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Rise in the deployment of transaction monitoring system by SME's are projected to usher in a number of opportunities in the near future.

PORTLAND, PORTLAND, OR , UNITED STATES , August 3, 2022 /EINPresswire.com/ -- Increase in digitization of payment transactions, surge in need for mitigating money laundering, managing KYC compliance and CTF activities, growing identification of high-risk activities through advance analytics, and high demand for organizations to comply with stringent regulatory agreements fuel the growth of the global transaction monitoring software market.

Major market players such as - ACI Worldwide Inc., BAE Systems, Fair Isaac Corporation, Fiserv Inc., FIS, Nice Ltd., Oracle Corporation, SAS Institute, Software AG, and Thomson Reuters Corporation.

The global transaction monitoring software market was estimated at $7.95 billion in 2018 and is expected to hit $25.41 billion by 2026, registering a CAGR of 15.70% from 2019 to 2026.

Based on geography, North America held the largest share in 2018, generating nearly two-fifths of the global transaction monitoring software market. This is because North American countries are expected to adopt transaction monitoring software at a high rate to bring great improvements in operational efficiency in IT infrastructure. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 17.50% by 2026. This is due to rise in digitalization in emerging economies such as China and India.

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Based on deployment model, the on-premise segment accounted for nearly three-fifths of the global transaction monitoring software market revenue in 2018, and is projected to retain its dominance by the end of the year 2026. Enhanced security features provided by on-premise model drive the growth of the segment. At the same time, the cloud-based segment would register the fastest CAGR of 17.40% throughout the study period. It's remotely accessible from anywhere around the world which, in turn, boosts the growth of the segment.

Based on component, the solution segment contributed to nearly three-fourths of the global transaction monitoring software market share in 2018, and is expected to dominate throughout the forecast period. Increase in adoption of this software by several bank and financial institutions, and stringent government regulations for data security are expected to drive the growth of the segment. The service segment, on the other hand, is projected to register the fastest CAGR of 15.70% during 2019–2026. This is due to surge in the adoption of different services in various organizations.

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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

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