Dallas, Texas, May 26, 2021 (GLOBE NEWSWIRE) -- The “Global Anti-Money Laundering Software Market Size By Deployment Type (On-Premise and Cloud), By Product Type (Transaction Monitoring Systems, Currency Transaction Monitoring, Customer Identity Management, Compliance Management and Others), By Application, Financial institution (Tier -1 Commercial Banking, Tier -2 Credit & Finance institution, Tier -3 Micro Finance Institution and Tier -4 Loan Lending institution), By Region (North and Central America, Europe, Asia Pacific, South America and MEA)” study provides an elaborative view of historic, present and forecasted market estimates.
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By 2025, global anti-money laundering software market size is projected to cross USD 2 billion. Increased frauds in Fintech services & digital transactions and increased spending on IT solutions by financial institutions is expected to drive the growth of global anti-money laundering software market. Additionally, strict rules and regulations by Financial Action Task Force (FATF), International monetary funds, Bank Secrecy Act in the U.S. to increase the adoption of anti-money laundering software driving the AML software market growth.
On-premise is projected to be a preferred deployment type over cloud during the forecast period. Concerns over security and data theft for cloud deployment is the reason for slower adoption. These problems are expected to be solved coupled with other benefits such as pay-per-use model and cost-effectiveness and is projected to increase adoption of cloud in anti-money laundering software. The cloud segment is projected to grow at a CAGR of 12.1% during the forecast period in the global anti-money laundering software market.
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Transaction monitoring software will continue its dominance with a share of around 50% during the forecast period. International banking systems are facing increased money laundering threats and hence major commercial banks worldwide are updating their transaction monitoring systems, which shall assist them in suspicious transaction monitoring on a real-time basis. This is expected to drive the growth of transaction monitoring systems within the global anti-money laundering software industry.
According to the United Nations Office on Drug and Crime, money laundering worldwide is estimated to be 2% of the global GDP. To counter these money laundering cases which are financing to terror activities and drug trafficking government have implemented various acts and rules in many regions for the financial institution. For instance, in North and Central America, USA Patriot Act and Bank Secrecy Act in the U.S., Proceeds of Crime (Money Laundering) in Canada and Federal Law for the Prevention and Identification of Operations in Mexico are the reason major financial institutions in the region have widely adopted to anti-money laundering software. Thus, North and Central America had the largest market in 2017 and is projected to grow at a CAGR of 8.46% during the estimated period in global anti-money laundering software market.
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Technological developments such as machine learning which is capable of constructing algorithms that shall help in the predictive analysis are expected to revolutionize the anti-money laundering software. Machine learning is expected to reduce money laundering and thus improve the efficiency of financial institutions. Owing to which major tier 1 financial institutions such as commercial banks across the globe are expected to adopt and update to anti-money laundering software during the forecast period. Tier 1 financial institution is expected to have a share of more than 70% in the global anti-money laundering software industry.
The key players associated in the global anti-money laundering software market are Oracle Corporation, Fiserv, Inc., Accenture Inc., SAS Institute Inc., Thomson Reuters Corporation, SunGard, FICO TONBELLER, Ascent Technology Consulting, EastNets and others. Deploying the latest AML solution for their clients is a key strategy adopted by the players in the market to strengthen their market position. For instance, in 2017, Fiserv, Inc. announced that it had deployed a cloud-based version of Fiserv AML Risk Manager for LuLu Exchange, a major player in currency exchange, cross-border remittance, and other financial services. This version shall offer techniques such as machine learning to detect suspicious transactions increasing fraud detection accuracy.
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Major Points from Table of Contents:
1. Executive Summary
2. Research Methodology
3. Market Outlook
4. Anti-money laundering Software Market Overview, By Deployment
5. Anti-money laundering Software Market Overview, By Product
6. Anti-money laundering software Market Overview, By End User
7. Anti-money laundering software Market Overview, By Region
8. Industry Structure
9. Company Profiles
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