Integration of advanced technology and rise in the deployment of transaction monitoring system by SME’s are expected to create a number of opportunities in the near future. Digitization of payment transactions, increase in need for mitigating money laundering and managing KYC compliance and CTF activities, growing identification of high-risk activities through advance analytics, and high demand for organizations to comply with stringent regulatory agreements drive the growth of the global transaction monitoring software market.
The global transaction monitoring software market was estimated at $7.95 billion in 2018 and is expected to hit $25.41 billion by 2026, registering a CAGR of 15.7% from 2019 to 2026.
Key industry players – ACI Worldwide Inc., BAE Systems, Fair Isaac Corporation, Fiserv Inc., FIS, Nice Ltd., Oracle Corporation, SAS Institute, Software AG, and Thomson Reuters Corporation.
The global transaction monitoring software market is analyzed across component, deployment mode, organization size, application area, industry vertical, and region. Based on component, the solution segment accounted for nearly three-fourths of the total market share in 2018, and is expected to rule the roost throughout the forecast period. Simultaneously, the service segment would garner the fastest CAGR of 15.70% from 2019 to 2026.Â
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Based on geography, North America garnered the largest share in 2018, holding nearly two-fifths of the global market. At the same, the market across Asia-Pacific would showcase the fastest CAGR of 17.50% by 2026. The other two regions studied in the report include Europe and LAMEA.
Based on deployment model, the on-premise segment contributed to nearly three-fifths of the total market revenue in 2018, and is anticipated to dominate by the end of the year 2026. The cloud-based segment, on the other hand, would grow at the fastest CAGR of 17.40% during the forecast period.
Covid-19 scenario-
- The outbreak of the pandemic led to adoption of remote working across the world. This, in turn, increased the demand for transaction monitoring software by different organizations, as it efficiently and effectively manages several types of transactions of customers.
- Also, it helps in monitoring high-risk activities in business enterprises, which has been highly beneficial to the remote working culture.
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