Due to the technological advancements in the financial industry, several companies are looking to improve their finance department by integrating advanced IT solution to ensure safety. One such type of innovation is anti-money laundering software, which can be useful in detecting all kinds of fraudulent and suspicious activities and prevent them from causing any serious damage in the financial sector. Market Research Hub (MRH) has publicized a study titled “Anti-Money Laundering Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026” to its online repository, which offers a complete outlook on global anti-money laundering software market’s evolution throughout the above-mentioned forecast period in terms of revenue (in US$ Mn).
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Forecast Predications and Growth Factors
Furthermore, the geographical segmentation is also encompassed in the report which analyzes the scope of the market in different regions including North America, Europe, the Asia Pacific excluding Japan, Latin America, Japan and the Middle East and Africa. The analyst has found that the rise in financial frauds across the globe, which is resulting in the increasing demand for the software that can help in preventing the fraud related activities. Therefore, anti-money laundering software is gaining huge momentum. Increasing adoption of anti-money laundering software in developing countries and robotic process automation in the software and KYC are some of the features fueling market growth. However, the high cost of implementation and difficulties in data interpretation restricting the growth of the global anti-money laundering software market
According to the research key findings, the global market for anti-money laundering software is likely to experience healthy growth, registering 12.1% CAGR between 2017 and 2026. At this pace, the global market is also likely to generate the revenue of US$ 4,262.0 million revenue towards 2026 end. From a geographical point of view, North America is expected to remain dominant in the global anti-money laundering software market. The financial institutions in the U.S. strictly follow customer identification program to verify each customer, thus reducing the money laundering.
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Segmental Analysis
The global anti-money laundering software market is segmented on the basis of product type, end-user type, solution type, and deployment type. On the basis of product type, the market is further divided into Compliance Management Software, Transaction Monitoring Systems, Customer Identity Management Systems, and Currency Transaction Reporting (CTR) Systems. The report states that transaction monitoring system is likely to emerge as the top-selling anti-money laundering software product.
Deployment type is further segmented into on-premise, and cloud-based. Major end-users of anti-money laundering software include corporate banking, multiple banking services, private banking, investment banking, retail banking, asset management, insurance, legal service providers.
The report also provides extensive competitive analysis and profiles of the principal companies in the global anti-money laundering software market such as FICO TONBELLER, ACI Worldwide, Inc., Fiserv, Inc., Verafin Inc., Siron, Accenture Inc., SAS Institute Inc., Opentext, Oracle Corp, Experian, EastNets, Ascent Technology Consulting, Trulioo., BAE Systems, NICE, and NameScan.
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