Global $1.4 Billion Anti-Money Laundering Software Market 2017-2023 - Robotic Process Automation (RPA) in AML and KYC
The report "Global Anti-Money Laundering Software Market 2017-2023" has been added to the Research and Markets offer.
The global Anti-Money Laundering Software (AML) market is expected to reach $ 1420.8 million by 2023.
In recent years, the financial services industry has witnessed far-reaching technological changes, with companies seeking to improve the efficiency of their financing departments by incorporating innovative IT solutions. In addition, customers have set their expectations and demand added value for their money, along with a smooth experience and better services.
The banking software industry, in particular, is filled with a range of activities that use resources to create value and benefit society, globally, in terms of understanding, exploration, research, management and use of financial services. It is expected that in the next decade, the banking industry will witness both the revolution and the evolution, in terms of facilitating digital, multi-service, low-cost and digital banking.
However, with the growth of the banking software industry, there is an increasing demand from regulators to counteract the increase in the financing of terrorism and the incidences of money laundering.
The growth in the AML software market can be attributed significantly to the following factors: monitoring of suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory agencies along with analysis of historical consumption data analysis for the management of risks.
The type of local implementation contributed with the largest participation in the AML software market in 2016, due to the high level of security of consumer data compared to the implementation in the cloud. However, it is expected that the deployment in the cloud will witness the highest growth rate during the forecast period. This delivery model requires monthly or annual subscriptions that are cheaper compared to on-site implementation software.
The widespread adoption of the cloud-based delivery model will be seen in the future due to the low entry cost compared to the implementation model in the facilities. The cloud-based deployment model involves the combination of cloud computing with wireless sensor networks and mobile computing to automatically provide users with the required data.
The transaction monitoring software had the highest penetration rate in the general AML software market in 2016, followed by reports of cash transactions, customer identity management, compliance management software and others. The transaction monitoring software represented the largest market share in the AML software market for 2016, due to the fact that it generated a complete analysis of a client, facilitating the prediction of risk levels and future money laundering activities, together with reports and alerts for suspicious occupations.
The North American region dominated the AML software market in 2016 and will continue to dominate the market, due to the strict rules of customer identification and compliance of financial institutions in order to reduce money laundering activities. The Asia Pacific region is expected to promote the highest growth rate in the market during the period 2017-2023. Factors such as increased regulatory compliance, the adoption of strict AML regulations and the adoption of software in various institutions are the main reasons for the constant growth of the AML software market in the region.
The global Anti-Money Laundering Software (AML) market is expected to reach $ 1420.8 million by 2023.
In recent years, the financial services industry has witnessed far-reaching technological changes, with companies seeking to improve the efficiency of their financing departments by incorporating innovative IT solutions. In addition, customers have set their expectations and demand added value for their money, along with a smooth experience and better services.
The banking software industry, in particular, is filled with a range of activities that use resources to create value and benefit society, globally, in terms of understanding, exploration, research, management and use of financial services. It is expected that in the next decade, the banking industry will witness both the revolution and the evolution, in terms of facilitating digital, multi-service, low-cost and digital banking.
However, with the growth of the banking software industry, there is an increasing demand from regulators to counteract the increase in the financing of terrorism and the incidences of money laundering.
The growth in the AML software market can be attributed significantly to the following factors: monitoring of suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory agencies along with analysis of historical consumption data analysis for the management of risks.
The type of local implementation contributed with the largest participation in the AML software market in 2016, due to the high level of security of consumer data compared to the implementation in the cloud. However, it is expected that the deployment in the cloud will witness the highest growth rate during the forecast period. This delivery model requires monthly or annual subscriptions that are cheaper compared to on-site implementation software.
The widespread adoption of the cloud-based delivery model will be seen in the future due to the low entry cost compared to the implementation model in the facilities. The cloud-based deployment model involves the combination of cloud computing with wireless sensor networks and mobile computing to automatically provide users with the required data.
The transaction monitoring software had the highest penetration rate in the general AML software market in 2016, followed by reports of cash transactions, customer identity management, compliance management software and others. The transaction monitoring software represented the largest market share in the AML software market for 2016, due to the fact that it generated a complete analysis of a client, facilitating the prediction of risk levels and future money laundering activities, together with reports and alerts for suspicious occupations.
The North American region dominated the AML software market in 2016 and will continue to dominate the market, due to the strict rules of customer identification and compliance of financial institutions in order to reduce money laundering activities. The Asia Pacific region is expected to promote the highest growth rate in the market during the period 2017-2023. Factors such as increased regulatory compliance, the adoption of strict AML regulations and the adoption of software in various institutions are the main reasons for the constant growth of the AML software market in the region.
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