Dublin, April 26, 2019 (GLOBE NEWSWIRE) — The “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” report has been added to ResearchAndMarkets.com’s offering.
The 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.
Global Anti-Money Laundering Software Market Segments
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.
Global Anti-Money Laundering Software Market Regional Insights
In terms of regional analysis, the 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 the 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.
Global Anti-Money Laundering Software Market Competitive Landscape
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:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study
- To analyze and forecast the market size of the global anti-money laundering software market.
- To classify and forecast the global anti-money laundering software market based on component, deployment type, end-user and regional distribution.
- To identify drivers and challenges for the global anti-money laundering software market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global anti-money laundering software market.
- To identify and analyze the profile of leading players operating in the global anti-money laundering software market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Anti-Money Laundering Software Market Landscape
6. Global Anti-Money Laundering Software Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Component (Software and Service)
220.127.116.11. By Software (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management & Compliance Management Software)
6.2.2. By Deployment Type (On-premise and Cloud)
6.2.3. By End User (Banking, Asset Management, Insurance, Legal Service Providers and Others)
6.2.4. By Company
6.2.5. By Region
6.3. Market Attractiveness Index
7. North America Anti-Money Laundering Software Market Outlook
8. Europe Anti-Money Laundering Software Market Outlook
9. Asia-Pacific Anti-Money Laundering Software Market Outlook
10. Middle East and Africa Anti-Money Laundering Software Market Outlook
11. South America Anti-Money Laundering Software Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Competitive Landscape
14.1. Competition Outlook
14.2. Company Profiles (Partial List of Leading Companies)
14.2.1. Fiserv Inc.
14.2.2. NICE Actimize
14.2.3. ACI Worldwide
14.2.4. FICO Tonbeller
14.2.5. Oracle Corporation
14.2.6. SAS Institute
14.2.7. Wolters Kluwer N.V.
14.2.8. Truth Technologies Inc.
14.2.9. Verafin Inc.
14.2.10. BAE Systems