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Global $16.79 Bn Transaction Monitoring Market Forecast to 2023 - Organizations' Need to Manage KYC Compliance and Mitigate Money Laundering and CTF Activities
[April 01, 2019]

Global $16.79 Bn Transaction Monitoring Market Forecast to 2023 - Organizations' Need to Manage KYC Compliance and Mitigate Money Laundering and CTF Activities

DUBLIN, April 1, 2019 /PRNewswire/ -- 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's offering.

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The transaction monitoring market size is expected to grow from USD 8.29 billion in 2018 to USD 16.79 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period.

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.

The services segment to grow at a higher CAGR during the forecast period 

The transaction monitoring market by service includes consulting, integration, training and education, and support and maintenance. These services help clients understand their solutions and related processes. The solution segment is expected to hold a larger market size during the forecast period. The transaction monitoring solution is being deployed by a large number of Small and Medium-sized Enterprises (SMEs) and large enterprises to secure their organizations from the increasing money laundering and CTF attacks.

Increasing strict AML regulatory compliances and adoption of proactive security approach by SMEs to drive the growth of the SMEs segment during the forecast period

The SMEs segment is expected to grow at a higher CAGR, owing to the rising deployment of the transaction monitoring solution by SMEs to proactively monitor the suspicious transaction and comply with various strict government regulations. SMEs are small in terms of their size, but cater to a large number of customers globally. The robust and comprehensive transaction monitoring solution is not implemented in SMEs, due to financial constraints in these organizations. Weak security measures and low budget make the SMEs more susceptible to financial losses, information loss and money laundering attacks. However, the large enterprises segment is estimated to hold a higher market share in 2018.

APAC to have the highest CAGR during the forecast period

Asia Pacific (APAC) includes major economies, such as India, China, Australia, Hong Kong, and Japan, which are the biggest hub for various big banks that are rapidly deploying the transaction monitoring solution. APAC is expected to grow at the highest CAGR during the forecast period. The APAC transaction monitoring market is gaining traction as it provides proactive security measures for securing the customer accounts and financial transactions. SMEs as well as large enterprises in the APAC region have become more aware of transaction monitoring services and started adopting them to combat cyber threats. Furthermore, North America is estimated to have the largest market size in 2018.

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 Organizations' Need to Manage KYC Compliance and Mitigate Money Laundering and CTF Activities Use of Advanced Analytics to Provide Proactive Risk Alerts Organizations' Need to Comply With Stringent Regulatory Compliances
5.2.2 Restraints Lack of Risk Analysis Professionals
5.2.3 Opportunities Integration of AI, Machine Learning, and Big Data Analytics Increasing Digitalization in Payment Transaction Process
5.2.4 Challenges 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 Consulting Services Need for Highly-Qualified Industry Experts and Domain Experts to Drive Consulting Services Integration Services Need for Integrating Complex Security Systems to Drive Integration Services Training and Education Need for Skilled Security Professionals to Drive Training and Education Services Support and Maintenance 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 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
14.1 Introduction
14.2 FICO
14.3 Bae Systems
14.4 Fiserv
14.5 SAS
14.6 Experian
14.7 Nice
14.8 Oracle
14.9 FIS
14.10 ACI Worldwide
14.11 Software AG
14.12 Refinitiv
14.13 Complyadvantage
14.14 Infrasoft Technologies
14.15 Caseware
14.16 Actico
14.17 Compliancewise
14.18 Eastnets
14.19 Bottomline Technologies
14.20 Beam Solutions
14.21 Identitymind

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