Global Anti-Money Laundering Software Industry Assessment & Opportunity Forecast till 2026

Posted on 2018-04-10 by Mark Hub in Technology // 0 Comments

Albany, USA, 2018-Apr-10 — /EPR Network/ —Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Anti-Money Laundering Software Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Anti-Money Laundering Software market have been elaborated upon in the research report.

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The government of various countries are forming regulatory bodies to address the issue of money laundering. Along with this, companies under financial sector are also moving towards using anti-money laundering software to minimize the risk associated with transactions. Technological advancements in the financial industry is also resulting in the companies looking to improve their finance department by integrating advanced IT solution to ensure safety. Meanwhile, the growth in banking software industry is also resulting in the increasing incidences of money laundering. Companies are also focusing on developing anti-money laundering software with visualization tools as it significantly reduces the time required in analyzing the data, hypothesize monitoring strategies, and validate scenario deployment along with the scenario generation.

According to a new research the global market for anti-money laundering software is likely to experience healthy growth, registering 12.1% CAGR between 2017 and 2026. The global market for anti-money laundering software is also likely to reach US$ 4,262.0 million revenue towards 2026 end.

Transaction Monitoring Systems- Top-Selling Anti-Money Laundering Software Product

Among various products, transaction monitoring system is likely to emerge as the top-selling anti-money laundering software product. By the end of 2026, transaction monitoring systems is estimated to surpass US$ 2000 million revenue. Well-designed transaction monitoring system is considered to be an important part of an effective anti-money laundering compliance program by financial institutions. Owing to the rapid phase of technological advances and increasing money laundering practices, a lot of financial institutions are updating their transaction monitoring system and are also increasingly investing in the transaction monitoring systems.

Retail Banking to Emerge as the Largest End-User of Anti-Money Laundering Software

Retail banking is likely to emerge as the largest end-user of anti-money laundering software between 2017 and 2026. Retail banking is projected to bring in close to US$ 1,200 million revenue by 2026 end. Managing risk is the main priority in the retail banking sector. Hence, anti-money laundering helps retail banking to monitor, investigate and report transaction of suspicious nature to the central bank and intelligence unit of the respective country.

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Global Anti-Money Laundering Software Market- Segmentation

The global anti-money laundering software market is segmented on the basis of product type, end-user type, solution type, deployment type, and region. By product type, the segment includes transaction monitoring systems, customer identity management systems, Currency Transaction Reporting (CTR) Systems, and compliance management software.

Based on the end-user type, the market segment includes retail banking, corporate banking, private banking, investment banking, asset management, insurance, multiple banking services, legal service providers, and other end-users.

On the basis of solution type, the market includes transactional monitoring, KYC (Know Your Customer), fraud, risk & compliance management, watch-list screening, data warehouse management, analytics and visualization, alert management and reporting, case management, and other solutions. By deployment type, the segment includes cloud-based and on-premise.

The global anti-money laundering software market based on geography is divided into North America, Japan, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, and the Middle East and Africa (MEA).

Competitive Landscape

The report also provides extensive competitive analysis and profiles of the leading companies in the global anti-money laundering software market such as Fiserv, Inc., Accenture Inc., SAS Institute Inc., Opentext, Oracle Corp, Experian, FICO TONBELLER, EastNets, Ascent Technology Consulting, Trulioo., ACI Worldwide, Inc., BAE Systems, NICE, Verafin Inc., Siron, and NameScan, a member of the Neurocom group.

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