Global anti-money laundering software market
Market research analyst predicts the global anti-money laundering (AML) software market to grow steadily at a CAGR of around 11% during the forecast period. AML software allows financial institutions and other enterprises to detect suspicious transactions and analyze customer data.
The Present Scenario And Forecast expected to reach $1420.8 million by 2023. The growth on AML/CFT software market can be significantly attributed to the following factors:1) Monitoring Suspicious Transactions; 2) Regulatory compliance requirements for financial institutions with international regulatory bodies along with the analysis of historical consumer data analysis for risk management. Transaction monitoring siftware had the highest rate in the overall AML/CFT penetration market in 2016 followed by currency transaction reporting, customer identity management, compliance management software, and others.
Rapid advances in financial services and technologies facilitate effortless and prompt transactions of money, worldwide. Although, this exposes the financial institutes to the risk of money laundering, thus, making the mission of combating money-laundering more crucial and urgent than ever. According to United Nations Office on Drugs and Crime (UNODC), money worth of approximately 2% - 5% of global GDP is laundered in a year, which ranges from $800 billion - $2 trillion in current US dollars. Governments of varied nations are forming their own regulatory bodies, in order to address money laundering. For instance, the U.K. established National Crime Agency (NCA) in 2013, which ensures to cut down crimes such as money laundering by monitoring high end customers which include lawyers, trust and company formation agents, investment bankers, and accountants.
The report titled “Global Anti-Money Laundering (AML) Software Market” provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, challenges, and opportunities prevailing in the industry. The report provides an extensive insight into various forms of developments, trends and key participants.
The Global AML Software market estimation has been built on detailed assumptions and limitations. The market has been estimated by the type of software, their deployment type, and geographical analysis.
The report profiles 16 organizations across different geographies that allows the readers to gain an insight into the various industry trends.
• What are the major market drivers, challenges and opportunities in the global AML software market?
• What is the supply chain for the global AML software market?
• What is the market value of AML software market for different software?
• What is the market value of AML software market for different deployment type on the basis of on-premise and cloud?
• What is the market value of AML software market on the basis of different geographical regions?
• Which geographical location will dominate the AML software market?
• What will be the growth rate of different segments of the AML software market during the forecast period?
• Who are the key players for the AML Software market?
• What are the key developmental strategies implemented by the key players to stand out in this market?
• What is the market share of the leading players in the global AML software market for 2017?
Its ability to provide real-time alerts and tools to report suspicious events to maximize security and operational efficiency will foster its adoption during the forecast period.
An important growth driver for this market is the increasing regulatory compliance requirements, which compels financial institutions to adopt AML software. The growing utilization of predictive analytics to reduce false results and to decrease the compliance cost of AML software is a trend that will impel market growth until the end of 2023.
Geographical segmentation of the AML software market
In this market research, analysts have estimated the Americas to be the largest market for AML software during the forecast period. Though the Americas account for the largest market share, the APAC region is envisaged to witness the fastest growth during the predicted period.
Factors such as the rising adoption of stringent AML regulations, increasing regulatory compliance, and the growing adoption of these solutions in emerging economies like Australia, China, and India will propel the prospects for market growth in APAC during the estimated period.
Competitive landscape and key vendors
The global AML software market is dominated by numerous large- and medium-sized vendors. The big companies and technology providers in this market are following strategies like M&A to increase their consumer base and to improve their global presence.
The leading vendors in the market are -
- ACI Worldwide
- AML Partners
- AML RightSource
- Nice Actimize
- Reed Elsevier
- Safe Banking Systems
- Thomson Reuters
- Truth Technologies
Other prominent vendors in the market include Aquilan, Ascent Technology Consulting, Banker's Toolbox, Cellent Finance Solutions, CGI group, IBM, KPMG, Jack Henry, TCS, and Temenos.
Key questions answered in the report include
- What will the market size and the growth rate be in 2023?
- What are the key factors driving the global AML software market?
- What are the key market trends impacting the growth of the AML software market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global AML software market?
- Trending factors influencing the market shares of the Americas, EMEA, and APAC.
- What are the key outcomes of the five forces model of the AML software market?