Market Size of Transaction Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Transaction Monitoring Market Analysis
The transaction monitoring market is expected to register a CAGR of 15.1% during the forecast period. Transaction monitoring is the management, inspection, and analysis of a completed transaction on a business application or information system. Companies use transaction monitoring to effectively and efficiently manage diverse customer transactions.
- Transaction monitoring data is primarily used to submit Suspicious Activity Reports (SARs) and other reporting duties in compliance with several AML and counter-terrorist financing (CTF) regulations. Financial regulators worldwide are beginning to make transaction monitoring a legal necessity.
- Machine learning and artificial intelligence will ultimately be beneficial for the market. Such cutting-edge technologies provide a higher level of security and protect the user's sensitive information. Advanced analytics offers protection and safety against preventative hazards; as a result, this will boost the reputation of transaction monitoring technology internationally.
- Businesses conducting e-commerce must use secure payment gateways and adhere to the most recent and stringent laws and guidelines for conducting business and receiving payments online. This is a crucial aspect influencing the transaction monitoring market's growth rates.
- The SMEs category is anticipated to grow more quickly throughout the projection period due to increasing data protection regulations and a lack of expensive security solutions within the payment network infrastructure.
- The expansion of the transaction monitoring market needs to be improved by the need for more trained and skilled IT workers and the growing difficulty of maintaining cross-border compliance.
As more people purchase online using credit cards and other online payment methods, increasing the opportunity for hackers to act, the outbreak of COVID-19 was a significant factor in the decline in the growth of the transaction monitoring industry.
