The global transaction monitoring market is expected to grow from USD 8.3 billion in 2018 to USD 16.8 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.1% during the forecast period. Factors that are expected to drive the market growth are organizations’ need to manage Know Your Customer (KYC) compliance and mitigate money laundering and Counter-Terrorist Financing (CTF) activities, use of advanced analytics to provide proactive risk alerts, and organizations’ need to comply with stringent regulatory compliances.
The transaction monitoring market comprises major solution providers, such as NICE (Israel), Oracle (US), FICO (US), BAE Systems (UK), Fiserv (US), SAS (US), Experian (Ireland), FIS (US), ACI Worldwide (US), Refinitiv (UK), Software AG (Germany), ComplyAdvantage (US), Infrasoft Technologies (India), ACTICO (Germany), ComplianceWise (Netherlands), EastNets (UAE), Bottomline (US), Beam Solutions (US), IdentityMind (US), and CaseWare (Canada).
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The research study includes an in-depth competitive analysis of these key players with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgradations; and partnerships, agreements, and collaborations have been the most dominating strategies adopted by the major players. These dominating strategies have helped them innovate their offerings and expand their audience.
NICE’s products are tailored and catered to a wide range of verticals. The company protects its customers from financial frauds by delivering products in the area of transaction monitoring technology. It has adopted organic and inorganic growth strategies to improve its market share and increase its annual revenue. It strengthens its product portfolio with the help of frequent product upgradations and new product launches. In June 2017, NICE launched the Actimize Fraud Essentials Cloud solution to assist mid-sized financial organizations in fraud management as the solution can be deployed rapidly and is also cost-effective. The company operates in many countries and has a strong presence in the regions of the North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. NICE firmly adheres to the business strategy of maintaining strong relationships with its partners in the market by forming strategic alliances and partnerships. The company enhances partner relationship programs with its channel partners, technology partners, and solution providers. In October 2017, the company partnered with Permata Bank, a domestic bank in Indonesia, to provide NICE Real-Time Authentication and introduce the voice-based authentication feature.
Oracle was founded in 1977 and is headquartered in California, US. The company is one of the global providers of enterprise software, computer hardware products, and cloud services across the globe. The company offers network-based surveillance in the transaction monitoring market. The company provides a robust defense solution to safeguard financial transactions from suspicious activities. In January 2019, the company partnered with Arachnys, the leader in Customer Risk Intelligence (CRI) solutions for Client Onboarding, KYC, CDD/EDD, and AML, to integrate financial crime and compliance solutions to enhance compliance investigations and streamline client onboarding. The business strategies adopted by Oracle are helping it to integrate in the transaction monitoring market.
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
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