Global Anti-Money Laundering Software Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Global Anti-Money Laundering Software Market Introduction:
“The global Anti-money laundering software Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Anti-money laundering software is a software which is referred as a solution that is useful for the banks and other financial sectors and legal industries, in order to meet the legal requirements for financial institutions and other regulated entities.
In addition, it is being deployed to observe the customers behaviour for any criminal financial activities by using any automated processes. There are many different types of anti-money laundering solutions such as transaction monitoring, currency transaction reporting, customer identity management, and compliance management.
Increasing regulatory compliance requirements that mandates financial institutions to install AML software for detecting and identifying suspicious transactions coupled with rising number of financial fraudulent activities are major factors expected to drive growth of the global anti-money laundering software market.
In addition, increasing demand for anti-money laundering software solutions that helps financial institutions and organizations to stay alert and avoid fraudulent activities is one of the other factor expected to drive growth of the global anti-money laundering software market. Furthermore, growing need for risk management is expected to drive revenue growth of the target market. However, difficulties in data interpretation couple with high implementation costs of anti-money laundering software are major factors expected to restraint growth of the global target market.
Major players in the target market are focusing on collaborating with various players in order to integrate the visualization tools as it includes many benefits rule-based logic, behaviour-based logic, and scenario generation. This is among some ongoing trend witnessed in the anti-money laundering software market, currently.
North America market is estimated to account for highest revenue share in the global anti-money laundering software market over the forecast period, owing to stringent government regulations against money laundering in many developed countries in the region.
Asia Pacific market is expected to account for the second-highest revenue share in the global anti-money laundering software market, due to rising bank IT spending and increasing government initiatives towards money laundering in the countries in the region.
The market in Europe is projected to register fastest growth rate in terms of revenue due to high adoption of AML solutions and enforcement of stringent government regulations to deploy AML solutions in financial institutions in the countries in the region. Moreover, the markets in Latin America and Middle East & Africa are expected to register moderate growth rate over the forecast period. Revenue from the market in Middle East & Africa is projected to register a CAGR of X.X% in the global anti-money laundering software market over the forecast period.
Global anti-money laundering software market segmentation:
- Transaction Monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
By Deployment Type:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- ACI Worldwide, Inc.
- Ascent Technology Consulting
- Eastnets Holding Ltd.
- FICO TONBELLER
- NICE Actimize Ltd.
- Regulatory DataCorp, Inc.
- Safe Banking Systems LLC
- SAS Institute Inc.
- Thomson Reuters Corporation
- Truth Technologies, Inc.
- Verafin Inc.
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