Future Demand For Anti-Money Laundering Software | Growth Factors and Trends
The anti-money laundering software market accounted to US$ 905.7 Mn in 2018 and is expected to grow at a CAGR of 21.1% during the forecast period 2019 - 2027, to account to US$ 4,993.2 Mn by 2027.
Anti-Money Laundering Software Market 2020-2027 Global Industry research report explores analysis of historical data along with size, share, growth, demand and revenue of the global Anti-Money Laundering Software and estimates the future trend of market on the basis of this detailed study. The study shares market performance both in terms of volume and revenue and this factor which is useful & helpful to the business.
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APAC is expected to be the fastest growing region for the usage of anti-money laundering software market. The key regions influencing the growth of of anti-money laundering software market in Asia Pacific region, are China and Japan. 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.
Market Insights
Fin-techs are expected to drive the demand for automated anti-money laundering systems
With increasing consumer adoption and subsequent transaction volumes in a competitive the Fin Tech firms in 2019 are expected to witness a large number of firms shifting to automated anti-money laundering practices. Furthermore, the ability of the automated anti-money laundering system to provide negligible amount of false positives generated by traditional data and technology. This in response also reduces the adverse effects of false positives and higher operational cost. Furthermore as the banks and investment partners raise their expectations from the FinTechs in order to see them working with innovative compliance partners to not only reduce operational costs but also prove that they are catching illicit finance.
Growth in information sharing among the banks and other financial institutions
While information sharing has witnessed success among regulators and banks, in the coming years the anti-money laundering software market is expected to become more prevalent amongst smaller financial institutions. In order to make sure that this trend is a success the antimony laundering landscape might also see a culture of collaboration. Furthermore, the market is also projected to experience various obstacles in the way of information sharing, which might include inconsistency of territorial regulation and privacy legislation. Over the period information sharing has evolved to be of crucial importance in order to fight financial crimes effectively. The companies across the globe have had experience challenges regarding tradition trend of not sharing information owing to the threat of tipping off and privacy related problems. For the coming years the fin-techs and technologies are anticipated to have a significant influence in structuring the information sharing process, which is driving the anti-money laundering software market.
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
Component Insights
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.
Global Anti-Money Laundering Software Market - Company Profiles
- ACI Worldwide
- SAS Institute
- Oracle Corporation
- BAE Systems
- Accenture
- Verafin Inc.
- Safe Banking Systems LLC
- Eastnets Holding Ltd.
- Ascent Technology Consulting
- Opentext Corporation