The Europe transaction monitoring software market is estimated to grow at a CAGR of 14.77% over the forecast period of 2020-2028. The factors estimated to create lucrative opportunities for the market in the region are the increasing adoption of proactive approaches to reduce money laundering activities, and the use of advance analytics to provide risk alerts.
In order to analyze the market growth of the Europe transaction monitoring software market, the region is segmented into Russia, France, Poland, the UK, Belgium, Germany, Italy, and the rest of Europe. In Russia, fraud and other manipulations have been a major problem for financial companies. The dangers of fraud have increased with growing transactions and global financial operations. Artificial intelligence has a lot of potential in combating fraud and managing risks as automated machine tools are sharper at identifying frauds. In countries like Belgium, an increase in the adoption of wireless networks and smart meters has led to a program that analyses how the IoT devices use personal data, and consumers are kept informed. This gives the transaction monitoring software a scope to implement compliance management, customer identity management, and cloud deployment to store the energy data.
In Poland, the economic growth allowed the country to re-industrialize, and to adapt its energy sector and industry to the European Union’s stringent environmental standards. Poland joined the EU and adopted its legislation, including energy efficiency, renewable energy, and emissions reduction targets for 2020. The Netherlands is making a strong effort to improve its Anti Money Laundering (AML) system. In December 2001, legislation was enacted wherein encouraging, engaging, or facilitating money laundering was declared a separate criminal offense.
Some of the well-known companies functioning in the market are Software AG, ACI Worldwide Inc, ComplyAdvantage Limited, Experian PLC, Fidelity National Information Services Inc, etc.
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