Global Anti-Money Laundering Market Split by by product type, by deployment method, by end user
According to a new report published by Reports Monitor titled, “Anti-Money Laundering Software Market by product type, by deployment method, and by end user: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the anti-money laundering software market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America dominates the anti-money laundering software market, in terms of value, and is expected to maintain this trend throughout the forecast period.
Stricter regulation & regulatory enforcement action, advancement in technology and increased fraud management across the enterprises are some of the major forces driving the demand of the market.
Influencing features such as customer identity management, compliance software and currency transaction report are some of the factors fuels the growth of the market.
AML provides data warehouse, fully integrated data model and covering almost all activity of trading and account activity for enterprises.
For banking and financial institution it is essential to invest in AML software to reduce the risk factors in daily business operation.
Government initiates to make AML software mandatory for enterprises to evade unlawful financing activities.
High cost of implementation, data security and complexity in data interpretation are restraining the anti-money laundering market.
• Transaction monitoring system is highest contributor segment in term of the revenue to AML software market due to increased in money laundering practices make financial companies to update transaction monitoring systems.
• On-premises segment is account for the highest share in the market as it provide higher security feature.
• BFSI is expected to be the largest user of AML software as it helps in monitor, investigate of the transaction in banking sectors.
• North America dominates the anti-money laundering market as financial institution in U.S. follows customer identification program and technological advancement in that region.
Major companies profiled in the report include SAS Institute Inc., Fiserv, Inc., Accenture Inc., Opentext, Experian, Oracle Corp., FICO TONBELLER, Ascent Technology Consulting, EastNets, Trulioo, BAE Systems, ACI Worldwide, Inc. and Verafin Inc.
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