BLOOMINGTON, Minnesota, December 27, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled "Global Anti-Money Laundering Software Market - Analysis and Forecast, 2017-2023", the global Anti-Money Laundering (AML) software market was estimated to be $690.1 million in 2016 and is expected to grow over $1.42 billion by 2023. The growth in the AML software market can be significantly attributed to the following factors: monitoring suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory bodies along with analysis of historical consumer data analysis for risk management.
Browse 35 market Data Tables and 93 Figures spread through 207 Pages and in-depth TOC on "Global AML Software Market"
There is an increase in the penetration of Counter-Terrorism Financing (CTF) and Anti-Money Laundering (AML) regulations in the financial services industry, driving organizations to reinvent their compliance processes in order to act in accordance with the regulations and circumvent 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 institutes in effectively tracking 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, the risk of security breaches, and AML software integration into the existing systems act as the major challenges for the growth of the market. Companies are developing efficient and effective Anti-Money Laundering (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 meeting critical business obligations and coping with the entwined and highly complex operational and compliance risks.
According to Esha Bhatia, an Analyst at BIS Research, "Increasing penetration of anti-money laundering software in cryptocurrency market, adoption of AML in the emerging economies, and Robotic Process Automation (RPA) in AML and KYC are the major factors which are expected to create lucrative opportunities for the market in the next five years. The market is filled with advancements in anti-money laundering systems, in order to promote digital currency activities. The U.S. government is focusing on making virtual currency an official mode of payment, therefore, the vendors of AML software can leverage the opportunity to expand their market and ensure that money laundering does not take place. The increasing levels of interest to minimize money laundering activities is expected to drive the AML software market to grow at a CAGR of 10.78% during the forecast period."
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The market report provides a detailed analysis of the recent trends influencing the market, 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 of 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, Experian PLC, BAE Systems, and SAS, among others.
Key questions answered in the report:
- What are the major market drivers, challenges, and opportunities in the global AML software market?
- What is the supply chain for the global AML software market?
- What is the market value of AML software market for different software?
- What is the market value of AML software market for different deployment type on the basis of on-premise and cloud?
- What is the market value of AML software market on the basis of different geographical regions?
- Which geographical location will dominate the AML software market?
- What will be the growth rate of different segments of the AML software market during the forecast period?
- Who are the key players in the AML Software market?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- What is the market share of the leading players in the global AML software market for 2016?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology 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 & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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SOURCE BIS Research