Growing concerns for safety due to surging cases of
money laundering across various verticals such as banking, asset management,
etc., to drive global anti-money laundering market through 2024.
According
to TechSci Research report, “Global Anti-Money
Laundering Software Market By Component, By Deployment Type, By End
User, By Region, Competition, Forecast & Opportunities, 2024”, global anti-money laundering software market is projected to grow at a
CAGR of over 13% during forecast period, owing to increasing financial
fraudulent activities. Due to surge in digitization and technological
advancements, money laundering has emerged as a serious concern. As a result,
implementation of anti-money laundering software has been mandated by the
regulatory authorities which is positively influencing the growth of the
market. Moreover, penalties have been imposed on global banks for anti-money
laundering non-compliance, thereby further driving growth in global anti-money
laundering software market.
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Based
on deployment type, cloud segment is anticipated to register the fastest growth
during forecast period on account of increasing demand for cloud based
anti-money laundering software in small & medium sized financial
organizations. Moreover, on-premise segment dominated the market and the trend
is likely to continue till 2024 due to higher security offered by on-premise
solutions when compared with cloud segment. Fiserv, Inc., NICE Actimize, ACI Worldwide, FICO
Tonbeller, Oracle Corporation, etc., are some of the major companies operating
in global anti-money laundering software market. North America leads global
anti-money laundering software market, backed by the presence of leading
players in the region. Companies operating in anti-money laundering software
market are integrating big data analytics with anti-money laundering software
and adopting organic strategies such as mergers and collaborations &
development in order to register positive growth. In 2018, Lulu International
Exchange LLC selected Fiserv Inc., to implement anti-money laundering software
for enhancing their crime prevention capabilities.
“Banking
end user segment is anticipated to dominate global anti-money laundering
software market through 2024 as anti-money laundering software monitor,
investigate and report transactions of suspicious activities to the financial
institutions. Moreover, over the coming years transaction monitoring software
segment is expected to lead the market due to increasing money laundering
practices and rising investments on transaction monitoring software.
Advancements in technology and consequent rise in digitization is further
anticipated to propel growth in global anti-money laundering market during
forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Anti-Money Laundering Software Market By
Component, By Deployment Type, By End User, By Region, Competition, Forecast
& Opportunities, 2024” has evaluated the
future growth potential of global anti-money
laundering software market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global anti-money
laundering market.
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