Anti-Money Laundering Software Market Overview, Size, Share, Growth, Business Scenario, Insights, Industry Analysis, Trends and Forecasts Report 2028
Anti-Money Laundering Software Market Size – USD
1.38 Billion in 2020, Market Growth – at a CAGR of 14.8%, Market Trends –
Increased adoption in BFSI sector
Emergence of security solutions integrated with Internet of
Things (IoT), Big Data analytics tools, Machine Learning (ML), and cloud-based
solutions are also fueling growth of the global anti-money laundering software
market. Organizations are steadily adopting more advanced technologies to
enhance compliance capabilities to predict risk and uncertainties and track
financial data. In March 2021, Cryptocurrency Exchange Company Bitex partnered
with Artificial Intelligence (AI) powered global identity authentication and
verification platform, Onfido. The partnership will enable verification of
identity documents from 189 countries, making exchange more accessible to
customers.
The Global Anti-Money
Laundering Software Market report assesses the historical and current data
along with a thorough analysis of the market dynamics. The report also sheds
light on the significant market growth driving and restraining factors that are
anticipated to influence the market growth through the forecast period.
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access a sample copy of the report, click on the link: https://www.emergenresearch.com/request-sample/620
Key
Market Dynamics: The global Anti-Money Laundering
Software market research report details on the ongoing market trends,
development outlines, and several research methodologies. It illustrates the
key factors that directly manipulate the market, for instance, production
strategies, development platforms, and product portfolio. According to our
researchers, even minor changes within the product profiles could result in
huge disruptions to the above-mentioned factors. Each of these factors has been
elaborately discussed in the initial segment of the study.
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Some
Key Highlights From the Report
·
Currency transaction report (CTR) software
is used to prevent instance of money laundering. It provides a form which must
be filled out by a representative of the bank who has customers requesting to
withdraw or deposit currency transaction more than USD 10,000. Banks, public
corporations and government agencies are exempted from needing CTRs when they
transact large amount.
·
Anti-money laundering (AML) software cloud
deployment not only reduces cost but also helps save time. Cloud computing is
not complicated and is used by financial institutions to offers faster AML
solutions. Several financial institutions are adopting the technology at a
higher rate due to advancement in cloud computing and also keep up with their
competitors.
·
Increase in IT expenditure has encouraged
companies to adopt advanced technologies and solutions. Improved compliance
capabilities within institutions to address complex regulations and business
environment is propelling the growth of anti-money laundering software market.
IT companies across the globe are adopting risk management approaches to reduce
fraud transactions.
·
North America accounted for the largest
revenue share in 2020 due to the presence of large number of banks and adoption
of advanced software by these organizations. Surge in digitalization of banks
and usage of artificial intelligence, machine learning and cloud computing by
these institutions is further driving the growth of the market.
·
Key
players in the market include BAE Systems, Oracle,
Fiserv Inc., SAS Institute Inc., ACI Worldwide, Actimize, LexisNexis, Cognizant
Technology Solutions Corporation, Accenture, and Tata Consultancy Services
Limited.
The findings of the
report explain various aspects of the market, such as market status,
developmental prospects, key regional segments, renowned market players, product
offerings, end-use industries.
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Geographical
Terrain of the Global Anti-Money Laundering Software Market:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
The
global Anti-Money Laundering Software market is segmented based on product
types offered in the market, their applications, end-user industries, different
types of technologies, and key regions of the market.
·
Type Outlook (Revenue, USD
Billion; 2018–2028)
o Name
Screening
o Transaction
Monitoring
o Currency
Transaction Reporting (CTR)
o Compliance
·
Deployment Type Outlook (Revenue,
USD Billion; 2018–2028)
o On-Premises
o Cloud
·
End-use Outlook (Revenue, USD
Billion; 2018–2028)
o Healthcare
o IT
& Telecom
o BFSI
o Defense
& Government
o Retail
o Transportation
& Logistics
o Others
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Key
Questions You Asked:
·
What is the growth rate of the Anti-Money
Laundering Software market? What is the anticipated market valuation of the
Anti-Money Laundering Software industry by 2028?
·
What are the key growth driving and
restraining factors of the Anti-Money Laundering Software market?
·
Who are the prominent players operating in
the market? What are the key strategies adopted by these companies?
·
What are the key opportunities and growth
prospects of the Anti-Money Laundering Software industry over the forecast
period?
·
Which region is expected to show
significant growth in the coming years?
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