Global Anti-Money Laundering (AML) Software Market is accounted for $1,343.84 million in 2020 and is expected to reach $4,783.74 million by 2028 growing at a CAGR of 17.2% during the forecast period. The growth in IT spending among financial institutions, and the increased number of wired transactions are driving the market growth. However, high implementation costs related to this software’s and lack of skilled professionals with in-depth knowledge vital for operating these systems, are hampering the growth of the market.
Anti-money laundering (AML) software usually refers to an integrated data model solution, which enables banks, financial institutions, and enterprises to screen customer behavior for doubted criminal financial activities through automated processes and provide improved user authentication to discover and manage digital bank fraud, payment fraud, fraud analytics, card and emerging payments, internal threads, and fraud management capabilities.
Based on the deployment, the on-premises segment is going to have lucrative growth during the forecast period, owing to improved security offered by these systems and features such as enterprise-wide monitoring, reporting, and case management streamline analysis and resolution.
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By geography, Europe is going to have high growth during the forecast period, owing to the increasing focus of FinTech on executing automated anti-money laundering systems; growth in technological advancements across provinces is increasing the number of cybercriminals. Also, the supportive government regulation to install AML solutions in financial institutions across the province is motivating the market growth.
Some of the key players profiled in the Anti-Money Laundering (AML) Software Market include ACI Worldwide Inc., AML Partners LLC, Fair Isaac Corp., Fidelity National Information Services Inc., Fiserv Inc., NICE Ltd., Oracle Corp., RELX Plc, SAS Institute Inc., SunGard, Thomson Reuters, Tonbeller, Truth Technologies, Verafin.
Products Covered:
• Currency Transaction Reporting (CTR)
• Customer Identity Management (CIM)
• Name Screening
• Sanction Screening Software
• Case Management Software
Solutions Covered:
• Transaction Monitoring
• Know Your Customer (KYC)
• Fraud, Risk & Compliance Management
• Watch-list Screening
• Data Warehouse Management
• Analytics and Visualization
• Alert Management and Reporting
Components Covered:
• Software
• Service
Deployments Covered:
• Cloud
• On-Premise
Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SME)
• Large Enterprise
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Applications Covered:
• Asset Management
• Corporate Banking
• Insurance
• Investment Banking
• Legal Service Providers
• Multiple Banking Services
• Private Banking
• Retail Banking
End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Defense & Government
• Energy and Utilities
• Healthcare
• IT and Telecom
• Manufacturing
• Retail
• Transportation & Logistics
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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What our report offers:
– Market share assessments for the regional and country-level segments
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According to IMARC Group’s latest report, titled “Anti-Money Laundering (AML) Software Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2021-2026”, the global anti money laundering software market is expected to grow at a CAGR of around 14% during 2021-2026.
They also track market manipulations, trade of illegal goods, fraudulent activities with public funds and tax evasions, etc.
As a result, AML software finds extensive applications across various industries, including banking, financial services and insurance (BFSI), information technology, defense, retail, etc.As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
These observations will be integrated into the report.Request for a free sample copy of this report: https://www.imarcgroup.com/anti-money-laundering-software-market/requestsampleMarket Trends and Drivers:The anti money laundering software market is primarily driven by the growing incidences of money laundering and cyber-attacks across the globe.
Additionally, the implementation of stringent government regulations for mitigating the risk of money laundering activities, particularly in the BFSI sector, is augmenting the demand for the market.
Furthermore, the integration of AML software with several advanced technologies, such as Internet-of-Things (IoT), machine learning (ML), cloud-based solutions, Big Data analytic tools, etc., is also propelling the global anti money laundering software market growth.
The research on the Global Anti-Money Laundering (AML) Software market presents insight on the market size, competitors analysis, key market segments, and current industrial trends and market dynamics.
It presents historical, present and future insights for the global Anti-Money Laundering (AML) Software marketKD Market Insights announces the addition of new report on Global Anti-Money Laundering (AML) Software Market to its report store.
This research report presents current and future market sizing and competitive landscape of industry.
This report also covers several other major insights including the macro-economic indicators and developments and product launches over the past years.
This report offers a detailed overview of supply chain and value chain analysis of Anti-Money Laundering (AML) Software market.
Click here @ https://www.kdmarketinsights.com/product/6908/anti-money-laundering-software-marketMarket Segmentation:The market is analyzed into segments and presented with respect to following sub-markets:By Type:SolutionKYC/CDD and WatchlistTransaction Screening and MonitoringCase ManagementRegulatory ReportingServicesProfessional ServicesManaged ServicesBy Component:SoftwareServiceBy Product:Transaction MonitoringCurrency Transaction ReportingCustomer Identity ManagementCompliance ManagementBy Deployment Mode:On-premisesCloudBy Organization Size:SMEsLarge enterprisesBy End-Use Vertical:BFSIGovernmentHealthcareIT & TelecomOthersRegional Viewpoint:In the terms of region, the global Anti-Money Laundering (AML) Software market is analyzed into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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