The global transaction monitoring software is estimated to grow at a CAGR of 14.10% over the forecast period of 2020-2028. The rise in various cyberattacks, fraudulent attacks, and data thefts in various businesses owing to the ongoing trend of digitalization are the major factors propelling the market.
Transaction monitoring is a type of software that helps to monitor customer money transactions such as cash deposits, withdrawals, and wire transfers by financial institutions such as commercial banks, credit unions, and finance companies. It helps them in providing a wholesome report of a customer’s deposits. A considerable increase in online transactions was recorded recently, supported by various government initiatives. The increase in online shopping and the penetration of smartphones has also led to the rise in the adoption of simple and secure payment modes. Further, merchant outlets initiated the adoption of digital instruments to transfer money across bank accounts, which provides a convenient way to transfer money across bank accounts.
One of the significant challenges faced by the financial industry is the shortage of skilled professionals, especially people with transaction monitoring skills like in-depth knowledge of AML monitoring. It takes time for the companies to train the workforce on AMI skills. The growth for AML monitoring and transaction monitoring requires highly advanced skill sets, and the small talent pool is hampering the market growth. There are many leading players in the market, offering different services and solutions at different pricing strategies.
The global transaction monitoring software market is analyzed geographically on the basis of markets situated in North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of North America holds the largest market share and continues the trend by the end of the forecast period. This is attributed to the increase in the number of transaction frauds, terrorist funding, money laundering, financial theft, and data theft.
Some of the prominent industry players registering their presence in the market are ACI Worldwide Inc, Software AG, Oracle Corporation, Infrasoft Technologies Limited, Experian PLC, etc.
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