Global Anti Money Laundering (AML) Software Market – Analysis and Forecast (2017-2023)
Rapid progress in financial services and technologies enable fast and effortless money transactions around the world. However, this exposes financial institutions to the risk of money laundering, making the money laundering mission more crucial and urgent than ever before.
According to the UN Office for Drugs and Crime (UNODC), a monetary value of around 2% to 5% of global GDP is laundered in one year, between 800 billion and 2 trillion dollars. Governments of different countries form their own regulatory authorities to combat money laundering. For example, the UK established the National Crime Agency in 2013, which focuses on reducing crime such as money laundering by overseeing high-end clients, including lawyers, trustees, bankers and other money launderers. business and accountants.
The Global Anti-Money Laundering (AML) software market report provides an in-depth analysis of key development strategies and dynamic market trends with the drivers, challenges and opportunities of the market. industry. The report provides a detailed overview of the various forms of development, trends and important participants.
The Global AML Software Market Estimate is based on detailed assumptions and limitations. The market was estimated on the basis of the type of software, the type of implementation and the geographical analysis.
The report profiles 16 organizations from different geographical regions, which give readers insight into the different industry trends.
Key questions answered in the report:
Over the last few years, the financial services sector has undergone major technological changes as companies strive to improve the efficiency of their financial services by integrating innovative IT solutions.
In addition, customers have formulated their expectations and need added value for their money, as well as seamless experience and better services. In particular, the banking software industry 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. The banking industry is expected to witness both the revolution and evolution over the next ten years, in terms of the World Bank's facilitation, multiservices, low costs and digital. With the growth of the banking software industry, however, there is growing demand from regulators to counter the increase in terrorist financing and money laundering incidents.
The global market for anti-money laundering software is expected to reach $ 1420.8 million in 1423. The growth of the AML software market can be attributed significantly to the following factors: monitoring of suspicious transactions; compliance with regulations by international financial institutions and analysis of historical data analysis of consumers for risk management.
The type of on-site implementation contributed to the majority of the AML software market in 2016, due to the high level of security that consumers offer when using the cloud. However, it is expected that the cloud implementation will have the highest growth during the forecast period. This distribution model requires monthly or annual subscriptions, which are less expensive than on-site deployment software.
The broad acceptance of the cloud-based delivery model will be observed in the future due to the low entry costs compared to the on-site implementation model. The cloud-based deployment model includes combining cloud computing with wireless sensor networks and mobile computing to provide users with the required data automatically.
The transaction monitoring software achieved the highest penetration rate of the global AML software market in 2016, followed by currency transaction reports, customer identity management, compliance management software and others. Transaction monitoring software represents the highest market share of the AML software market for the year 2016 and generates a complete customer analysis, thereby facilitating the prediction of risk levels and future money laundering activities. Activities.
The North American region dominated the AML software market in 2016 and will continue to dominate the market as a result of stricter regulation of customer identification and compliance with financial institutions to reduce money laundering activities. silver. The Asia-Pacific region is expected to support the highest growth rate of the market in the period 2017-2023. Factors such as increased regulatory compliance, the adoption of strict AML rules and the approval of software in various institutions are the main reasons for the continued growth of the AML software market in the region.
According to the UN Office for Drugs and Crime (UNODC), a monetary value of around 2% to 5% of global GDP is laundered in one year, between 800 billion and 2 trillion dollars. Governments of different countries form their own regulatory authorities to combat money laundering. For example, the UK established the National Crime Agency in 2013, which focuses on reducing crime such as money laundering by overseeing high-end clients, including lawyers, trustees, bankers and other money launderers. business and accountants.
The Global Anti-Money Laundering (AML) software market report provides an in-depth analysis of key development strategies and dynamic market trends with the drivers, challenges and opportunities of the market. industry. The report provides a detailed overview of the various forms of development, trends and important participants.
The Global AML Software Market Estimate is based on detailed assumptions and limitations. The market was estimated on the basis of the type of software, the type of implementation and the geographical analysis.
The report profiles 16 organizations from different geographical regions, which give readers insight into the different industry trends.
Key questions answered in the report:
- What are the main drivers of the market, the challenges and opportunities in the global AML software market?
- What is the supply chain for the global AML software market?
- What is the market value of the AML software market for different software?
- What is the market value of AML software for different types of implementations based on on-premise and cloud services?
- What is the market value of the AML software market based on different geographical regions?
- Which geographical location does the AML software market dominate?
- What is the growth rate of the various segments of the AML software market during the forecast period?
- Who are the most important players in the AML software market?
- What are the key development strategies implemented by key players to stand out in this market?
- What is the market share of key players in the global AML software market for 2016?
Over the last few years, the financial services sector has undergone major technological changes as companies strive to improve the efficiency of their financial services by integrating innovative IT solutions.
In addition, customers have formulated their expectations and need added value for their money, as well as seamless experience and better services. In particular, the banking software industry 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. The banking industry is expected to witness both the revolution and evolution over the next ten years, in terms of the World Bank's facilitation, multiservices, low costs and digital. With the growth of the banking software industry, however, there is growing demand from regulators to counter the increase in terrorist financing and money laundering incidents.
The global market for anti-money laundering software is expected to reach $ 1420.8 million in 1423. The growth of the AML software market can be attributed significantly to the following factors: monitoring of suspicious transactions; compliance with regulations by international financial institutions and analysis of historical data analysis of consumers for risk management.
The type of on-site implementation contributed to the majority of the AML software market in 2016, due to the high level of security that consumers offer when using the cloud. However, it is expected that the cloud implementation will have the highest growth during the forecast period. This distribution model requires monthly or annual subscriptions, which are less expensive than on-site deployment software.
The broad acceptance of the cloud-based delivery model will be observed in the future due to the low entry costs compared to the on-site implementation model. The cloud-based deployment model includes combining cloud computing with wireless sensor networks and mobile computing to provide users with the required data automatically.
The transaction monitoring software achieved the highest penetration rate of the global AML software market in 2016, followed by currency transaction reports, customer identity management, compliance management software and others. Transaction monitoring software represents the highest market share of the AML software market for the year 2016 and generates a complete customer analysis, thereby facilitating the prediction of risk levels and future money laundering activities. Activities.
The North American region dominated the AML software market in 2016 and will continue to dominate the market as a result of stricter regulation of customer identification and compliance with financial institutions to reduce money laundering activities. silver. The Asia-Pacific region is expected to support the highest growth rate of the market in the period 2017-2023. Factors such as increased regulatory compliance, the adoption of strict AML rules and the approval of software in various institutions are the main reasons for the continued growth of the AML software market in the region.
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