VANCOUVER, B.C., Nov. 15, 2021 /PRNewswire/ -- The global anti-money laundering software market size is expected to reach USD 4.21 Billion at a steady CAGR of 14.8% in 2028, according to latest analysis by Emergen Research. Increase in demand by governments to counter surge in financing of terrorism and money laundering activities are some key factors driving market revenue growth to a significant extent. Upsurge in terrorism activities has also been driving urgent need for money laundering software regulations in the financial sector, thereby compelling organizations to restructure respective compliance processes to act in accordance with regulations and avoid possibility of fine and sanctions.
Anti-money laundering software involves customer identity authentication, transaction monitoring, and compliance management. Systems equipped with anti-money laundering software filter information and offer real-time alerts to improve security and operational efficiency of organizations. These software are also helpful in targeting trade of illegal goods, manipulations, and fraudulent activities with tax evasions and public funds. Anti-money laundering software is used in various sectors such as BFSI, IT, retail, and defense.
Click Here to Access Free sample PDF Copy of the Report@ https://www.emergenresearch.com/request-sample/620
Increase in cyber-attacks across the globe is also propelling growth of the market. Cybercriminals explore vulnerabilities in an organization's infrastructure to commit ransomware attacks and fraud, which is countered by the software. Advent of Know Your Customer (KYC) technology is further fueling growth of the market. KYC authenticates user's identities, blocks unauthorized access, and prevents loss due to illegal activities. In March 2021, Acuant partnered with blockchain software firm Scalable Solutions to develop a platform which offers know your customer (KYC) and anti-money laundering (AML) solutions to financial institutions and exchanges.
Some Key Highlights From the Report
- In February 2021, TruNarrative broadened its product line-up with anti-money laundering (AML) and know your customer (KYC) solution TruPortal, designed precisely for low volume users. TruPortal provides professional's access to a variety of checks, including Politically Exposed Persons (PEP) & Sanctions checks, credit-reference identity verification, and automated document verification for various document types, including identity cards, and UK & EU driving licenses and passports.
- Transaction monitoring is used to monitor customer transactions including assessment of current or historical customer information to provide complete picture of customer activity. This includes deposits, transfers, and withdrawals. Most financial firms use the software to automatically analyze data.
- Anti-money laundering software in cloud provides companies with new capabilities to fight against financial crime. The software-as-a-service (SaaS) model also allows for flexible pricing, greater scalability, and higher efficiency. However, implementation of SaaS AML also exposes client's personal data to criminal threats.
- By end-use, the BFSI segment accounted for the largest revenue share in 2020. BFSI is the key user of anti-money laundering software to combat criminal activities using cost-effective Machine Learning-based software. Banks face a continuous risk of fraudulent financial activities emanating from digitalization and automation of financial system and surge in online transactions. AML software helps BFSI to detect and prevent illegal activities, which is driving demand for anti-money laundering software.
- Europe market revenue is expected to register a steady revenue growth rate during the forecast period due to developments in regulatory standards and implementation of strict regulations regarding data privacy laws. Increase in money-laundering activities in countries in the region is also fueling steady adoption of anti-money laundering software.
- Key players in the market include BAE Systems, Oracle, Fiserv Inc., SAS Institute Inc., ACI Worldwide, Actimize, LexisNexis, Cognizant Technology Solutions Corporation, Accenture, and Tata Consultancy Services Limited.
Make Payment [Buy your Exclusive copy]@ https://www.emergenresearch.com/select-license/620
Emergen Research has segmented the global anti-money laundering software market on the basis of type, deployment type, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Name Screening
- Transaction Monitoring
- Currency Transaction Reporting (CTR)
- Deployment Type Outlook (Revenue, USD Billion; 2018–2028)
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- IT & Telecom
- Defense & Government
- Transportation & Logistics
Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/anti-money-laundering-software-market
- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest Of MEA
Explore More Reports offered by Emergen Research:
Top 10 Leading Companies Offering Path-breaking Blockchain AI Solutions
Top 7 Companies Offering Blockchain Technology In Energy Sector
Top 10 IoT Medical Device Companies Leading the Digital Revolution in Healthcare
Top 10 Companies in the AI-Enabled Medical Imaging Solutions Market
Top 10 Healthcare Business Intelligence Companies In The World
Top 10 Globally Renowned Companies Offering Robust Crop Monitoring Systems
Top 9 Globally Renowned Companies Offering Cloud Billing Services
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
Explore Our Custom Intelligence services | Growth Consulting Services
Facebook | LinkedIn | Twitter | Blogs
Read Full Press Release@ https://www.emergenresearch.com/press-release/global-anti-money-laundering-software-market