Anti-Money Laundering Software Market Overview :
Anti-money laundering (AML) refers to a set of procedures, which aim to detect and combat the practice of money laundering. AML solutions enable organizations to manage end-to-end AML risk by efficiently correlating financial crime activities. These solutions vary based on their functionalities, which include transaction monitoring, currency transaction reporting, customer identity management, and compliance management. With a rise in need of banks and insurance companies to meet regulatory requirements for fraud detection and money laundering, it has become crucial for financial organizations to deploy a variety of software applications to prevent such frauds.
Factors such as an increase in money laundering cases, enforcement of government regulations to implement AML solutions, and growth in IT expenditure among financial institutions drive the growth of the market. However, the dearth of AML professionals is expected to impede the market growth. On the contrary, increased market for cloud-based AML solutions and the emergence of artificial intelligence in AML are expected to present major opportunities for expansion of the market in the future.
Key Benefits for Anti-Money Laundering Software Market :
- The study provides an in-depth analysis of the global anti-money laundering software market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers restraints and opportunities and their impact analysis on the market size are provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global anti-money laundering software market from 2017 to 2025 is provided to determine the market potential.
The global anti-money laundering software market is segmented based on component, product, deployment type, and region. On the basis of component, the market is bifurcated into software and services. By product, it is divided into transaction monitoring, currency transaction reporting, customer identity management, and compliance management. Depending on the deployment type, it is categorized into the cloud and on-premise. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report provides the profiles of key players operating in the market such as ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., and Verafin Inc.
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Anti-Money Laundering Software Key Market Segments :
Currency Transaction Reporting
Customer Identity Management
By Deployment Type
Rest of Europe
Rest of Asia-Pacific
Key Market Players
ACI Worldwide, Inc.
Ascent Technology Consulting
Eastnets Holding Ltd.
Regulatory DataCorp, Inc.
Safe Banking Systems LLC
SAS Institute Inc.
Thomson Reuters Corporation
Truth Technologies, Inc.
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