Anti-money laundering software market to reach USD 2 billion
Dallas, TX, May 26, 2021 (GLOBE NEWSWIRE) – Global Anti-Money Laundering Software Market Size By Deployment Type (On-Premises & Cloud), By Product Type (Transaction Monitoring Systems) , currency transaction monitoring, customer identity management, compliance management and others), by application, financial institution (commercial bank level -1, lending and financing institution level -2, microfinance institution Level 3 and Level 4 Lending Institution), by Region (North and Central America, Europe, Asia-Pacific, South America and MEA) ”provides a detailed view of historical, current and forecasted market estimates.
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By 2025, the global anti-money laundering software market size is expected to exceed USD 2 billion. Rising frauds in fintech services and digital transactions and increasing spending on IT solutions by financial institutions are expected to drive the growth of the global anti-money laundering software market. In addition, strict rules and regulations of the Financial Action Task Force (FATF), International Money Market Funds and the Bank Secrecy Act in the United States to increase the adoption of anti-money laundering software, driving the growth of the AML software market. .
On-premise is expected to be a preferred type of cloud deployment during the forecast period. Concerns about security and data theft for cloud deployment are the reason for slower adoption. These issues are expected to be addressed along with other benefits such as pay-as-you-go model and profitability and are expected to increase cloud adoption in anti-money laundering software. The cloud segment is expected to grow at a CAGR of 12.1% during the forecast period in the global anti-money laundering software market.
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Trade tracking software will continue to dominate with a share of around 50% during the forecast period. International banking systems face increasing threats of money laundering and as a result, major commercial banks around the world are updating their transaction monitoring systems, which will help them monitor suspicious transactions in real time. 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 Drugs and Crime, money laundering worldwide is estimated at 2% of global GDP. To counter these money laundering cases which finance terrorist activities and drug trafficking, the government has implemented various acts and rules in many regions for the financial institution. For example, in North and Central America, the USA Patriot Act and the Bank Secrecy Act in the United States, the Proceeds of Crime (Money Laundering) in Canada and the federal law for the prevention and identification of transactions in Mexico are the reason why major financial institutions in the region have widely adopted anti-money laundering software. Thus, North America and Central America had the largest market in 2017 and is expected to grow at a CAGR of 8.46% during the estimated period in the Global Anti-Money Laundering Software Market .
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Technological developments such as machine learning which is able to build algorithms that will aid in predictive analytics are expected to revolutionize anti-money laundering software. Machine learning is expected to reduce money laundering and thus improve the efficiency of financial institutions. Due to the fact that major Tier 1 financial institutions such as commercial banks around the world are expected to adopt and update anti money laundering software during the forecast period. Tier 1 financial institutions are expected to hold a share of over 70% in the global anti-money laundering software industry.
The major associated players 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 customers is a key strategy adopted by market players to strengthen their position in the market. For example, in 2017, Fiserv, Inc. announced that it had deployed a cloud version of Fiserv AML Risk Manager for LuLu Exchange, a major player in currency exchange, cross-border remittances and other financial services. This release should offer techniques such as machine learning to detect suspicious transactions, thereby increasing the accuracy of fraud detection.
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Main points from the table of contents:
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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