Dublin, April 29, 2019 (GLOBE NEWSWIRE) -- The "Global Anti Money Laundering (AML) Software Market: Focus on Software Type (Transaction Monitoring Software, Currency Transaction Reporting, Customer Identity Management) and Delivery Model Type - Analysis and Forecast, 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The global anti-money laundering (AML) software market is expected to reach $1.77 billion by 2023.
The growth in the AML software market can be significantly attributed to factors such as monitoring suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory bodies along with increased volume of wired transactions.
On-premise deployment type contributed the largest share to the AML software market in 2017, owing to a higher level of consumer data security provided as compared to cloud deployment. However, cloud deployment is expected to witness higher growth rate during the forecast period. This delivery model requires monthly or yearly subscriptions, which are cheaper as compared to on-premise deployment software. The widespread adoption of cloud-based delivery models is expected to be witnessed in the future, due to the lower entry cost than that of on-premise deployment models. A cloud-based deployment model involves the combination of cloud computing with wireless sensor networking, and mobile computing to automatically provide the users with the required data.
Transaction monitoring software had the highest market penetration rate in the overall AML software market in 2017, followed by currency transaction reporting, customer identity management, compliance management software, and others. Transaction monitoring software accounted for the highest market share in the AML software market for 2017, owing to generate a full-fledged analysis of a customer, thereby facilitating prediction of risk levels and future money laundering activities, along with providing reports and creating alerts for suspicious activities.
The North America region dominated the AML software market in 2017 and is expected to continue to dominate the market, owing to stricter customer identification regulations and compliance for the financial institutions in order to reduce money laundering activities. The Asia-Pacific region is expected to foster the highest growth rate in the market during the period, 2018-2023. Factors such as increasing regulatory compliance, adoption of stringent AML regulations, and adoption of the software in various institutions are the major reasons for the constant growth of the AML software market in the region.
Key Topics Covered:
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Volume of Wired Transactions
1.1.2 Increased Need for Automated Transaction Monitoring Systems
1.1.3 Compliance Requirement with International Regulatory Bodies
1.2.1 High Implementation Cost of AML Software
1.2.2 Complexity of Integration of AML Software into Existing Systems
1.2.3 Risk of Security Breaches
1.3 Market Opportunities
1.3.1 Adoption of Analytics and Machine Learning in AML
1.3.2 Anti-Money Laundering Software in Crypto Currency Market
1.3.3 Emerging Economies Adopting AML Solutions
1.3.4 Robotic Process Automation in AML and KYC
2 Competitive Landscape
2.1 Key Strategies and Partnerships
2.1.1 Partnerships, Joint Ventures, and Collaborations
2.1.2 Product Launches
2.1.3 Business Expansions
2.1.4 Mergers and Acquisitions
2.1.5 Other Key Developments
2.2 Market Share Analysis
3 Industry Analysis
3.1 Patent Analysis
3.2 Consortium, Associations and Regulatory Bodies
3.3 Supply Chain Analysis
3.4 Consumer Outlook
3.4.1 Pain Points
3.4.2 Future Outlook
3.5 Opportunity Matrix Analysis
3.5.1 Opportunity Matrix Analysis (by Region)
3.6 Country Share Analysis
4 Global Anti-Money Laundering Software Market, by Delivery Model
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 On-Premise Delivery Model
4.4 Cloud-Based Delivery Model
5 Global Anti-Money Laundering Software Market by Software Type
5.1 Market Overview
5.2 Transaction Monitoring Software
5.3 Currency Transaction Reporting Software
5.4 Customer Identity Management Software (CIM)
5.5 Compliance Management Software
5.6 Sanction Screening Software and Case Management Software
6 Global Anti-Money Laundering Software Market by Geography
6.1 Market Overview
6.2 North America
7 Company Profiles
7.2 Accuity Inc.
7.2.1 Company Overview
7.2.2 Role of Accuity Inc. in Anti-Money Laundering Software Market
7.2.3 Market Impact Analysis
7.2.4 SWOT Analysis
7.3 ACI Worldwide, Inc.
7.4 AML Partners
7.5 BAE Systems
7.6 Experian PLC
7.8 Fiserv, Inc.
7.9 Global Radar
7.10 Infrasoft Technologies Ltd.
7.11 Lexis Nexis
7.12 NICE Acitmize
7.13 Oracle Corporation
7.14 SAS Institute Inc.
7.15 Targens GmbH
8 Research Scope and Methodology
8.1 Scope of the Report
8.2 AML Software Market Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/zc6dvd
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Related Topics: Software