Latest market study on "Anti-Money Laundering Software Market to 2027 by Deployment Type (On-premise and Cloud); Component (Software and Services); Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management); and End User (Healthcare, BFSI, Retail, IT & Telecom, Government, and Others) - Global Analysis and Forecast", the anti-money laundering software market is estimated to reach US$ 4,993.2 Mn by 2027 from US$ 905.7 Mn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The financial ecosystem lately has been revolutionized by the rapid developments in the machine learning, data science, and their ability to produce algorithms for predictive data analytics. Machine leaning in the recent times has proved to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities.
Machine learning facilitates identification of money-laundering typologies, strange and suspicious transactions, behavioral transitions in customers, transactions of customers belonging to same geography, age, groups and other identities; and helps reduce false positives. It also helps analyze similar transactions for focal entities and correlate alerts that were flagged as suspicious in regulatory reports.
The advanced capabilities provided by the machine learning and data science enabled AML software is expected to significantly drive the market in coming years.
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Leading Key Players profiles in this report includes, ACI Worldwide, SAS Institute, Oracle Corporation, BAE Systems, Accenture, Verafin Inc., Safe Banking Systems LLC, Eastnets Holding Ltd., Ascent Technology Consulting, and Opentext Corporation among others.
Furthermore, as money launderers would continue to explore newer ways to use banks for illicit activities the timely detection of the laundering activities is expected to be the most challenging aspect in the implementation of an efficient AML. There are already a numerous innovative technology based products and tools that are available in the market are capable of detecting, tracking and preventing money laundering.
Although these technology may not completely eliminate money laundering, they would in spite bring the money laundering under control to a greater extent. Owing to this the financial institutes would sooner raise the demand for such AML software.
The global market for anti-money laundering software market is segmented on various parameters such as deployment type, component, product, industry vertical, and geography. Based on deployment type, on-premise segment dominate the anti-money laundering software market heavily and is expected to continue its dominance throughout the forecast period from 2019 - 2027.
On the basis of component, services segment is expected to witness a significant growth rate in the coming years. Further, based on product, transaction monitoring led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period.
The anti-money laundering software market by industry vertical was led by BFSI segment which held a maximum market share in the year 2018. Key players operating in the market are introducing attractive solutions and are partnering with the small as well as large companies which is helping them to gain customer traction.
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Reason to read:
– Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global anti-money laundering software Market
– Highlights key business priorities in order to assist companies to realign their business strategies.
– The key findings and recommendations highlight crucial progressive industry trends in the anti-money laundering software Market, thereby allowing players to develop effective long term strategies.
– Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
– Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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