This report provides an extensive analysis of the current and emerging market trends and dynamics in the global anti-money laundering software consumption market.
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Anti-money laundering software is used to analyze customer data and detect suspicious transaction. It filters customer data and classifies it according to level of suspicion and inspect it for any sudden & substantial increase in funds or a large withdrawal.
Verafin, EastNets, and Truth Technologies, Inc. are some of the key players operating in the anti-money laundering software market.
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Increase in regulatory compliance requirements to detect suspicious transaction is expected to drive the market during the forecast period. Further, the benefits such as streamline operation and real-time alert tools to report suspicious activity fuels the market growth.
However, data security and privacy concern is expected to hinder the market growth. Moreover, rise in adoption of cloud-based subscription programs is one of the major opportunity for the anti-money laundering software consumption market.
The report segments the anti-money laundering software consumption on the basis of component, product type, and geography. On the basis of component, it includes software and services.
On the basis of product-type, the market is classified into transaction monitoring system, currency transaction reporting, customer identity management system, and compliance software. On the basis of deployment-type, the market is divided into cloud and on-premises.
By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in the report include Verafin, EastNets, Truth Technologies, Inc., THOMSON REUTERS, FICO TONBELLER, Bankers Toolbox, Ascent Technology Consulting, Aquilan Technologies, Safe Banking System LLC, and NICE Actimize.
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