omson Reuters Corporation, SunGard, FICO TONBELLER, Ascent Technology Consulting, EastNets and others

Adroit Market Research has announced the addition of the “Global Anti-Money Laundering Software Market Size Status and Forecast 2025”, The report classifies the global Anti-Money Laundering Software in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

This report studies the global Anti-Money Laundering Software Speaker market, analyzes and researches the Anti-Money Laundering Software Speaker development status and forecast in North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. This report focuses on the top players in global market, like Oracle Corporation, Fiserv, Accenture, SAS Institute, Thomson Reuters Corporation, SunGard, FICO TONBELLER, Ascent Technology Consulting, EastNets

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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.

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.

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.

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.

Segment overview of global anti-money laundering software

• Deployment Overview
o On premise
o Cloud

• Market segment by Type, the product can be split into
o Transaction Monitoring Software
o Currency Transaction Reporting (CTR) Software
o Customer Identity Management Software
o Compliance Management Software

• Market segment by Application, Anti-money Laundering Software can be split into
o Tier-1 Commercial banks
o Tier-2 Credit & finance institutions
o Tier 3 Micro finance Institutions
o Tier-4 Loan lending institutions

What does the report offer?
• Important parameters such as drivers, restraints, and opportunities have been discussed in detail that are forecast to impact the market
• Company profiles of the key players in the market which helped to us understand their strategies, key initiatives, and financial performance and market offerings.
• Analysis of strategic framework and market dynamics
• Government rules and regulations region wise
• Forecast till 2025 by deployment type, product type and by end user and by region

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This release was published on openPR.