Artificial Intelligence (AI) in Manufacturing Market 2021 By Share, Size, Industry Demand, Worldwide Research, Prominent Players, Emerging Trends, Investment Opportunities and Revenue Expectation till 2030

In a recent published report, Kenneth Research has updated the market report for Artificial Intelligence (AI) in Manufacturing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence (AI) in Manufacturing Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023

Market Synopsis

The global transaction monitoring market is expected to register a CAGR of 17.4% during the forecast period to reach USD 19.32 billion by 2024.Transaction monitoring is the process of reviewing, analyzing, and administering the transactions which are processed on any business application. Transaction monitoring enables enterprises to monitor customer transactions on a daily basis or in real time. The enterprises are able to identify suspicious behavior by using the software. Organizations having to comply with the stringent regulations and standards is the primary factor contributing to market growth is. Proactive risk alerting by using advanced analytics software is also propelling the growth of the market. Additionally, the need for organizations to comply with KYC regulations and mitigate money laundering and CTF activities is also expected to drive the market.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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However, a lack of skilled resources such as risk analysis professionals is expected to limit the market growth during the forecast period. Advancements in technologies such as artificial intelligence (AI) and machine learning (ML), and big data and its application in transaction monitoring solution, are expected to boost the growth of the transaction monitoring market. The growing adoption of digitalization for payment transaction processes offers lucrative opportunities to the key providers of transaction monitoring solutions and services in the global market.

Segmentation

The global transaction monitoring market has been segmented based on component, deployment, organization size, application, vertical, and region/country.

By component, the global transaction monitoring market has been divided into solution and service.

Based on deployment mode, the global transaction monitoring market has been classified as on-premise and cloud.

Based on organization size, the global transaction monitoring market has been divided into small and medium-sized enterprises (SMEs) and large enterprises.

On the basis of application, the market has been segmented as fraud detection and prevention, anti-money laundering, compliance management, and customer identity management.

On the basis of function, the market has been segmented as dashboard and reporting, case management, watch list screening, and KYC/customer onboarding.

On the basis of vertical, the global transaction monitoring market has been divided into banking, financial services and insurance (BFSI), government and defense, IT and telecommunication, retail, healthcare, energy and utilities, manufacturing and others.

The global transaction monitoring market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis

The global transaction monitoring market is estimated to grow during the forecast period from 2019 to 2024. The geographic analysis of the global transaction monitoring market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.

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North America was the largest revenue-generating region for transaction monitoring solution and service vendors in 2018. The US, Canada, and Mexico are the leading countries in the region. The growing need of enterprises to comply with the know your customer (KYC) regulations, and mitigate money laundering and Counter-Terrorist Financing (CTF) activities; and use of advanced analytics to provide proactive risk alerts are the factors which are expected to drive the market in North America. The retail and e-commerce and BFSI verticals are expected to be the leading verticals which are using transaction monitoring solutions in North America.

The market in Europe is expected to be the second-largest during the review period due to the increasing demand for transaction monitoring solutions in the BFSI sector. Asia-Pacific is anticipated to be the fastest growing market in the global transaction monitoring market during the forecast period. The market in Asia-Pacific is gaining traction, as an increasing number of enterprises are adopting these solutions across the BFSI and retail and e-commerce industries.

Source: MRFR Analysis

Competitive Analysis

The transaction monitoring vendors are increasingly focusing on offering innovative solutions and services and thus making significant investments in their research & development (R&D) activities. Software launches, service enhancement, and partnerships are the major strategies adopted by the vendors in the transaction monitoring market to cater to the diverse requirements of the clients and expand to new regions. For instance, BAE Systems (UK) partnered with Mphasis (India) to provide leading fraud and money laundering detection capabilities to the financial services industry in October 2018. Also, Fiserv, Inc. (US) partnered with DadeSystems, LLP (US), a provider of payment processing solutions in October 2018.

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Key Players

The key players in the global transaction monitoring market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Fiserv, Inc. (US), SAS Institute, Inc. (US), IBM Corporation (US), FIS (US), Oracle Corporation (US), Fair Isaac Corporation (US), NICE Systems Ltd (Israel), ACI Worldwide (US), ACTICO GmbH (Germany), Bottomline Technologies (US), Beam Solutions, Inc. (US), Infrasoft Technologies (India), Software AG (Germany), Experian Information Solutions, Inc. (Ireland), and BAE Systems (UK). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and the launch of solutions.

Intended Audience

Transaction Monitoring vendors

Systems integrators

Cloud services providers

Government organizations

Distributors and Value-Added Resellers (VARs)

Investors and venture capitalists

Market consultants

Compliance officers

Regulators

System Integrators

Chief Financial Officers

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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