Global Anti-Money Laundering Software Market, By Component (Software, Service), Product (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management), Deployment Type (Cloud, On- Premises), Organization Size (SMEs, Large enterprises), End User (BFSI, Defense and Government, Healthcare, IT and Telecom, Retail, Transportation and Logistics, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Anti-Money Laundering Software Market
The anti-money laundering software market is expected to witness market growth at a rate of approximately 15.4% in the forecast period of 2021 to 2028. Data Bridge Market Research report on anti-money laundering software market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increasing stringent regulations and compliances for AML are escalating the growth of anti-money laundering software market.
Anti-money laundering software refers to software which is generally utilized for monitoring customer data and detecting any unusual transaction. Unusual transaction denotes sudden surge or withdrawal of large amount of money. The software is extensively used by financial and legal industries. Anti- money laundering software assists in various applications such as customer identity monitoring system, current transaction reporting, transaction monitoring system and compliance management. It is also used for data management, predictive analysis and procedural filtering among others.
The increasing anti-money laundering requirements resulting into monetary penalties, regulatory sanctions and reputational loss and growing money laundering cases globally act as the major factors driving the growth of anti-money laundering software market. The technological development of solutions incorporating robust detection of true suspicious cases and rise in the number of research and development activities for developing software to remove the problems of false alerts across monitoring and screening programs accelerate the anti-money laundering software market growth. The rising popularity of transaction monitoring among consumers and growing need to get holistic view of data to curb financial crimes threatening financial landscape further influences the anti-money laundering software market. Additionally, growth in IT spending, focus of financial institutions on digital payment-related issues, rapid digitization and surge in investment by enterprises positively affects the anti-money laundering software market. Furthermore, integration of AI, ML and big data technologies and high adoption of advanced analytics in anti-money laundering software extends profitable opportunities to the anti-money laundering software market players in the forecast period of 2021 to 2028.
On the other hand, high cost associated with the deployment of AML solutions and complexities of AML solutions limiting the ability of early detection of fraudulent activities are the factors expected to obstruct the anti-money laundering software market growth. Lack of skilled professionals with in-depth knowledge is projected to challenge the anti-money laundering software market in the forecast period of 2021 to 2028.
This anti-money laundering software market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on anti-money laundering software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Anti-Money Laundering Software Market Scope and Market Size
The anti-money laundering software market is segmented on the basis of component, product, deployment type, organization size and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the anti-money laundering software market is segmented into software and service.
- On the basis of product, the anti-money laundering software market is segmented into transaction monitoring, currency transaction reporting, customer identity management and compliance management.
- On the basis of deployment type, the anti-money laundering software market is segmented into cloud and on- premises.
- On the basis of organization size, the anti-money laundering software market is segmented into SMEs and large enterprises.
- On the basis of end user, the anti-money laundering software market is segmented into BFSI, defense and government, healthcare, it and telecom, retail, transportation and logistics and others.
Global Anti-Money Laundering Software Market Country Level Analysis
The anti-money laundering software market is analyzed and market size, volume information is provided by country, component, product, deployment type, organization size and end user as referenced above.
The countries covered in the global anti-money laundering software market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the anti-money laundering software market due to the technological advancement, high number of early adopters, proliferation of inorganic growth strategies among major AML vendors and innovations regarding implementation of AI, ML in AML solutions, presence of major market players and increasing demand for cloud-based AML solution. Europe is expected to witness significant growth during the forecast period of 2021 to 2028 because of the early adoption of new technologies, continuous developments and new stringent data privacy laws such as AMLD5, GDPR and PCI DSS.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Anti-Money Laundering Software Market Share Analysis
The anti-money laundering software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to anti-money laundering software market.
The major players covered in the anti-money laundering software market report are Accenture, SAS Institute Inc., Fiserv, Inc, Open Text Corporation, Experian Information Solutions, Inc., Oracle, FICO TONBELLER, Ascent Business, EastNets, Trulioo, BAE Systems, ACI Worldwide, Inc., Actimize, NameScan, Verafin Inc., LexisNexis, INETCO Systems Ltd, Global RADAR, Experian plc among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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