- Report ID: BMRC 1145 | Number of pages: 200 | Publish Date: Apr 2020
Status: Published | Category: Technology And Media | Delivery Timeline:
"Anti-Money Laundering Software Market is valued at USD 869.2 Million in 2018 and expected to reach USD 2242.5 Million by 2025 with the CAGR of 14.5% over the forecast period."
Increasing demand for online money transactions, rising demand from financial institutes and banks to control unauthorized fund transactions and growing cases of cybercrime are some of the major factors driving the Global Anti-Money Laundering Software Market.
Anti-money laundering software is an application or program used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities. Now days, money launderers always found newer ways to use banks for illegal activities. Thus, the timely detection of laundering activities is the most challenging aspect in the implementation of an efficient anti-money laundering program. There are many innovative technology-based tools and products currently available to track, detect, and prevent money laundering. This software is used for the banking system, especially in the area of detecting hidden patterns and suspicious money-laundering activities. There are four basic types of software that address anti-money laundering such as currency transaction reporting (CTR) systems, transaction monitoring systems, compliance management software and customer identity management systems.
Global Anti-money Laundering Software Market report is segmented on the basis of solution, component, deployment, application, end-user and regional & country level. Based upon solution, the market is classified into KYC (know your customer), watch-list screening, fraud, risk & compliance management, transactional monitoring, case management, data warehouse management, alert management & reporting, analytics & visualization and other solutions. Based upon component, anti-money laundering software market is classified into service and software. Based upon deployment, the market is classified into cloud-based and on-premise. Based upon application, anti-money laundering software market is classified into private banking, retail banking, investment banking, corporate banking, legal service providers, multiple banking services and asset management. Based upon end-user, the market is classified into retail, government/public sector, real estate, manufacturing, banking, financial services, and insurance, telecommunication, healthcare, energy and power and other end-users.
The regions covered in this anti-money laundering software market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of anti-money laundering software is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Anti-money laundering software market report covers prominent players are,
Global Anti-Money Laundering Software Market Dynamics–
Increasing demand for online money transactions and growing demand from financial institutes and banks to control unauthorized fund transactions and rising cases of cybercrime are some of the major factors that drive the growth of global anti-money laundering software market. According to United Nations Office on Drugs and Crime, an estimated amount of money laundered per year is 2-5% of global GDP, or USD 800 billion to USD 2 trillion in current US dollars globally. In addition, increasing money laundering cases are also fostering the demand for anti-money laundering software. For instance; the goAML application was developed by the information technology service (ITS) in partnership with the UNODC global programme against proceeds of crime, money laundering and the financing of terrorism (GPML) according to United Nations Office on Drugs and Crime. According to FBI, the FBI’s Internet Crime Complaint Center (IC3) received 298,728 complaints from the public citing suspected criminal activity facilitated by the internet, with self-reported losses of more than USD 1.3 billion in 2016.
However, lack of skilled personnel in money laundering, complicated processes and technology may hamper the growth of global anti-money laundering software market. Moreover, advanced technology to improve the performance of the AML software, develop innovative solution to find for illegal activities, rising adoption of analytics and increasing online transaction can provide various opportunities for the further growth of the global anti-money laundering software market.
Global Anti-Money Laundering Software Market Regional Analysis–
North America is expected to dominate the anti-money laundering software market with highest market share due to the increasing mobile banking platforms and e-banking solutions for fund transactions, rising healthcare fraud in this region. According to The United States Department of Justice (DOJ) estimates that healthcare fraud alone generates tens of billions of dollars of illicit proceeds each year. As per National Healthcare Anti-Fraud Association, Medicare processes more than 4.5 million claims per day. Also, government regulations against money laundering for customer identification and compliances for financial institutions to counter money laundering activities are very stricter in the U.S. as compared to other regions. In the United States, virtual currency is increasing like the use of Bitcoin and other virtual currencies by cybercriminals. Additionally, presence of major money laundering software providers like ACI Worldwide, Truth Technologies, Inc. etc. within the region is also fostering the market growth in this region.
Asia-pacific region is estimated to witness the fastest growth rate due to increasing awareness about fund transactions during the forecast period. Additionally, increasing government initiatives focuses on improvising R&D infrastructure and e-banking solutions for fund transactions are also supplementing the market growth in this region. According to United Nations Economic and Social Commission for Asia and the Pacific, The cross-border e-commerce in Asia and the Pacific was projected to grow 37% annually from 2014 to 2020.
Key Benefits for Global Anti-Money Laundering Software Market Report–
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
Global Market report covers extensive analysis of emerging trends and competitive landscape.
By Solutions: KYC (Know Your Customer), Watch-list Screening, Fraud, Risk & Compliance Management, Transactional Monitoring, Case Management, Data Warehouse Management, Alert Management & Reporting, Analytics & Visualization, Other solutions
By Components: Service, Software
By Deployments: Cloud-based, On-premise
By Applications: Private Banking, Retail Banking, Investment Banking, Corporate Banking, Legal Service Providers, Multiple Banking Services, Asset Management
By End-Users: Retail, Government/Public Sector, Real Estate, Manufacturing, Banking, Financial Services, and Insurance, Telecommunication, Healthcare, Energy and Power, Others
Regional & Country Analysis
North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Anti-Money Laundering Software Market 2020 By Solutions (KYC (Know Your Customer), Watch-list Screening, Fraud, Risk & Compliance Management, Transactional Monitoring, Case Management, Data Warehouse Management, Alert Management & Reporting, Analytics & Visualization Other solutions), By Components: (Service, Software), By Deployments (Cloud-based, On-premise), By Applications (Private Banking, Retail Banking, Investment Banking, Corporate Banking, Legal Service Providers, Multiple Banking Services, Asset Management), By End-Users: (Retail, Government/Public Sector, Real Estate, Manufacturing, Banking, Financial Services, and Insurance, Telecommunication, Healthcare, Energy and Power, Others) Forecast to 2025