 Customer Identity Management
7.3.1 Need to Secure Customer Identity Driving the Adoption of Transaction Monitoring
7.4 Fraud Detection and Prevention
7.4.1 Need to Minimize Electronic Payment Frauds Driving the Adoption of Transaction Monitoring Solutions
7.5 Compliance Management
7.5.1 Need to Comply With Continuously Evolving Regulations Fueling the Adoption of Transaction Monitoring Solutions
8 Market, By Function
8.1 Introduction
8.2 Case Management
8.3 KYC/Customer Onboarding
8.4 Dashboard and Reporting
8.5 Watch List Screening
9 Transaction Monitoring Market, By Deployment Mode
9.1 Introduction
9.2 On-Premises
9.2.1 Need to Control Platforms, Applications, Systems, and Data Transfers Driving On-Premises Transaction Monitoring
9.3 Cloud
9.3.1 Cost-Effectiveness of Cloud-Based Solutions to Drive Cloud-Based Transaction Monitoring
10 Market, By Organization Size
10.1 Introduction
10.2 Small and Medium-Sized Enterprises
10.2.1 Growing Attacks in the Small and Medium-Sized Enterprises to Spur Demand for Transaction Monitoring
10.3 Large Enterprises
10.3.1 Need to Mitigate Financial Frauds in Large Enterprises to Fuel the Adoption of Transaction Monitoring
11 Transaction Monitoring Market, By Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Growing Threat to Monetary Transactions Encouraging BFSI Organizations to Deploy Transaction Monitoring Solutions
11.3 Government and Defense
11.3.1 Increase in Bribery, Corruption, and Data Theft to Drive the Adoption of Transaction Monitoring Solutions in Government and Defense
11.4 IT and Telecom
11.4.1 Need to Protect Large Volume of Sensitive Data Driving the Adoption of Transaction Monitoring Solutions
11.5 Retail
11.5.1 Need to Secure Financial Transactions Driving the Adoption of Transaction Monitoring Solutions in the Retail Vertical
11.6 Healthcare
11.6.1 Need to Protect Sensitive Healthcare Data Driving the Adoption of Transaction Monitoring Solutions in Healthcare
11.7 Energy and Utilities
11.7.1 Frauds Over Billing and Loading, Tax, and Supply to Fuel the Demand for Transaction Monitoring in the Energy and Utilities Vertical
11.8 Manufacturing
11.8.1 Increasing Instances of Check Tampering, Money Laundering, and Asset Misappropriation Frauds to Increase the Adoption of Transaction Monitoring Solutions in the Manufacturing Vertical
11.9 Others
12 Transaction Monitoring Market, By Region
13 Competitive Landscape
13.1 Overview
13.2 Competitive Scenario
13.3 Competitive Leadership Mapping
13.3.1 Visionary Leaders
13.3.2 Innovators
13.3.3 Dynamic Differentiators
13.3.4 Emerging Players
14 Company Profiles
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