Market Research Report
Global Anti-Money Laundering Software Market By Component(Service & Software), By Deployment Type(Cloud & On-premise), By End User (Banking, Asset Management, Legal Service Providers & Others), Region, Competition, Forecast & Opportunities, 2024
|Published by||TechSci Research||Product code||816969|
|Published||Content info||114 Pages
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|Global Anti-Money Laundering Software Market By Component(Service & Software), By Deployment Type(Cloud & On-premise), By End User (Banking, Asset Management, Legal Service Providers & Others), Region, Competition, Forecast & Opportunities, 2024|
|Published: March 19, 2019||Content info: 114 Pages||
Global Anti-Money Laundering Software Market
By Component (Service & Software), By Deployment Type (Cloud & On-premise), By End User (Banking, Asset Management, Legal Service Providers & Others), By Region, Competition, Forecast & Opportunities, 2024.
Global anti-money laundering software market was valued at $ 898 million in 2018 and is forecast to grow at a CAGR of around 14% to reach $ 1.9 billion by 2024 on account of surging demand for monitoring suspicious transaction and analyzing the customer data. With the increasing cases of money laundering, companies operating under the financial sector have started using anti-money laundering software in order to enhance security. Use of visualization tools can help the companies to reduce the time required to analyze the data and hypothesize monitoring strategies. Moreover, governments of several countries have started forming regulations to address the issue of money laundering, thereby further fueling growth in the market.
Anti-money laundering software market serves various end-users such as banking, asset management, insurance, legal service providers and others. Banking acquired the majority share in 2018. Managing risk is the top-notch priority of the banking sector, which is fueling the demand for anti-money laundering software market in this segment. Among components, software segment is the leading segment as it offers high level of security and technical features to the customers. The software segment is further segmented into Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management and Compliance Management Software. Of all, customer identity management software is expected to witness the fastest growth during forecast period as most of the organizations are now deploying customer identity management in order to properly manage the identity of their customers.
In terms of regional analysis, global anti-money laundering software market is divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. In 2018, North America acquired the dominant position in global anti-money laundering software market and is anticipated to continue its dominance through 2024 on account of strict government regulations in countries of the region. Regulations for customer identification and compliances for financial institutes are strict in the US and Canada, therefore these countries are contributing to the leading share of North America in the global anti-money laundering software market. Asia-Pacific followed by Middle East & Africa are anticipated to witness significant growth on account of increasing technological advancements and rising penetration of anti-money laundering software in various end-user segments of the regions.
Increase in the cases of money laundering is pushing companies to adopt advanced technologies and solutions. Key market players analyzed in the research include Fiserv, Inc., NICE Actimize, ACI Worldwide, FICO Tonbeller, Oracle Corporation, etc. These companies have adopted various strategies including expansion, joint ventures, collaborations, partnerships, mergers & acquisitions, etc., to strengthen their position in the market. In order to combat money laundering, banks have started investing in technologies so as to enhance and secure their infrastructure. Since, 2017 more than one-third banks have announced an increase in their spending on anti-money laundering software which is propelling growth in the market.
Years considered for this report:
Some of the leading players in global anti-money laundering software market are: Fiserv, Inc., NICE Actimize, ACI Worldwide, FICO Tonbeller, Oracle Corporation, SAS Institute, Wolters Kluwer N.V., Truth Technologies, Inc., Verafin, Inc., BAE Systems, etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major solution providers across the globe.
TechSci Research calculated the market size of global anti-money laundering software market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global anti-money laundering software market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in global anti-money laundering software market.
With the given market data, TechSci Research offers customizations according the company's specific needs. The following customization options are available for the report: