Anti Money Laundering Software Market: Retail Banking to Emerge as the Largest End-User

The government of various countries are forming regulatory bodies to address the issue of money laundering. Along with this, companies under financial sector are also moving towards using anti-money laundering software to minimize the risk associated with transactions. Technological advancements in the financial industry is also resulting in the companies looking to improve their finance department by integrating advanced IT solution to ensure safety. Meanwhile, the growth in banking software industry is also resulting in the increasing incidences of money laundering. Companies are also focusing on developing Anti Money Laundering Software Market with visualization tools as it significantly reduces the time required in analyzing the data, hypothesize monitoring strategies, and validate scenario deployment along with the scenario generation.

Report Details:

https://www.transparencymarketresearch.com/anti-money-laundering-software-market.html

According to a new research by Transparency Market Research (TMR), the global market for anti-money laundering software is likely to experience healthy growth, registering   12.1% CAGR between 2017 and 2026. The global market for anti-money laundering software is also likely to reach US$ 4,262.0 million revenue towards 2026 end.

Transaction Monitoring Systems- Top-Selling Anti-Money Laundering Software Product

Among various products, transaction monitoring system is likely to emerge as the top-selling anti-money laundering software product. By the end of 2026, transaction monitoring systems is estimated to surpass US$ 2000 million revenue. Well-designed transaction monitoring system is considered to be an important part of an effective anti-money laundering compliance program by financial institutions. Owing to the rapid phase of technological advances and increasing money laundering practices, a lot of financial institutions are updating their transaction monitoring system and are also increasingly investing in the transaction monitoring systems.

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Retail Banking to Emerge as the Largest End-User of Anti-Money Laundering Software

Retail banking is likely to emerge as the largest end-user of anti-money laundering software between 2017 and 2026. Retail banking is projected to bring in close to US$ 1,200 million revenue by 2026 end. Managing risk is the main priority in the retail banking sector. Hence, anti-money laundering helps retail banking to monitor, investigate and report transaction of suspicious nature to the central bank and intelligence unit of the respective country.

Transactional Monitoring Solution to Witness Maximum Traction in the Market

Compared to the various solution available, transactional monitoring solution is likely to witness maximum traction. Towards the end of 2026, transaction monitoring solution is estimated to exceed US$ 1,200 million revenue. Transactional monitoring solution allows financial institutions and banks to monitor transactions done by customers on daily basis in real-time. Companies are also developing transactional monitoring solutions with advanced features such as customer profiling, blacklist screening, etc.

On-premise to Account for Highest Share in terms of Revenue

Compared to cloud-based, on-premise is likely to dominate the market during 2017-2026. On-premise is estimated to surpass US$ 3,000 million revenue by the end of 2026. High level of security and features provided by on-premise anti-money laundering software is driving the demand for on-premise in the market.

North America to be the Largest Region in Terms of Revenue

North America is likely to be the largest region in the global market for anti-money laundering software market. Stringent regulations against money laundering in the U.S. and Canada is contributing to the growth of the region. Meanwhile, Europe followed by APEJ are also anticipated to witness impressive growth in the coming years.

Competition Tracking

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Accenture Inc., SAS Institute Inc., Fiserv, Inc., Opentext, Experian, Oracle Corp., FICO TONBELLER, Ascent Technology Consulting, EastNets, Trulioo, BAE Systems, ACI Worldwide, Inc., NICE, Siron, NameScan, a member of the Neurocom group, and Verafin Inc., are prominent players in the global market for anti-money laundering software.

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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