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
Market Analysis: Global Anti-Money Laundering Software Market
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.
Market Definition: Global Anti-Money Laundering Software Market
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
Segmentation: Global Anti-Money Laundering Software Market
- 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
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North 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.
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.
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.
Research Methodology: Global Anti-Money Laundering Software Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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