DUBLIN–(BUSINESS WIRE)–The “Anti-Money Laundering Software Market to 2027 – Global Analysis and Forecasts by Deployment Type; Component; Product; and End User” report has been added to ResearchAndMarkets.com’s offering.
The global anti-money laundering software market accounted for US$ 905.7 Mn in 2018 and is expected to grow at a CAGR of 21.1% over the forecast period 2019-2027, to account for US$ 4,993.2 Mn in 2027.
The factors that are driving the growth of anti-money laundering software market include rising adoption of analytics, increasing developments in the Fintech sector, and rising government initiatives. Further, rising adoption of crypto-currency is expected to supplement the growth of anti-money laundering software market across the world. However, increasing complexities is anticipated to impede the growth of the anti-money laundering software market to a considerable extent.
Some of the leading players in the anti-money laundering software market are highly focusing on strategic market initiatives in order to enrich its product capabilities as well as to expand their geographical presence across the globe, which in turn is contributing for the growth of the anti-money laundering software market.
The anti-money laundering software market has a presence of significant number of players. Geographically, the anti-money laundering software market is dominated by North America.
North America comprises some of the significant associations that are responsible for the designing and implementation of the anti-money laundering regulations. For instance, the FTAF (Financial Action Task Force) is an intergovernmental organization in the region that creates international policies for battling money laundering. The U.S, Canada and Mexico are members of the FTAF. SAS Institute is a significant AML provider in the region.
Further, The APAC region is anticipated to be the fastest growing region in anti-money laundering software market during the forecast period. The Asian governments and regulators have strongly focused towards the adoption of standards set by the intergovernmental Financial Action Task Force (FATF) to reinforce anti-money laundering.
The global anti-money laundering software market on the basis of product is categorized into transaction monitoring, compliance management, currency transaction reporting, and customer identity management. The transaction monitoring system segment focuses on identification of apprehensive arrangements of transactions, which might consequence into filing of STRs (Suspicious Transaction Reports) and SARs (Suspicious Activity Reports). Whereas, the CTR (Currency Transaction Reporting) systems deal with larger cash transaction reporting requirements, for instance in U.S its $10,000 and above.
The compliance management software segment included in the study enables the firms to stay abide the Anti-Money Laundering regulatory by retaining essential evidence of compliance, and delivering and recording suitable training of staff. The customer identity management system is dedicated to verification of several negative lists (for instance OFAC) and the system also represents a preliminary and ongoing fragment of KYC (Know Your Customer) requirements. Moreover, it is observed that, transaction monitoring led the anti-money laundering software market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period.
The report provides the overview and forecast for the global anti-money laundering software market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Some of the players present in anti-money laundering software market are ACI Worldwide, SAS Institute, Oracle Corporation, BAE Systems, Accenture, Verafin Inc., Safe Banking Systems LLC, Eastnets Holding Ltd., Ascent Technology Consulting, and Opentext Corporation among others.
Key Topics Covered
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Anti-Money Laundering Software Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 Pest Analysis
5. Anti-Money Laundering Software Market – Key Industry Dynamics
5.1 Key Market Drivers
5.4 Future Trends
5.5 Impact Analysis of Drivers & Restraints
6. Anti-Money Laundering – Global Market Analysis
6.1 Global Anti-Money Laundering Software Market Overview
6.2 Global Anti-Money Laundering Software Market Forecast & Analysis
6.3 Market Positioning/Market Share
7. Global Anti-Money Laundering Software Market Analysis
7.2 Global Anti-Money Laundering Software Market Breakdown
8. Global Anti-Money Laundering Software Market Analysis
8.2 Global Anti-Money Laundering Software Market Breakdown
9. Global Anti-Money Laundering Software Market Analysis
9.2 Global Anti-Money Laundering Software Market Breakdown
9.3 Transaction Monitoring
9.4 Compliance Management
9.5 Currency Transaction Reporting
9.6 Customer Identity Management
10. Anti-Money Laundering Software Market Revenue & Forecasts to 2027 – Industry Vertical
10.2 Anti-Money Laundering Software Market Breakdown, by Industry Vertical, 2018 & 2027
10.3 Healthcare Market
10.5 Retail Market
10.6 IT & Telecom Market
10.7 Government Market
10.8 Others Market
11. Anti-Money Laundering Software Market – Geographical Analysis
11.2 North America Anti-Money Laundering Software Market
11.3 Europe Anti-Money Laundering Software Market
11.4 APAC Anti-Money Laundering Software Market
11.5 Middle East & Africa Anti-Money Laundering Market
11.6 South America Anti-Money Laundering Software Market
12. Industry Landscape
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Accenture PLC
13.2 ACI Worldwide Inc.
13.3 Ascent Technology Consulting
13.4 Bae Systems PLC
13.5 Eastnets Holding Ltd.
13.6 Open Text Corporation
13.7 Oracle Corporation
13.8 Safe Banking Systems LLC
13.9 SAS Institute Inc.
13.10 Verafin Inc.
For more information about this report visit https://www.researchandmarkets.com/r/gf9f30