MarketsandMarkets forecasts the global Transaction Monitoring Market to grow from USD 8.3 billion in 2018 to USD 16.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.
The demand for the transaction monitoring solution is expected to grow, due to the increasing number of financial crimes; the increasing need to comply with stringent regulatory compliances; and the integration of advanced analytics in transaction monitoring. Transaction monitoring is a process of real-time reviewing, analyzing, and administering a large volume of financial transactions processed on a business application or information systems such as Automated Teller Machine (ATM), Point of Sale (PoS), branch, web applications, and mobile applications. The transaction monitoring solution uses various techniques to analyze customers’ current and past account information to provide organizations with an in-depth analysis of the customer’s profile, risk levels, and predict future activities. The transaction monitoring vendors offer transaction monitoring solutions to meet Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements, filing Suspicious Activity Reports (SARs), and fulfilling other reporting obligations.
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The services segment is expected to grow at a higher CAGR in the Transaction Monitoring Market. Transaction monitoring services comprise the support offered by vendors to assist their customers in the efficient use of transaction monitoring solution and its maintenance. The services segment is growing rapidly, as after the launch of the cloud-based transaction monitoring in the market. Professionals or experts provide services in the Transaction Monitoring Market to assist their customers. Vendors offer a broad range of services with the help of cutting-edge technologies, tools, and strategies to meet the security needs of organizations. The increasing demand for transaction monitoring solutions to tackle the growing number of financial crimes is fueling the growth of the market for services in the Transaction Monitoring Market.
The cloud deployment mode is expected to grow at a higher CAGR during the forecast period. Cloud-based transaction monitoring solutions for proactive security are gaining traction in the Small and Medium-sized Enterprises (SMEs) segment, as they are cost-efficient and do not require the purchase, installation, or maintenance of hardware or software. The cloud deployment mode benefits organizations with increased scalability, speed, 24/7 services, and improved IT security. The demand for cloud-based transaction monitoring software is increasing rapidly, as the central delivery model meets IT security and compliance needs. With an increasing number of applications being deployed in the cloud, there is a shift from traditional on-premises transaction monitoring software to cloud-based software across enterprises of all sizes.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are adopting transaction monitoring software mainly to protect their financial transactions and mitigate money laundering. One of the prime motives of attackers targeting SMEs is to penetrate through their network to access various sensitive information. Cybercriminals take advantage of the poor security among SMEs by using the automation technique to attack thousands of applications at a time. SMEs are increasingly looking at cloud-based transaction monitoring software to save money, time, and resources.
The retail vertical is expected to grow at the highest CAGR in the Transaction Monitoring Market. The retail vertical is harnessing the power of cutting-edge machine-to-machine systems, mobile apps, and cloud-based services. The vertical holds large volumes of transactions, which are majorly targeted by hackers. Retail companies are increasingly relying on software applications for efficient operations and to manage supply chains and facilitate R&D. The digitalization of processes and products has made the transactions vulnerable to various financial crimes. It hampers the confidentiality of data in the form of data losses and trust about the organization. The transaction monitoring solution helps protect money laundering and terrorist financing activities. In addition to this, it ensures the security of financial transactions. It also assists in quickly detecting and investigating suspicious transactions, which are harmful to business continuity and the security of sensitive data.
The geographic analysis of the Transaction Monitoring Market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest CAGR during the forecast period. In APAC, ever-growing financial crimes faced by the expanding eCommerce landscape are driving financial security spending. The region comprises major economies such as India, China, Hong Kong, and Malaysia. The countries across the region have many SMEs, employing more than 70% of the population. Excessive costs associated with the successful deployment of a transaction monitoring project is restricting SMEs from adopting strong transaction monitoring solutions. Due to the increasing sophistication in financial crimes, APAC countries such as India, Japan, and Singapore have all updated or launched innovative approaches to security policies. The expanding customer base of organizations in the region is fueling the growth of the APAC Transaction Monitoring Market.
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