Fior Markets launched a study titled “Transaction Monitoring Market by Component (Solution, Services), Function, Deployment Model, Organization Size, Vertical,Application Area,Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
The global transaction monitoring market is expected to grow from USD 6.7 Billion in 2017 to USD 21.2 Billion by 2025 at a CAGR of 15.5% during the forecast period from 2018-2025. Adoption of advanced analytics to provide proactive risk alerts is influencing the demand. Also, adoption of advanced analytics to provide proactive risk alerts is also expected to drive the market growth.
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The solution segment is dominating the market with a market share of 64.20% in 2017
Component segment includes solution and services. Solution segment is dominating the market with the highest share of 64.20% in 2017. Rising malware and Zero-day attacks leads to use of transaction monitoring software
KYC/Customer on boarding segment valued around USD 2.62 Billion in 2017
Function segment is divided into segments such as a case management, KYC/Customer onboarding, dashboard and reporting and watch list screening. KYC/Customer onboarding is dominating the market and valued around USD 2.62 Billion in 2017.The organizations’ need to manage KYC compliance is facilitating the demand of the segment.
The cloud segmentheld the market share of 61.70% in 2017
The deployment model segment includes cloud and on-premises. The cloud segment held market share of 61.70% in 2017.The cloud-based platform offers a unified way in the form of Software-as-a-Service (SaaS)-based security services to secure business applications. It is also beneficial for organizations with strict budgets for security investments
The small and medium-sized enterprises segmentvalued around USD 4.00 Billion in 2017
The organization size segment includes small and medium-sized enterprises and large enterprises. The small and medium-sized enterprises segment is dominating the market and valued around USD 4.00 Billion. It is due to the increasing data protection regulations and lack of high-cost security solution within the payment network infrastructure. SMEs are small in terms of their size, but cater to a large number of customers globally.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North Americaheld the largest market share of approximately39.30% in 2017.North America is dominatingregion due to the rising need to manage KYC compliance and mitigate money laundering and Counter-Terrorist Financing (CTF) activities and use of advanced analytics to provide proactive risk alerts are some of the key factors expected to fuel the growth of the transaction monitoring market in North America.
The major players of market include NICE, Oracle, FICO, BAE Systems, Fiserv, SAS, Experian, FIS, ACI Worldwide, Refinitiv, Software AG, ComplyAdvantage, Infrasoft Technologies, ACTICO,ComplianceWise, EastNets, Bottomline, Beam Solutions, IdentityMind, and CaseWare
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