Keeping a close eye on financial transactions has become big business and it is about to get bigger.
The global transaction monitoring software market is expected to grow at a compound annual growth rate of 15.7% to be worth $26.41bn by 2026, according to a new report from Allied Market Research.
The growing digitisation is a key driver behind the growth. The increasing number of digitised transactions in the world have raised the need for stricter anti-money laundering and counter-terrorism financing procedures.
More regulations have also grown the need for financial firms to do more to ensure their compliance.
The RegTech solution segment of the market is expected to keep dominating the sector, according to Allied market Research. That being said, the service segment is expected to grow faster in the next six years.
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