Latest market study on "Anti-Money Laundering Software Market to 2027 by Deployment Type (On-premise and Cloud); Component (Software and Services); Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management); and End User (Healthcare, BFSI, Retail, IT & Telecom, Government, and Others) - Global Analysis and Forecast", the anti-money laundering software market is estimated to reach US$ 4,993.2 Mn by 2027 from US$ 905.7 Mn in 2018. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The advancement in technology is growing at a higher pace. Almost 60% of the world’s population lives in the Asia Pacific region, which majorly depends on a number of banks as well as a financial institution for their transactions. The deployment of anti-money laundering software is most significant across diversified industries such as BFSI, Retail, IT & Telecom, healthcare with a purpose to deal with the growing instances of terrorist, fraud detection activities across the region, which further boosting the growth of anti-money laundering software market.
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The financial ecosystem lately has been revolutionized by the rapid developments in the machine learning, data science, and their ability to produce algorithms for predictive data analytics. Machine leaning in the recent times has proved to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities. Machine learning facilitates identification of money-laundering typologies, strange and suspicious transactions, behavioral transitions in customers, transactions of customers belonging to same geography, age, groups and other identities; and helps reduce false positives.
The major companies offering anti-money laundering software market include ACI Worldwide, SAS Institute, Oracle Corporation, BAE Systems, Accenture, Verafin Inc., Safe Banking Systems LLC, Eastnets Holding Ltd., Ascent Technology Consulting, and Opentext Corporation among others. Several other companies are also offering these solutions to finance industry which is facilitating the market to propel over the years.
-To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Anti-Money Laundering Software.
-To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
Deployment Type Insights
The global anti-money laundering software market by deployment type is segmented into on-premise and cloud. A cloud based anti-money laundering software is a web-based software as a service (SaaS) model utilizing enterprise cloud technology. Whereas on premises type system is the one deployed on the native hardware and network of the business. Over the years the demand for cloud based system is expected to achieve substantial growth rate. This is majorly because the cloud based Anti-money laundering software offers enhanced flexibility, scalability, and security to its users. On-premise segment dominate the anti-money laundering software market heavily and is expected to continue its dominance throughout the forecast period from 2019 - 2027
The anti-money laundering software market by component is further segmented into software and services. There are plethora of Anti-Money Laundering (AML) software available as per end-user’s demand. Majority of the firms differentiate their need for AML on the basis of their approach. Rule based approach software, risk based approach software, behavior based approach software, and intelligent – based software are some of the widely deployed AML software solutions. On the other hand, in anti-money laundering software, majority of the services offered by the companies include consulting, implementation and support & maintenance. It is foreseen that the services segment of anti-money laundering software market is expected to witness a significant growth rate in the coming years.
Industry Vertical Insights
The anti-money laundering market by industry verticals are segmented into healthcare, retail, BFSI, IT & telecom, government and others. Rapid developments in financial information, technology and communication has enabled the money to move anywhere in the world with speed and ease. This makes the task of combating money-laundering more urgent than ever. Owing to the rising incidences of money laundering different industry verticals are adopting the anti-money laundering platforms in order to stay compliant with the regulations. The anti-money laundering software market by industry vertical was led by BFSI segment which held a maximum market share in the year 2018.
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