Escalating Digitalized Payment Transactions Drives the Global Transaction Monitoring Software Market Growth at 14.10%
According to a new market research report published by Inkwood Research, the Global Transaction Monitoring Software Market is estimated to record a CAGR of 14.10% during the forecasting years of 2020-2028.
"Browse 57 Market Data Tables and 52 Figures spread over 147 Pages, along with an in-depth TOC on the Global Transaction Monitoring Software Market Forecast 2020-2028.
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Transaction monitoring is a type of software used for monitoring customer money transactions by financial institutions. It helps the finance companies, commercial banks, and finance companies to provide a wholesome report of a customer’s transactions, such as cash deposits, withdrawals, and wire transfers, and the risks related to that customer. The main objective of transaction monitoring is to analyze dubious financial transfers in paper and digital currencies, and uncover the origins of money obtained illegally.
Surge in Digitalized Payment Transactions Favors Market Growth
In recent years, online transactions supported by several government initiatives have increased considerably. Digital payments are expected to reach 726 billion by 2020, which is estimated to augment cashless transactions in the future. Further, in 2018, Amex reported around 40% growth in its online transaction in the U.S. Growing penetration of smartphones and an increase in online shopping has also led to the rise in the adoption of simple and secure online payment methods. Further, inception by merchant outlets to adopt digital instruments is rising, which makes money transfer convenient across bank accounts. For example, In India, a survey conducted by PayTM in June 2018 states that the number of cash transactions in total consumer expenditure has come down from 78% in 2015 to 68% in 2017. Hence, an increase in digitization of payment transactions and a decline in fraudulent activities are boosting the market growth.
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Fraud Detection & Prevention - Largest Application in terms of Revenue
In transaction monitoring software, fraud detection & prevention is used for identifying and blocking critical and suspicious activities and attempts, which harm the business. Moreover, it is used by various industries, such as gaming, banking, and insurance for securing their financial assets from different fraudulent attacks. In the banking sector, the growing number of transactions has led to various frauds. Fraud detection & prevention solutions in transaction monitoring help the banks to identify various fraud and take appropriate actions before it makes any loss to the bank’s financial assets
Asia Pacific Region Projected to Register Highest CAGR
The transaction monitoring software market is anticipated to be the fastest-growing market over the forecast period. The market growth in the region is analyzed across countries like India, Japan, Vietnam, Australia & New Zealand, South Korea, Indonesia, Thailand, China, and the rest of Asia Pacific. The adoption of upgraded tools and technologies by the banking and finance industries, and an increase in financial frauds and corruption in the banking sector is accelerating market growth.
Fair Isaac Corporation, BAE Systems, Oracle Corporation, SAS Institute Inc, are the major companies in the market. The market boasts of the presence of several important players that are aggressive in terms of their rate of innovation and marketing campaigns. The companies offer various services and solutions at different pricing policies.
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