Press release
Anti-Money Laundering Tools Market Analysis 2020: by Keylpayers ACL Worldwide, AML Partners, Aquilian Tehnologies Inc, Ascent Technology Consulting, CS&S Computer Systems, EastNets.com, Experian PLC, Fiserv Inc, Oracle Corporation, and SAS Institute INC.
Anti-Money Laundering
Anti-money Laundering Tools (AML) are used to monitor the financial transactions and detect the fraudulent activities. AML tools analyzes the data and offers real time alerts about the suspicious transactions to organizations. It enhances the security measures and reduce the risks associated with financial transactions. Currently, banks and financial institutions are using third party AML services such as KYC verification to decrease the fraudulent activities. Moreover, rapid developments in the areas such as machine learning and data science are aiding in constructing algorithms for the AML tools.
Major players operating in the global Anti-Money laundering tools market include ACL Worldwide, AML Partners, Aquilian Tehnologies Inc, Ascent Technology Consulting, CS&S Computer Systems, EastNets.com, Experian PLC, Fiserv Inc, Oracle Corporation, and SAS Institute INC.
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Rising number of financial transactions and money laundering cases are expected to propel growth of the global Anti-Money laundering tools market over the forecast period.
The rapid digitalization and emerging economies such as India and China are the factors that are driving growth of the banking industry. Moreover, people are shifting their preferences from traditional banking to online banking, owing to which online transactions per day are increasing. For instance, according to the Coherent Market Insights analysis, the market capitalization of banking industry, around the globe accounted for the US$ 7.7 trillion in 2019 and it is estimated to exhibit a CAGR of 5.3% over the forecast period. Furthermore, with increasing banking industry, the number of fraudulent activities are also expected to increase. Currently, banks and financial institutions have significant amount of real time data, which thereby increases demand for AML tools to detect fraudulent activities.
Moreover, the intergovernmental organizations such as Financial Action Task Force are encouraging various economies to pass legislation about anti-money laundering activities and adopt AML tools to fight against the money laundering. In addition, growth in the IT expenditure have motivated BFSI companies to adopt the AML solutions. For instance, City Group spent around US$ 8 billion on various technological developments in 2018 to secure its assets. These factors, are expected to drive the global Anti-Money laundering market growth over the forecast period.
However, high initial cost of anti-money laundering tools is the restraining factor for the growth of the market. In addition to that lack of skilled personnel about AML is also expected to hamper the market growth. Moreover, organizations also need to invest time and money to suit itself according to changing government Anti-Money laundering rules and regulations.
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Anti-Money Laundering Tools Market Taxonomy
On the basis of deployment type, the global Anti-Money laundering tools market is segmented into:
• Cloud
• On-premise
On the basis of component type, the global Anti-Money laundering tools market is segmented into:
• Software
◦ Transaction Monitoring
◦ Currency Transaction Reporting
◦ Customer Identity Management
◦ Compliance Management
• Service
On the basis of End-use Industry, the global Anti-Money laundering tools market is segmented into:
• IT and Telecommunications
• Healthcare
• BFSI
• Transportation and Logistics
• Manufacturing
• Government bodies
• Retail
• Energy and Utilities
• Others
On the basis of region, the global Anti-Money laundering tools market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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