Global Anti-money Laundering Software Market Overview:
Anti-money laundering (AML) software provides a solution, which allows banks as well as other financial institutions to monitor customer behavior for suspected illegal financial actions through automated procedures. Also, it is a set of processes, laws, and regulations intended to stop the practice of creating salary through criminal actions. There is various type of anti-money laundering software such as transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems, and compliance management software. Rising the use of artificial intelligence and cloud computing will help to boost the global anti-money laundering software market. As per latest study released by AMA Research, the Global Anti-money Laundering Software market is expected to see growth rate of 10.9%
|Unit||Value (USD Million)|
|High Growth Market||Asia Pacific|
|Customization Scope||Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility|
High demand of Customer Identity Management Software and Growth in Government Initiatives toward Money Laundering
Market Growth Drivers:
Increased AML Regulatory Requirements, The Escalation in Money Laundering Cases and Development in IT Expenditure
Increasing Incidence of Data Breaching
Lack of AML Professionals
Emerging Artificial Intelligence Technology in AML Solutions and Fueling Adoption of Cloud-Based Solutions
Anti-money laundering software market is a fragmented market due to the presence of various players. Companies are focusing on developing innovative products and solutions to improve quality, enhances and promotes performance, along with try to incorporate latest technology AI and MI. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Accenture Inc. (United States), SAS Institute Inc. (United States), Fiserv, Inc. (United States), Opentext (Canada), Experian (Ireland), Oracle Corp. (United States), FICO TONBELLER (Germany), Ascent Technology Consulting (Singapore), EastNets (Dubai), Trulioo (Canada), Verafin (United States) and Fenergo (United States). Additionally, following companies can also be profiled that are part of our coverage like BAE Systems (United Kingdom), ACI Worldwide, Inc. (United States), NICE Actimize (United States) and Regulatory DataCorp, Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Anti-money Laundering Software market by 2028. Considering Market by Solutions, the sub-segment i.e. Transactional Monitoring will boost the Anti-money Laundering Software market. Considering Market by Deployment Model, the sub-segment i.e. Cloud-based will boost the Anti-money Laundering Software market. Considering Market by End User, the sub-segment i.e. Retail Banking will boost the Anti-money Laundering Software market.
Latest Market Insights:
On 25th September 2018, Fiserv, Inc. a leading global provider of financial services technology solutions has acquired the debit card processing, ATM Managed Services and MoneyPass surcharge-free network of Elan Financial Services, a unit of U.S. Bancorp. This acquisition helps to expand the value proposition of Fiserv.
On 28th March 2018, Accenture has launched a cloud-based data analytics utility. This launch will help the United States Banks to increase and manage their risk-management and other activities more efficiently and cost-effectively than they could do on their own.
What Can be Explored with the Anti-money Laundering Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Anti-money Laundering Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Anti-money Laundering Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Anti-money Laundering Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Anti-money Laundering Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes AML Software Developers, Technological Investors, Security Solution Providers, Financial Industry, Government Regulatory Bodies, Private Research Firm, Government Research Firm and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.