Global Transaction Monitoring Solutions Market 2019-2023
About this market
Need for compliance with government regulations will drive the growth of the global transaction monitoring solutions manufactures market. Enterprises, especially financial enterprises, must comply with the increasing number of regulations to tackle frauds. Since the number of fraudulent activities and fraudsters is increasing every year, and frauds are becoming more sophisticated, the need to comply with regulations becomes imperative to ensure the protection of enterprises and their customers. Technavio’ s analysts have predicted that the transaction monitoring solutions manufactures market will register a CAGR of almost 15% by 2023.
Emergence of advanced and sophisticated threats
One of the major factors contributing to the growth of the market is the increasing cases of business information thefts and insider frauds. Cyberattacks are becoming increasingly advanced and sophisticated, targeting people, networks. and devices. In the rapidly changing IT infrastructure, attackers have found new ways of stealing valuable information and disrupting businesses by crossing the perimeter of security walls.
Shortage of skilled analytics professionals and high attrition rate
Transaction monitoring solutions offer tremendous benefits to organizations, but they require educated and qualified professionals with relevant experience in logical and analytical thinking and financial domain expertise. Currently, there is a shortage of skilled transaction monitoring solutions development professionals such as ethical hackers, statisticians, data scientists, and data analysts. This can negatively affect the growth of the transaction monitoring solutions market in developing countries such as India and China.
For the detailed list of factors that will drive and challenge the growth of the transaction monitoring solutions market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several companies including Oracle Corp. and SAS Institute Inc, the competitive environment is quite intense. Factors such as the need for compliance with government regulations and emergence of advanced and sophisticated threats, will provide considerable growth opportunities to transaction monitoring solutions manufactures. ACI Worldwide Inc., BAE Systems Plc, NICE Ltd., Oracle Corp., and SAS Institute Inc. are some of the major companies covered in this report.
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