FREMONT, California, April 17, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Anti Money Laundering (AML) Software Market - Analysis and Forecast, 2018-2023", the global anti-money laundering software market was estimated at $868.0 million in 2017 and is expected to reach $1.77 billion by 2023. The growth in the AML software market can be significantly attributed to factors such as regulatory compliance requirements of financial institutions with the concerned international regulatory bodies along with increased volume of wired transactions taking place globally.
An increase in the penetration of counter terrorism financing (CTF) and AML regulations in the financial services industry, are driving financials organizations to reinvent their compliance processes in order to act in accordance with the regulations and avoid the possibility of fines and sanctions. Furthermore, with the wide-ranging scope of requirements for the regulations, it is essential that the compliance officers have a thorough understanding of the industry's best practices and obligations. Utilization of anti-money laundering software provides several benefits to the financial institutions in effectively tracking the transactions.
The anti-money laundering software market has witnessed a high growth rate owing to the increased need for automated transaction monitoring systems, continuous improvement in the anti-money laundering software by the regulatory organizations worldwide, and integration of big data analytics with anti-money laundering software. However, high implementation cost, risk of security breaches, and AML software integration into the existing systems of the respective financial institutions of the respective financial institutions are some of the major challenges hampering the growth of the market.
Companies are developing efficient and effective AML software, including transaction monitoring software, currency transaction reporting software, customer identity management software, compliance management software, sanction screening software, and case management software, thereby fulfilling the critical obligations of the business and coping with the entwined and highly complex operational and compliance risks.
According to Yash Agrawal, Analyst at BIS Research, "The adoption of analytics and machine learning in AML is increasing the adoption of anti-money laundering software in crypto currency market and emerging economies. Robotic Process Automation (RPA) in AML along with KYC are the major factors which are expected to create lucrative opportunities for the market in the next five years. The market is packed with advancements in anti-money laundering systems, in order to promote digital currency activities. Additionally, cloud-based solutions are expected to witness a significant growth during the forecast period, owing to the lower cost of implementation than that in the on-premise deployment models."
The BIS Research report provides a detailed analysis of the trends influencing the market currently, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary, and SWOT analysis. The overall market has been segmented by software type along with deployment type. The report also includes a comprehensive section on the geographical analysis which has been segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest-of-the-World (RoW).
This report is a meticulous compilation of research on more than 50 major players in the AML software industry. Moreover, it draws upon insights from in-depth interviews of key opinion leaders from more than 15 leading companies, market participants, and vendors. The report also profiles around 16 companies, which are leading solution providers, including Nice Actimize, ACI Worldwide, Fiserv Inc., FICO, BAE Systems and SAS, among others.
Key Questions Answered in the Report
What was the revenue generated by the global AML software market in 2017 and what will be the estimates by 2023?
Which software type, such as transaction monitoring software, currency transaction reporting software and others are expected to dominate the AML market in the coming years?
Which deployment model, such as on-premise or cloud based is adopted in the current market and what is the future outlook?
What are the new strategies adopted by the existing market players to make a mark in the industry?
What are the major driving forces that tend to increase the demand for the global AML software market during the forecast period, 2018-2023?
What are the major market drivers, challenges and opportunities in the global AML software market?
Which region is expected to dominate the global AML software market during the forecast period, 2018-2023?
What are the major factors inhibiting the growth of the AML software market?
What is the consumer outlook and challenges for the AML software market?
Who are the key market players and what is the market share in 2017?
What is the supply chain for the global AML software market?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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