PORTLAND, Oregon, October 16, 2018 /PRNewswire/ --
Increase in money laundering cases, rise in IT spending, and stringent anti-money laundering (AML) regulations would propel the growth in the global anti-money laundering software industry.
Allied Market Research published a report, titled, Anti-Money Laundering Software Market by Component (Software, and Service), Product (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, and Compliance Management), Deployment Type (Cloud, and On-premise): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers a detailed analysis of the top winning strategies, driving forces & opportunities, market size & estimations, product portfolio of leading players, and competitive landscape. According to the report, the global anti-money laundering software market garnered $879.00 million in 2017, and is expected to reach $2,717.00 million by 2025, growing at a CAGR of 15.2% from 2018 to 2025.
Upsurge in money laundering cases, increase in budget allocation for improving IT infrastructure, and stringent regulations for anti-money laundering (AML) propel the growth of the market. However, dearth of skilled AML professionals hinders the market growth. On the other hand, adoption of artificial intelligence technologies and implementation of cloud-based solutions would create new pathways for the market players in future.
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Service segment to remain dominant, software segment to grow the fastest
The service segment contributed nearly three-fourth of the total market share in 2017, owing to increase in implementation of compliant and standardized AML operations worldwide. This segment is expected to maintain its lead position throughout the forecast period. However, the software segment is expected to register the highest CAGR of 16.4% from 2018 to 2025, owing to high demand for AML solutions complying with regulatory policies and rise in IT spending among banks.
Transaction monitoring segment to lead throughout the forecast period
The transaction monitoring segment would grow at the fastest CAGR of 18.4% from 2018 to 2025. This is due to rise in financial crimes, which increase the deployment of solutions for detecting suspicious activities and enhancing security infrastructure. However, the customer identity management segment accounted for nearly more than one-third of the total market share in 2017 and is expected to maintain its lion's share by 2025. This is due to the simplified workflow, ease in detection of suspicious activities, and reduction in false positives. The report also analyzes currency transaction reporting and compliance management segments.
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On-premise: The highest revenue generating segment
The on-premise segment held the major share in 2017, contributing more than half of the total market revenue. This is due to the ease in installation of software and more robust security as compared to cloud-based solutions. The cloud segment would grow at the fastest CAGR of 16.8% from 2018 to 2025, owing to low cost solutions and improved focus on innovations & differentiations.
Europe to contribute the highest revenue by 2025
Europe contributed more than one-third of the total market share in 2017 and is expected to maintain its dominance during the forecast period. This is due to the high adoption of AML solutions supplemented by stringent government regulations in financial institutions across the region. However, Asia-Pacific region would register the fastest CAGR of 18.4% from 2018 to 2025, owing to the adoption of advanced tools and technologies in the banking and finance sector in the region.
Frontrunners of the industry
The key market players analyzed in the research include ACI Worldwide, Inc., Eastnets Holding Ltd., Ascent Technology Consulting, NICE Actimize, FICO TONBELLER, Safe Banking Systems LLC, Regulatory DataCorp, Inc., Thomson Reuters Corporation, SAS Institute Inc., Truth Technologies, Inc., and Verafin Inc. They have adopted various strategies including expansion, joint ventures, collaborations, partnerships, mergers & acquisitions, and others to gain a strong position in the industry.
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