According to a new market report published by Credence Research Inc., “Global Anti-money Laundering Software Market (By Functionality (Transaction Monitoring, Currency Transaction Reporting (CTR), Customer Identity Management and Compliance Management), By Deployment Model (Cloud and On-premise), By End-use Vertical (BFSI, Defense and Government, Healthcare, IT & Telecom, Retail, Transportation and Logistics, Others (Manufacturing, Energy and Utilities, etc.)))- Growth, Future Prospects and Competitive Landscape, 2018 – 2026”, the global anti-money laundering software market is expected to demonstrate a CAGR of 12.5% during the forecast period to reach US$ 4,173.9 Mn by 2026.
Browse the full “Global Anti-money Laundering Software Market (By Functionality (Transaction Monitoring, Currency Transaction Reporting (CTR), Customer Identity Management and Compliance Management), By Deployment Model (Cloud and On-premise), By End-use Vertical (BFSI, Defense and Government, Healthcare, IT & Telecom, Retail, Transportation and Logistics, Others (Manufacturing, Energy and Utilities, etc.))) – Growth, Future Prospects and Competitive Landscape, 2018 – 2026” report at http://www.credenceresearch.com/report/anti-money-laundering-software-market
Growing cases of money laundering incidences across varied verticals has yielded significant demand for anti-money laundering software worldwide. Anti money laundering software has become an integral component of compliance regimes conducted by financial institutions since it allows them to comply with related regulations. The banking and financial institutions continue to battle against the rising risk from financial frauds including high-profile money laundering cases that represents one of the most challenging issues.. With advancements in technology and consequent rise in digitization, money laundering has emerged as a widespread issue with serious social and economic ramifications. In order to avoid and address this issue, anti-money laundering software are being increasingly deployed and used across banks, business organizations, and financial institutions.
Implementation of anti-money laundering software has been made mandatory by various regulatory authorities across the globe. The prime goal of anti-money laundering software is to protect business organizations against money laundering incidences and ensure that the organization is in full compliance with relevant laws and regulations. Every year millions of dollars are invested on anti-money laundering solutions in an attempt to stop and regulate money laundering activities. Furthermore, integration of Big Data analytics and automated transaction monitoring systems with anti-money laundering software anticipated to support the market growth during the forecast period. However, higher implementation costs and difficulties faced in data interpretation are some of the factors restraining the growth of anti-money laundering software market.
Based on functionality, the global anti-money laundering market was led by the transaction monitoring segment contributing to 31.8% of the overall market value in 2017. The transaction monitoring software is likely to gain prominence on account of its ability to monitor customer transactions in real-time and on a daily basis. Based on the deployment model, the on-premise segment dominated the market in 2017. The growth in the on-premise segment is mainly attributed to the greater level of security offered by on-premise solutions. In terms of end-use vertical, BFSI sector led the overall anti-money laundering market. The BFSI sector is mainly prone to the money laundering incidences. Thus, in order to combat fraud related activities, the BFSI sector spends heavily on the anti-money laundering solutions.
Software developers are innovating and launching new anti-money laundering solutions with advanced capabilities to cater the evolving needs of customers. In September 2017, analytic software firm FICO announced that its anti-money laundering solutions (TONBELLER Siron suite) achieved the Amazon Web Services (AWS) Competency status. This status appreciates Company’s efforts for offering innovative solutions on AWS to aid business organizations manage critical issues such as risk management, navigating compliance requirements, data management, and establishing governance models. In a bid to sustain in this highly competitive and technology driven market, other players are duly focusing on technology development and innovation. Major players identified in the global anti-money laundering software market include Accenture Plc., Fiserv, Inc., SAS Institute Inc., OpenText Corp., Experian Information Solutions, Inc., Oracle Corporation, FICO TONBELLER, EastNets, Ascent Technology Consulting, BAE Systems PLC, Trulioo, ACI Worldwide, Inc., NICE Actimize, NameScan, and Verafin, Inc.