According to the research literature titled ‘GLOBAL Transaction Monitoring Software Market 2020-2028’, available with Market Study Report, global transaction monitoring software market is projected to exhibit a healthy growth rate of 14.25% during 2020-2028.
 

Global transaction monitoring software market is largely driven by growing popularity of online transactions, increasing efforts to curb money laundering and mange KYC (Know Your Customer) compliance, and growing adoption of advanced analytics to identify high-risk activities.
 

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Integration of artificial intelligence (AI), machine learning (ML), and Big Data in transaction monitoring processes, and rising deployment of TMS systems by small and medium-sized organizations are expected to present new growth opportunities for the industry in the upcoming years.
 

Speaking of the factoring hindering global transaction monitoring software industry expansion, lack of skilled professionals and increased risk of security breaches are the major challenges for businesses. Apart from this, issues concerning management of cross-border and multi-jurisdictional anti-money laundering (AML) compliance are other major obstacles for the industry.
 

Based on component, global transaction monitoring software market is split into service and solution. In terms of deployment model, the market is categorized into on-premise and cloud. Considering the application spectrum, this domain is classified into customer identity management, anti-money laundering, compliance management, and fraud-detection & prevention.
 

Proceeding further, the industrial vertical segmentation comprises government & defense, BFSI, retail & ecommerce, healthcare, IT & telecom, manufacturing, healthcare, and others.
 

From a geographical viewpoint, Europe, North America, Latin America, Asia-Pacific, and the Middle East and Africa define the overall transaction monitoring software market size. Expert analysts cite that North America currently accounts for majority of the industry share and will likely maintain a strong growth curve in the upcoming years. Factors such strong presence of banks & financial institutions, high prevalence of financial thefts, and rising number of favorable initiatives undertaken by several US-based organizations are contributing to the industry development.
 

Prominent players in global transaction monitoring software industry sphere are Dow Jones Risk & Compliance, Bottomline Technologies, Inc., Experian plc, Infrasoft Technologies, Thomson Reuters Corporation, Software AG, SAS Institute, Inc., Oracle Corp., NICE Systems Ltd., Fidelity National Information Servcs Inc., Fiserv, Inc., Fair Isaac Corp., BAE Systems plc, and ACI Worldwide, Inc.