Transaction Monitoring Market Size & Share, by Type (Solution, Services); End User (Energy & Utilities, Banking, Financial Services, Insurance, Government, IT & Telecom, Retail, Healthcare); Enterprise Size (Small & Medium-Sized Enterprises, Large enterprises); Application (Customer Identity Management, Anti-Money Laundering, Compliance Management, Fraud Detection & Prevention); Deployment (Cloud, On-Premise) - Global Supply & Demand Analysis & Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increasing digital transactions - The volume and complexity of digital transactions are rising in tandem with firms' and customers' growing reliance on online and mobile platforms.
  Cybercriminals now have a broader attack surface due to the growth in digital activity, therefore advanced transaction monitoring systems are required to spot and halt fraudulent behavior. Research projects that by 2025, there will be 726 billion digital payment transactions worldwide, demonstrating the rapid acceleration of financial transaction digitalization.
  According to a report, the number of global digital payment transactions is foreseen to reach 726 billion by 2025, showcasing the accelerated pace of digitization in financial transactions.
• Rise of cryptocurrencies and blockchain transactions - The advent of cryptocurrencies and blockchain technology has introduced new complexities to the financial landscape. With the increasing adoption of digital currencies, the transaction monitoring market is witnessing a surge in demand for solutions that can effectively monitor and analyze blockchain transactions.
• Growing sophistication of financial cyber threats - The escalating sophistication of cyber threats targeting financial transactions propels the demand for advanced transaction monitoring solutions.
  Cybercriminals continually adapt and develop more complex techniques to exploit vulnerabilities. Consequently, financial institutions seek cutting-edge transaction monitoring technologies to stay ahead of evolving threats and safeguard their assets and customer data. The transaction monitoring market experiences growth driven by the increasing emphasis on customer experience and personalization.

Challenges

• False positives and alert fatigue -  False positives are frequently produced by transaction monitoring systems, setting off alarms for legitimate transactions. When they have to sort through a lot of false alarms, investigators may become alert and fatigued and take their attention away from real threats.
  To get around established transaction monitoring systems, cybercriminals are always changing their tactics, techniques, and procedures (TTPs). Adapting to these dynamic threats requires constant updates and enhancements to monitoring technologies.
• Global Regulatory Variations
• Privacy Concerns