Portland, OR, Sept. 16, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global anti-money laundering software market accounted for $879.00 million in 2017 and is projected to garner $2.72 billion by 2025, registering a CAGR of 15.2% from 2018 to 2025.
The rise in money laundering cases and increase in budget allocation for improving IT infrastructure coupled with stringent regulations for anti-money laundering (AML) have boosted the growth of the global anti-money laundering software market. However, dearth of skilled AML professionals hampers the market growth. On the contrary, increase in adoption of artificial intelligence technologies and implementation of cloud-based solutions are expected to create lucrative opportunities in the near future.
The global anti-money laundering software market is segmented into component, product, deployment type, and geography. Based on component, the market is divided into software and service. The service segment held the largest share in 2017, accounting for three-fourths of the market, due to rise in implementation of compliant and standardized AML operation worldwide. However, the software segment is projected to register the highest CAGR of 16.4% during the forecast period.
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On the basis of product, the market is bifurcated into transaction monitoring, currency transaction reporting, customer identity management, and compliance management. The transaction monitoring segment is projected to manifest the fastest CAGR of 18.4% during the study period. However, the customer identity management segment dominated the market in 2017, contributing more than one-third of the market.
The global anti-money laundering software market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2017, contributing more than one-third of the market, owing to the high adoption of AML solution supplemented by strict government regulations in the financial institution. However, the market across the Asia-Pacific region is estimated to register the fastest CAGR of 18.4% through 2025.
The AML software market report provides an in-depth analysis of the major market players such as Eastnets Holding Ltd., ACI Worldwide, Inc., NICE Actimize, Ascent Technology Consulting, Safe Banking Systems LLC, FICO TONBELLER, Thomson Reuters Corporation, Regulatory DataCorp, Inc., Truth Technologies, Inc., SAS Institute Inc., and Verafin Inc.
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