Risk and Compliance Segment to dominate Middle East & Africa Trade Surveillance Systems Market during 2020–2028

According to a new market research study on “Middle East & Africa Trade surveillance systems market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment, and Organization Size,” is expected to reach US$ 121.06 million by 2028 from US$ 55.51 million in 2021. The market is estimated to grow at a CAGR of 11.8% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa trade surveillance systems market along with the drivers and restraints pertaining to the market growth. Amalgamation of technologies such as artificial intelligence and machine learning, fostering need for safety and security of trading activities in financial institutes, and up-surging in demand for cloud-based trade surveillance system are the major factor driving the growth of the Middle East & Africa trade surveillance systems market. However, surge in trading from different trading venues hinder the growth of Middle East & Africa trade surveillance systems market.

Turkey, the UAE, Morocco, Saudi Arabia, Kuwait, and Egypt are the main countries facing the impact of COVID-19 in the Middle East and Africa. Saudi Arabia's economy shrank by 7% in the second quarter, indicating how hard the latest coronavirus struck both the oil and non-oil industries, and unemployment reached a new high of 15.4%. The sudden spread of the pandemic resulted to a standstill in the economy and declined the technological investments of the companies across the region, thereby negatively impacting the adoption of trade surveillance systems. Financial markets, especially stock, bond, and commodity (including crude oil and gold) markets, have been severely impacted by the COVID-19 pandemics across the region. The failure to negotiate an OPEC+ agreement resulted in a collapse in crude oil prices and a stock market crash in March 2020, because of a reported Russia–Saudi Arabia oil price war. This negatively impacted the trading market thereby having adverse impact on trade surveillance systems market of the region. However, with the stability in the economy by the second quarter of 2020 and rising demand for cloud solutions across security trading firms to implement efficient remote working culture is creating demand for integration platform solutions to properly monitor the trading activities thereby contributing to the growth of the market over the long run across the region.

The Middle East & Africa trade surveillance systems market is segmented on the basis of component, deployment, organization size, and country. Based on component, the market is bifurcated into solutions and services. In 2020, solution segment held the largest share in the market and services is expected to be the fastest growing segment during the forecast period. Further, the market, by solutions, is sub segmented into risk and compliance, reporting and monitoring, surveillance and analytics, case management, and others. In 2020, the risk and compliance segment held the largest share in the market and surveillance and analytics is expected to be the fastest growing segment during the forecast period. Similarly, by services, the market is further bifurcated into managed services and professional services. In 2020, the professional services segment held the largest share in the market, whereas themanaged services is expected to be the fastest growing segment during the forecast period. Based on deployment, the trade surveillance systems market is bifurcated into cloud-based and on-premises. In 2020, the premise segment held the largest share in the market and cloud is expected to be the fastest growing segment during the forecast period. Based on organization size, the market is bifurcated into SMEs and large enterprises. In 2020, the large enterprises segment held the largest share in the market and SMEs is expected to be the fastest growing segment during the forecast period. Based on country, the market is segmented into the UAE, Saudi Arabia, South Africa, and the rest of MEA. In 2020, the UAE held the largest share in the market and The rest of MEA is expected to be the fastest growing country during the forecast period

ACA Group; SIA S.P.A.; CRISIL Limited; FIS Global; Nasdaq Inc; and Software AG are among the leading companies in the Middle East & Africa trade surveillance systems market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Financial Supervisory Authority of Iceland (FME) has gone live with Scila Surveillance. Scila was selected to deliver a market surveillance system to FME.

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