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Global Anti Money Laundering (AML) Software Market - Analysis and Forecast (2017-2023)
[January 09, 2018]

Global Anti Money Laundering (AML) Software Market - Analysis and Forecast (2017-2023)


LONDON, Jan. 9, 2018 /PRNewswire/ -- Rapid advances in financial services and technologies facilitate effortless and prompt transactions of money, worldwide. Although, this exposes the financial institutes to the risk of money laundering, thus, making the mission of combating money-laundering more crucial and urgent than ever.



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According to United Nations Office on Drugs and Crime (UNODC), money worth of approximately 2% - 5% of global GDP is laundered in a year, which ranges from $800 billion - $2 trillion in current US dollars. Governments of varied nations are forming their own regulatory bodies, in order to address money laundering. For instance, the U.K. established National Crime Agency (NCA) in 2013, which ensures to cut down crimes such as money laundering by monitoring high end customers which include lawyers, trust and company formation agents, investment bankers, and accountants.

The report titled "Global Anti-Money Laundering (AML) Software Market" provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, challenges, and opportunities prevailing in the industry. The report provides an extensive insight into various forms of developments, trends and key participants.

The Global AML Software market estimation has been built on detailed assumptions and limitations. The market has been estimated by the type of software, their deployment type, and geographical analysis.

The report profiles 16 organizations across different geographies that allows the readers to gain an insight into the various industry trends.

Key questions answered in the report:
• What are the major market drivers, challenges and opportunities in the global AML software market?
• What is the supply chain for the global AML software market?
• What is the market value of AML software market for different software?
• What is the market value of AML software market for different deployment type on the basis of on-premise and cloud?
• What is the market value of AML software market on the basis of different geographical regions?
• Which geographical location will dominate the AML software market?
• What will be the growth rate of different segments of the AML software market during the forecast period?
• Who are the key players for the AML Software market?
• What are the key developmental strategies implemente by the key players to stand out in this market?

• What is the market share of the leading players in the global AML software market for 2016?

Executive Summary
Over the past few years, the financial service industry has witnessed a far-reaching technology-led modifications, with companies looking for improving the efficiency of their financing departments by incorporating innovative IT solutions.


In addition, customers have set their expectations and are demanding added worth for their money, along with seamless experience and better services. The banking software industry, in particular, is filled with a range of activities, which are utilizing resources to create value and benefit society, globally, in terms of understanding, exploring, researching, managing, and utilizing financial services. It is expected that in the next decade, the banking industry will witness both revolution and evolution, in terms of facilitating global, multi-service, low-cost, and digital banking. However, with the growth in the banking software industry, there is an increasing demand of regulators to counter the upsurge in financing of terrorism and money laundering incidences.

The global Anti-Money Laundering (AML) software market is expected to reach $1420.8 million by 2023. The growth in the AML software market can be significantly attributed to the following factors: monitoring suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory bodies along with analysis of historical consumer data analysis for risk management.

On-premise deployment type contributed the largest share to the AML software market in 2016, owing to high level of consumer data security provided as compared to cloud deployment. However, cloud deployment is expected to witness the highest growth rate during the forecast period. This delivery model requires monthly or yearly subscriptions which are cheaper as compared to on-premise deployment software.

The widespread adoption of cloud based delivery model will be witnessed in future due to the low entry cost as compared to on-premise deployment model. The cloud based deployment model involves the combination of cloud computing with wireless sensor networking, and mobile computing to automatically provide the users with the required data.

Transaction monitoring software had the highest penetration rate in the overall AML software market in 2016, followed by currency transaction reporting, customer identity management, compliance management software, and others. Transaction monitoring software accounted for highest market share in the AML software market for the year 2016, owing to generate full-fledged analysis of a customer, thereby facilitating prediction of risk levels and future money laundering activities, along with providing reports and creating alerts for suspicious activities.

The North American region dominated the AML software market in the year 2016 and will continue to dominate the market, owing to stricter customer identification regulations and compliance for the financial institutions in order to reduce money laundering activities. The Asia Pacific region is expected to foster the highest growth rate in the market during the period, 2017-2023. The factors such as increasing regulatory compliance, adoption of stringent AML regulations, and adoption of the software in various institutions are the major reasons for the constant growth of the AML software market in the region.

Countries Covered
North America
• U.S.
Canada
Mexico
Europe
Germany
• U.K.
Italy
Spain
• Rest of Europe
Asia-Pacific

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Email: sarah@reportbuyer.com  
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Website: www.reportbuyer.com  

Cision View original content:http://www.prnewswire.com/news-releases/global-anti-money-laundering-aml-software-market---analysis-and-forecast-2017-2023-300580275.html

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