Global anti-money laundering market is also expected to generate the revenue of US$ 4,262.0 million by the end of 2026.
Albany, NY -- (SBWIRE) -- 11/09/2018 -- In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled "Global Anti-Money Laundering Software Market" to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.
In order to study the various trends and patterns prevailing in the overall market for Anti-Money Laundering, Market Research Reports Search Engine (MRRSE) has included a new report titled "Anti-Money Laundering Market" to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.
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Companies, especially in the financial services industry are investing in the anti-money laundering software to effectively track the transactions and eliminate the risk of fraudulent. Companies offering anti-money laundering software are also focusing on providing effective and efficient software including currency transaction reporting software, transaction monitoring software, compliance management software, customer identity management software in order to meet critical business requirements and simplify complex operations, thereby minimizing the risk associated with the business.
Increasing adoption of anti-money laundering software in developing countries and robotic process automation in anti-money laundering software and KYC are some of the factors fueling the market growth. Anti-money laundering software predictive models are also helping banks to manage risk by using advanced features. Banks are also increasingly adopting anti-money laundering software with KYC analytics in order to properly understand, manage the flow of data. Money worth of approx. 2-5% of the global GDP is laundered in a year, ranging between $800 billion to $2 trillion, according to the United Nations Office on Drugs and Crime (UNODC).
Key players in the global anti-money laundering software are NameScan, a member of the Neurocom group, Siron, Verafin Inc., NICE, BAE Systems, ACI Worldwide, Inc., Trulioo, Ascent Technology Consulting, EastNets, FICO TONBELLER, Experian, Oracle Corp, Opentext, SAS Institute Inc., Accenture Inc., and Fiserv, Inc.
As per the latest report by MRRSE, the global anti-money laundering software market is expected to witness robust growth. The market is also projected to record an exponential CAGR of 12.1% throughout the forecast period. The global anti-money laundering market is also expected to generate the revenue of US$ 4,262.0 million by the end of 2026.
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The global anti-money laundering software market is segmented into deployment type, solution type, end-user type, product type, and region.
On the basis of product type, the market is further divided into Compliance Management Software, Transaction Monitoring Systems, Customer Identity Management Systems, and Currency Transaction Reporting (CTR) Systems. Transaction monitoring systems is expected to witness the highest growth during the forecast period.
The global anti-money laundering software market is segmented on the basis of product type, end-user type, solution type, deployment type, and region. By product type, the segment includes transaction monitoring systems, customer identity management systems, Currency Transaction Reporting (CTR) Systems, and compliance management software.
Based on the end-user type, the market segment includes retail banking, corporate banking, private banking, investment banking, asset management, insurance, multiple banking services, legal service providers, and other end-users.
On the basis of solution type, the market includes transactional monitoring, KYC (Know Your Customer), fraud, risk & compliance management, watch-list screening, data warehouse management, analytics and visualization, alert management and reporting, case management, and other solutions. By deployment type, the segment includes cloud-based and on-premise.
The global anti-money laundering software market based on geography is divided into North America, Japan, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, and the Middle East and Africa (MEA).
The report also provides extensive competitive analysis and profiles of the leading companies in the global anti-money laundering software market such as Fiserv, Inc., Accenture Inc., SAS Institute Inc., Opentext, Oracle Corp, Experian, FICO TONBELLER, EastNets, Ascent Technology Consulting, Trulioo., ACI Worldwide, Inc., BAE Systems, NICE, Verafin Inc., Siron, and NameScan, a member of the Neurocom group.
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