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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The major companies offering anti-money laundering software market include 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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The report segments the global Anti-Money Laundering Software Market as follows:
Global Anti-Money Laundering Software Market - By Deployment Type
Global Anti-Money Laundering Software Market - By Component
Global Anti-Money Laundering Software Market - By Product
- Transaction Monitoring
- Compliance Management
- Currency Transaction Reporting
- Customer Identity Management
Global Anti-Money Laundering Software Market - By Industry Vertical
- IT & Telecom
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