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”
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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