Anti-Money Laundering Software Market Size – USD 1.38 Billion in 2020, Market Growth – at a CAGR of 14.8%, Market Trends – Increased adoption in BFSI sector

The report clearly defines the Anti-Money Laundering Software market position on a global level. The detailed insights into the market’s geographical spectrum offered by the report make it an excellent source of knowledge about the Anti-Money Laundering Software industry.

Emergence of security solutions integrated with Internet of Things (IoT), Big Data analytics tools, Machine Learning (ML), and cloud-based solutions are also fueling growth of the global anti-money laundering software market. Organizations are steadily adopting more advanced technologies to enhance compliance capabilities to predict risk and uncertainties and track financial data. In March 2021, Cryptocurrency Exchange Company Bitex partnered with Artificial Intelligence (AI) powered global identity authentication and verification platform, Onfido. The partnership will enable verification of identity documents from 189 countries, making exchange more accessible to customers.

The Global Anti-Money Laundering Software Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period.

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Key Market Dynamics: The global Anti-Money Laundering Software market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.

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Some Key Highlights From the Report

Currency transaction report (CTR) software is used to prevent instance of money laundering. It provides a form which must be filled out by a representative of the bank who has customers requesting to withdraw or deposit currency transaction more than USD 10,000. Banks, public corporations and government agencies are exempted from needing CTRs when they transact large amount.
Anti-money laundering (AML) software cloud deployment not only reduces cost but also helps save time. Cloud computing is not complicated and is used by financial institutions to offers faster AML solutions. Several financial institutions are adopting the technology at a higher rate due to advancement in cloud computing and also keep up with their competitors.
Increase in IT expenditure has encouraged companies to adopt advanced technologies and solutions. Improved compliance capabilities within institutions to address complex regulations and business environment is propelling the growth of anti-money laundering software market. IT companies across the globe are adopting risk management approaches to reduce fraud transactions.
North America accounted for the largest revenue share in 2020 due to the presence of large number of banks and adoption of advanced software by these organizations. Surge in digitalization of banks and usage of artificial intelligence, machine learning and cloud computing by these institutions is further driving the growth of the market.
Key players in the market include BAE Systems, Oracle, Fiserv Inc., SAS Institute Inc., ACI Worldwide, Actimize, LexisNexis, Cognizant Technology Solutions Corporation, Accenture, and Tata Consultancy Services Limited.
The findings of the report explain various aspects of the market, such as market status, developmental prospects, key regional segments, renowned market players, product offerings, end-use industries.

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Geographical Terrain of the Global Anti-Money Laundering Software Market:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The global Anti-Money Laundering Software market is segmented based on product types offered in the market, their applications, end-user industries, different types of technologies, and key regions of the market.

Type Outlook (Revenue, USD Billion; 2018–2028)
Name Screening
Transaction Monitoring
Currency Transaction Reporting (CTR)
Compliance
Deployment Type Outlook (Revenue, USD Billion; 2018–2028)
On-Premises
Cloud
End-use Outlook (Revenue, USD Billion; 2018–2028)
Healthcare
IT & Telecom
BFSI
Defense & Government
Retail
Transportation & Logistics
Others
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Key Questions You Asked:

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