Growth of the anti-money laundering software market includes increased AML regulatory requirements, rise in money laundering cases, and growth in IT spending.
PORTLAND, OR, UNITED STATES, December 10, 2021 /EINPresswire.com/ — Increase in economic loss due to money laundering cases, rise in IT expenditure among banks, increase in cost for AML compliance, and implementation of government regulations to deploy AML solutions act as major drivers of the global Anti-Money Laundering Software Industry. However, dearth of AML professionals hampers the growth of the market. Based on deployment type, the on-premise segment dominated the global market in 2017, as on premise AML solutions provide better maintenance of servers and continuous system. Furthermore, the cloud-based segment is expected to grow at the highest CAGR during the forecast period, due to surge in demand for cloud-based AML solutions among mid-sized financial organizations.
According to a recent report published by Allied Market Research, titled, Anti-Money Laundering Software Industry by Component, Product, and Deployment Type: Global Opportunity Analysis and Industry Forecast, 2018 – 2025, the global Anti-Money Laundering Software Industry was valued at $879.0 million in 2017, and is projected to reach $2,717.0 million by 2025, registering a CAGR of 15.2% from 2018 to 2025. In 2017, on-premise segment accounted for the highest revenue in the market.
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The global Anti-Money Laundering Software Industry was led by the customer identity management segment in 2017, and is projected to maintain its dominance during the forecast period. However, the transaction monitoring segment is expected to witness the highest growth rate, owing to increase in adoption of transaction monitoring solutions to comply with regulatory requirements.
In 2017, the global market was dominated by Europe, and is expected to maintain this trend during the forecast period. However, the Asia-Pacific segment is expected to witness the highest growth, owing to rise in AML spending among developing countries in the region.
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Key Finding of the Anti-Money Laundering Software Industry:
• By deployment type, the cloud-based segment is expected to exhibit significant growth in the global anti-money laundering software during the forecast period.
• In 2017, Europe accounted for the highest revenue among the other regions.
• Based on product, the customer identity management segment generated the highest revenue in 2017.
• By region, Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.
Some of the key market players profiled in the report include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., and Verafin Inc.
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