Anti-Money Laundering Software Market was valued at USD 1.1 billion in 2017 and is projected to cross USD 2 billion by 2025 driven by Tier -1 Commercial Banking, Tier -2 Credit & Finance institution, Tier -3 Micro Finance Institution and Tier -4 Loan institution

— By 2025, Global Anti-Money Laundering Software Market size is projected to cross USD 2 billion due to increased frauds in Fintech services & digital transactions and increased spending on IT solutions by financial institutions is expected to drive the growth of global anti-money laundering software market. Additionally, strict rules and regulations by Financial Action Task Force (FATF), International monetary funds, Bank Secrecy Act in the U.S. to increase the adoption of anti-money laundering software driving the AML software market growth.

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Adroit Market Research studied Anti-Money Laundering Software Market Size by Deployment Type (On-Premise and Cloud), by Product Type (Transaction Monitoring Software, Currency Transaction Monitoring, Customer Identity Management, Compliance Management and Others), by Application, Financial institution (Tier -1 Commercial Banking, Tier -2 Credit & Finance institution, Tier -3 Micro Finance Institution and Tier -4 Loan Lending institution), by Region. The study includes global anti-money laundering software market size till 2025 along with company summaries which include company overview, product offering, and recent developments and financial overview.

Transaction monitoring software will continue its dominance with a share of around 50% during the forecast period. International banking systems are facing increased money laundering threats and hence major commercial banks worldwide are updating their transaction monitoring systems, which shall assist them in suspicious transaction monitoring on a real-time basis. This is expected to drive the growth of transaction monitoring systems within the global anti-money laundering software industry.

According to the United Nations Office on Drug and Crime, money laundering worldwide is estimated to be 2% of the global GDP. To counter these money laundering cases which are financing to terror activities and drug trafficking government have implemented various acts and rules in many regions for the financial institution. For instance, in North and Central America, USA Patriot Act and Bank Secrecy Act in the U.S., Proceeds of Crime (Money Laundering) in Canada and Federal Law for the Prevention and Identification of Operations in Mexico are the reason major financial institutions in the region have widely adopted to anti-money laundering software. Thus, North and Central America had the largest market in 2017 and is projected to grow at a CAGR of 8.46% during the estimated period in global anti-money laundering software market.

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The key players associated in the global anti-money laundering software market are Oracle Corporation, Fiserv, Inc., Accenture Inc., SAS Institute Inc., Thomson Reuters Corporation, SunGard, FICO TONBELLER, Ascent Technology Consulting, EastNets and others. Deploying the latest AML solution for their clients is a key strategy adopted by the players in the market to strengthen their market position. For instance, in 2017, Fiserv, Inc. announced that it had deployed a cloud-based version of Fiserv AML Risk Manager for LuLu Exchange, a major player in currency exchange, cross-border remittance, and other financial services. This version shall offer techniques such as machine learning to detect suspicious transactions increasing fraud detection accuracy.

Segment overview of global anti-money laundering software

Deployment Overview, 2012-2025 (USD million)

On premise

Cloud

Product Overview, 2012-2025 (USD million)

Transaction Monitoring Software

Currency Transaction Monitoring

Customer Identity Management

Compliance Management

Others

Application Overview, 2012-2025 (USD million)

Tier-1 Commercial banks

Tier-2 Credit & finance institutions

Tier 3 Micro finance Institutions

Tier-4 Loan lending institutions

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Regional Overview, 2012-2025 (USD million)

North & Central America

U.S.

Canada

Mexico

Europe

France

Germany

Spain

Russia

Rest of Europe

Asia Pacific

India

Japan

China

Rest of Asia Pacific

South America

Brazil

Argentina

Chile

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

South Africa

Rest of Middle East and Africa

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Source URL: https://marketersmedia.com/anti-money-laundering-software-market-insights-latest-technology-update-global-demand-client-analysis-challenges-future-opportunities-and-forecast-2025/464925

Source: MarketersMedia

Release ID: 464925