Banking Sector to Continue Dominating Anti-Money Laundering Software Market through 2024
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.
Browse 21 market data Tables and 156 Figures spread through 114 Pages and an in-depth TOC on "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.
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“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 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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