“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.”
Adroit Market Research studied Anti-Money Laundering Software Market Size by Deployment Type, by Product Type, by Application, Financial institution, by Region. The study includes global market size till 2025 along with company summaries which include company overview, product offering, and recent developments and financial overview. Increased frauds in Fintech services & digital transactions and increased spending on IT solutions by financial institutions is expected to drive the growth of market.
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Anti-Money Laundering Software Market: Key Players
Fiserv Inc. Oracle Corporation, Accenture Inc., SAS Institute Inc., FICO TONBELLER, Thomson Reuters Corporation, EastNets, SunGard and Ascent Technology Consulting.
Global Anti-Money Laundering Software Market on premise is projected to be a preferred deployment type over cloud during the forecast period. Concerns over security and data theft for cloud deployment is the reason for slower adoption. These problems are expected to be solved coupled with other benefits such as pay-per-use model and cost-effectiveness and is projected to increase adoption of cloud in anti-money laundering software. The cloud segment is projected to grow at a CAGR of 12.1% during the forecast period in the global market.
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.
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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Key segments of the Global Anti-Money Laundering Software Market:
Deployment Overview, 2012-2025 (USD million)
- On premise
Product Overview, 2012-2025 (USD million)
- Transaction Monitoring Software
- Currency Transaction Monitoring
- Customer Identity Management
- Compliance Management
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
Regional Overview, 2012-2025 (USD million)
- North & Central America
- Asia Pacific
- South America
- Middle East & Africa
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