The global anti-money laundering software is currently valued at around USD 1,075 billion and is expected to surpass USD 1,642 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global anti-money laundering software market, under its enterprise application portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like ACI Worldwide, EastNets, FICO TONBELLER, Fiserv, NICE Actimize, RELX, FIS, BAE Systems, Experian, Oracle, SAS, Thomson Reuters, aml360, AML Partners, AML RightSource, Safe Banking Systems, Truth Technologies, and Verafin.
According to Sharan Raj, a lead analyst for enterprise application research at Technavio, “Governments are continuously monitoring the operations of financial institutions, credit unions, and community banks through the use of AML software.”
Governments of many countries are making regulatory compliance mandatory for enterprises to combat money laundering and other unlawful financing activities. AML software helps enterprises minimize the cost of regulatory compliance and in identifying fraudulent transactions. As a result, a large number of enterprises across the globe are increasingly adopting AML software, leading tothe growth of the market.
Integration of AML software with visualization tools
AML software integrated with visualizations tools helps in identifying patterns based on identifying specific keywords within the transactions. The software reduces the time required to analyze data, visualize patterns, hypothesize monitoring strategies, and validate scenarios. Furthermore, it helps draw insights from data with visualization tools that test hypotheses, simulate, and validate scenarios to find the unusual transactions and patterns.
Integration of AML and anti-fraud solutions
Dominant players in the market space are providing anti-fraud and AML solutions on a single platform for better ROI. Some of the anti-fraud products offered by AML vendors include channel fraud, sector fraud, and internal fraud. In channel fraud, the products offered by the vendors are for prevention of fraud such as ATM fraud, check fraud, online fraud, and payment fraud.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Anti-money Laundering Market 2017-2021’.
Other related reports:
- Global Anti-Plagiarism Software Market for the Education Sector 2016-2020
- Global Mobile Anti-Malware Market 2016-2020
- Global Antivirus Software Package Market 2016-2020
To read more press releases – click here
