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Anti-Money Laundering (AML) Software Market By Functionality (Transaction Monitoring, Currency Transaction Reporting (CTR), Customer Identity Management, Compliance Management), By Deployment Model (Cloud, On-Premise), By End-Use Vertical (Banking, Financial Services & Insurance (BFSI), Defense & Government, Healthcare, It & Telecom, Retail, Transportation & Logistics, Others) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

Market Snapshot:

The global anti-money laundering software market is driven by rising number of financial fraudulent activities worldwide. The market is set to hit US$ 4,173.9 Mn by 2026, expanding at a CAGR of 12.5% during the forecast period from 2018 to 2026. Advancements in technology and consequent improvements in financial services are facilitating prompt and effortless money transactions across the world. On the contrary, these advances have exposed banks and other financial institutions to the risk of money laundering. Thus, there is an increasing demand for anti-money laundering software solutions that helps financial institutions and organizations to stay alert and avoid fraudulent activities. Additionally, increasing regulatory compliance requirements that mandates financial institutions to install AML software for detecting and identifying suspicious transactions is driving growth of the anti-money laundering market worldwide.

Integration of Big Data analytics and automated transaction monitoring systems with anti-money laundering software bodes well for the market growth. Regulatory authorities across the world are making it mandatory for financial institutions to deploy anti-money laundering software.  For instance, in 2017, the UK tightened the anti-money laundering rule with the passage of the Criminal Financial Act 2017. This act reflects the desire of the Government for maintaining the integrity of Britain’s financial system by making country more combative to money launderers. The banking industry expected to witness evolution, facilitating low-cost and multi-featured digital banking services. However, growth in banking software will trigger demand for regulators who keep track of money laundering incidences. Growing need for risk management will continue to drive the growth prospects of the anti-money laundering software market. However, difficulties in data interpretation and high implementation costs will continue to act as major restraining factors for the global anti-money laundering software market.

Anti-Money Laundering Software Market

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"Transaction Monitoring Software to Continue Leading the Market"

In terms of value contribution, the anti-money laundering software market was dominated by the transaction monitoring segment in 2017. It is expected to continue being the top-selling anti-money laundering software product during the forecast period. Transaction monitoring software helps in predicting risk levels and future money laundering incidences by creating alerts and providing reports for any type of suspicious activities. With financial crimes becoming ubiquitous, business organizations and banks are focusing on implementing advanced compliance programs to combat money laundering activities. Transaction monitoring being a vital element of such anti-money laundering compliance programs continues to witness steady growth in demand.

Anti-Money Laundering Software Market

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"Cloud-based Solutions to Outpace On-premise Solutions during the Forecast Period"

On-premise solutions accounted for majority of the market share in 2017. The value share of the segment stood at 62.8% in the same year. The dominance of on-premise solutions largely credited to superior security and features offered over cloud-based solutions. Although the market is already witnessing a paradigm shift from on-premise to cloud-based model, many organizations are still extensively dependent on on-premise model. Thus, on-premise model is anticipated to witness a reasonable growth during the forecast period. On the other hand, cloud-based solutions are expected to witness widespread adoption on account of benefits offered in terms of flexibility, effective disaster recovery, and automated software updates.

Anti-Money Laundering Software Market

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"BFSI Sector Expected to Witness a Strong Growth in the Anti-money Laundering Software Market"

Banking and financial institutions are the ones that are particularly targeted by money launderers. Ever-increasing risks from financial frauds including high-profile money laundering activities represents one of the most challenging issues facing the BFSI industry. In order to limit money laundering risks, it has become important for financial institutions to understand the importance and imminent need of taking preventive measures. In view of increasing incidences of money laundering, the BFSI sector is spending heavily on anti-money laundering solutions and is taking proactive measures to combat fraudulent activities.

Anti-Money Laundering Software Market

"North America to Continue its Supremacy during the Forecast Period"

North America dominated the market in 2017 and continues to lead the overall anti-money laundering software market in 2018. Stringent government regulations against money laundering in the U.S. is facilitating the market growth in this region. Regulations for customer identification and compliances for financial institutions to counter money laundering activities are far more stringent in the U.S. as compared to other regions. The anti-money laundering software providers can leverage this as an opportunity for expanding their business and ensure that money laundering incidences are reduced to a greater extent.

Anti-Money Laundering Software Market

Competitive Insights

The presence of large number of regional as well as international players makes the anti-money laundering software market highly fragmented. With advancements in technologies, the related regulatory framework is evolving continuously. In order to accommodate these changes, developers are continually updating their anti-money laundering software to comply with enacted regulations. Developers continue to focus on enhancing risk assessment capabilities of their products, thereby strengthening their portfolio. For instance, in February 2018, NICE Actimize, one of the business leaders in financial crime management solutions added an autonomous financial crime management solution to its AML category. The next generation Suspicious Activity Monitoring (SAM) solution combines machine-learning analytics with robotic process automation; virtually eliminates the manual search of third party data, reduces investigating time, and increases team productivity. Similarly, in January 2018, Lulu International Exchange LLC, a provider of currency exchange and other financial services selected Fiserv, Inc. to implement cloud-based AML technology for enhancing its financial crime prevention capabilities.

Some of the major players in the anti-money laundering software market include Accenture Plc., SAS Institute Inc., Fiserv, Inc., OpenText Corp., Experian Information Solutions, Inc., Oracle Corporation, FICO TONBELLER, Ascent Technology Consulting, EastNets, Trulioo, BAE Systems PLC, ACI Worldwide, Inc., NICE Actimize, NameScan, and Verafin, Inc.

Anti-Money Laundering Software Market

Historical & Forecast Period

The research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The report provides a holistic view of global anti-money laundering software market based on product type, deployment model, end user and geography. Key segments included in the report are as follows

ATTRIBUTE DETAILS
Research Period  2016-2026
Base Year 2017
Forecast Period  2018-2026
Historical Year  2016
Unit  USD Million
Segmentation

 Functionality Segment (2016-2026; US$ Mn)
 • Transaction Monitoring
 • Currency Transaction Reporting (CTR)
 • Customer Identity Management
 • Compliance Management

 Deployment Model Segment (2016-2026; US$ Mn)
 • Cloud
 • On-premise

 End-use Vertical Segment (2016-2026; US$ Mn)
 • BFSI
 • Defense and Government
 • Healthcare
 • IT & Telecom
 • Retail
 • Transportation and Logistics
 • Others (Manufacturing, Energy and Utilities, etc.)

 Geography Segment (2016-2026; US$ Mn)
 • North America (U.S., Rest of North America)
 • Europe (U.K., Germany, France, Rest of Europe)
 • Asia Pacific (China, Japan, India, Rest of APAC)
 • Rest of the World (Middle East and Africa, Latin America)

Key questions answered in this report

  • What was the market size of anti-money laundering software in 2017 and the forecast up to 2026?
  • Which is the largest regional market for anti-money laundering software market?
  • Which is the most promising functionality and end-use vertical in anti-money laundering software market?
  • What are the key market trends observed in the anti-money laundering software market?
  • Which are the key strategies adopted by the leading players in the market?

Unique data points of this report

  • Qualitative and quantitative insights across geographies and sub-geographies
  • Key trends shaping the anti-money laundering software market
  • Adoption rate of anti-money laundering software among various end-use verticals
  • Leading anti-money laundering software vendors, their positioning, and key business expansion strategies
  • Migration from on-premise to cloud infrastructure
  • Adoption rate of anti-money laundering software to increase across all end-use verticals and industries.
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Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
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Published Date:  Jun 2018
Category:  Technology & Media
Report ID:   59201
Report Format:   PDF
Pages:   120
Rating:    4.3 (60)
Delivery Time: 24 Hours to 48 Hours   
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