Anti-Money Laundering Tools Market Technology Prospective and Regional Analysis 2021-2027

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.

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.

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What are the Key Segments in the Market By Types?
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

What are the Key Segments in the Market By End-use Sector ?
• IT and Telecommunications
• Healthcare
• BFSI
• Transportation and Logistics
• Manufacturing
• Government bodies
• Retail
• Energy and Utilities
• Others

Which are Compay Profile Plays Major Role in Anti-money Laundering Tools (AML) Market?
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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