To build this Global Anti-Money Laundering Software Market report, detailed market analysis has been conducted with the inputs from industry experts. By working on a number of steps for collecting and analysing market data, this supreme market research report is prepared with the expert team. It describes various definitions and segmentation or classifications of the industry, applications of the industry and value chain structure. Global Anti-Money Laundering Software Market is expected to rise from its initial estimated value of USD 1017.65 million in 2018 to an estimated value of USD 3167.56 billion by 2026, registering a CAGR of 15.25% in the forecast period of 2019-2026. Increasing demand for cloud- based solution is driving the growth of this market. Few of the major competitors currently working in the anti- money laundering software market are Accenture, SAS Institute Inc., Fiserv, Inc, Open Text Corporation, Experian Information Solutions, Inc., Oracle, FICO TONBELLER, Ascent Business, EastNets.com, Trulioo., BAE Systems., ACI Worldwide, Inc., Actimize, NameScan, Verafin Inc., LexisNexis, INETCO Systems Ltd, Global RADAR, Experian plc.
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Global Anti-Money Laundering Software Market By Component (Software, Service), Product (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management), Deployment Type (Cloud, On- Premises), End- Use (BFSI, Defense and Government, Healthcare, IT & Telecom, Retail, Transportation and Logistics, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Anti- money laundering software is software that is used to monitor customer data and detect any unusual transaction and is widely is used financial and legal industries. Unusual transaction includes suddenly increasing or withdrawal of large amount of money. Transaction monitoring system, customer identity monitoring system, current transaction reporting and compliance management software are some of the common software that are used in AML software. The AML software is used for data management, predictive analysis, procedural filtering etc.
- Increasing investment in IT by banks is driving the growth of this market
- Rising cases of money laundering is another factor driving the market growth.
- Lack of skilled and trained IT professionals is restraining the growth of this market
- High price of the anti- money laundering software is another factor restraining market
Global anti- money laundering software market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of anti- money laundering software market for global, Europe, North America, Asia-Pacific and South America.
Key Developments in the Market:
- In January 2019, Chainalysis announced the launch of their new anti-money laundering (AML) compliance solution- Know Your Transaction (KYT). This is specially designed so that during every transaction. The main is to reduce the price volatility and provide a technology cross a comprehensive suite of cryptocurrencies and tokens.
- In August 2017, 3i Infotech Limited announced the launch of their new AMLOCKLite – FS anti- money laundering solutions which is specially designed for non-banking Financial companies so that they can detect the abnormal activities. Its main aim is to improve the efficiency by minimizing the losses. It also helps in simplifying the KYC process and identify unusual transaction.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
Major Market Competitors/Players
Few of the major competitors currently working in the anti- money laundering software market are Accenture, SAS Institute Inc., Fiserv, Inc, Open Text Corporation, Experian Information Solutions, Inc., Oracle, FICO TONBELLER, Ascent Business, EastNets.com, Trulioo., BAE Systems., ACI Worldwide, Inc., Actimize, NameScan, Verafin Inc., LexisNexis, INETCO Systems Ltd, Global RADAR, Experian plc.
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- By Component
- By Product
- Transaction Monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
- By Deployment Type
- On- Premises
- By End- Use
- Defense and Government
- IT & Telecom
- Transportation and Logistics
- By Geography
- North America
- South America
- Middle East and Africa
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