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Global Anti Money Laundering (AML) Software Market: Focus on Software Type (Transaction Monitoring Software, Currency Transaction Reporting, Customer Identity Management) and Delivery Model Type - Analysis and Forecast, 2018-2023

  • ID: 4766846
  • Report
  • Region: Global
  • 226 pages
  • BIS Research
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Global Anti-Money Laundering (AML) Software Market to Reach $1.77 Billion by 2023

FEATURED COMPANIES

  • Accuity Inc.
  • AML Partners
  • Experian PLC
  • Fiserv, Inc.
  • Lexis Nexis
  • Oracle Corporation
  • MORE

Rapid advances in financial services and technologies facilitate effortless and prompt transactions of money, worldwide. This exposes the financial institutes to the risk of money laundering thus making the mission of combating money-laundering more crucial and urgent than ever. According to United Nations Office on Drugs and Crime (UNODC), money worth of approximately 2-5% of the global GDP is laundered in a year, which ranges from $800 billion to $2 trillion in current US dollars. Governments of varied nations are forming their own regulatory bodies, in order to address money laundering. For instance, the U.K. established National Crime Agency (NCA) in 2013, which ensures to cut down crimes such as money laundering by monitoring high-end customers which include lawyers, trust and company formation agents, investment bankers, and accountants.

The report titled “Global Anti-Money Laundering (AML) Software Market” provides an in-depth analysis of the key development strategies and market trend dynamics which includes drivers, challenges, and opportunities prevailing in the industry. The report provides an extensive insight into various forms of developments, trends, and key participants.

The Global AML software market estimation has been built on detailed assumptions and limitations.  The market has been estimated by the type of software, their deployment type, and geographical analysis.

The report profiles 17 organizations across different geographies allowing the readers to gain an insight into the various industry trends.

Key questions answered in the report:

  • What are the major market drivers, 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 AML software market for different software?
  • What is the market value of AML software market for different deployment type on the basis of on-premise and cloud?
  • What is the market value of AML software market on the basis of different geographical regions?
  • Which region is expected to dominate the AML software market?
  • What is expected to be the growth rate of different segments of the AML software market during the forecast period?
  • Who are the key players for the AML Software market?
  • What are the key developmental strategies implemented by the key players to stand out in this market?
  • What is the market share of the leading players in the global AML software market for 2017?

Enterprisewide customers will receive an Excel spreadsheet containing additional data.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Accuity Inc.
  • AML Partners
  • Experian PLC
  • Fiserv, Inc.
  • Lexis Nexis
  • Oracle Corporation
  • MORE

Executive Summary

1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Volume of Wired Transactions
1.1.2 Increased Need for Automated Transaction Monitoring Systems
1.1.3 Compliance Requirement with International Regulatory Bodies
1.2 Restraints
1.2.1 High Implementation Cost of AML Software
1.2.2 Complexity of Integration of AML Software into Existing Systems
1.2.3 Risk of Security Breaches
1.3 Market Opportunities
1.3.1 Adoption of Analytics and Machine Learning in AML
1.3.2 Anti-Money Laundering Software in Crypto Currency Market
1.3.3 Emerging Economies Adopting AML Solutions
1.3.4 Robotic Process Automation in AML and KYC

2 Competitive Landscape
2.1 Key Strategies and Partnerships
2.1.1 Partnerships, Joint Ventures, and Collaborations
2.1.2 Product Launches
2.1.3 Business Expansions
2.1.4 Mergers and Acquisitions
2.1.5 Other Key Developments
2.2 Market Share Analysis

3 Industry Analysis
3.1 Patent Analysis
3.2 Consortium, Associations and Regulatory Bodies
3.3 Supply Chain Analysis
3.4 Consumer Outlook
3.4.1 Pain Points
3.4.2 Future Outlook
3.5 Opportunity Matrix Analysis
3.5.1 Opportunity Matrix Analysis (by Region)
3.6 Country Share Analysis

4 Global Anti-Money Laundering Software Market, by Delivery Model
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 On-Premise Delivery Model
4.4 Cloud-Based Delivery Model

5 Global Anti-Money Laundering Software Market by Software Type
5.1 Market Overview
5.2 Transaction Monitoring Software
5.2.1 Global AML Transaction Monitoring Software by Deployment Type
5.2.2 Global AML Transaction Monitoring Software Markey, by Region
5.3 Currency Transaction Reporting Software
5.3.1 Global AML Currency Transaction Reporting Software Market, by Deployment Type
5.3.2 Global AML Currency Transaction Reporting Software Market, by Region
5.4 Customer Identity Management Software (CIM)
5.4.1 Global AML Customer Identity Management Software Market, by Delivery Model Type
5.4.2 Global AML Customer Identity Management Software Market, by Region
5.5 Compliance Management Software
5.5.1 Global AML Compliance Management Software Market, by Delivery Model Type
5.5.2 Global AML Compliance Management Software Market, by Region
5.6 Sanction Screening Software and Case Management Software
5.6.1 Global AML Sanction Screening Software and Case Management Software Market, by Delivery Mode Type
5.6.2 Global AML Sanction Screening Software and Case Management Software Market, by Region

6 Global Anti-Money Laundering Software Market by Geography
6.1 Market Overview
6.2 North America
6.2.1 The U.S.
6.2.2 Canada
6.2.3 Mexico
6.3 Europe
6.3.1 Germany
6.3.2 U.K.
6.3.3 Italy
6.3.4 Spain
6.3.5 Rest-of-Europe
6.4 Asia-Pacific
6.4.1 Australia
6.4.2 China
6.4.3 India
6.4.4 Japan
6.4.5 Singapore
6.4.6 Rest-of-APAC
6.5 Rest-of-the-World

7 Company Profiles
7.1 Overview
7.2 Accuity Inc.
7.2.1 Company Overview
7.2.2 Role of Accuity Inc. in Anti-Money Laundering Software Market
7.2.3 Market Impact Analysis
7.2.4 SWOT Analysis
7.3 ACI Worldwide, Inc.
7.3.1 Company Overview
7.3.2 Role of ACI Worldwide, Inc. in Global Anti-Money Laundering Software Market
7.3.3 Financials
7.3.4 Key Insights About the Financial Health of the Company
7.3.5 SWOT Analysis
7.4 AML Partners
7.4.1 Company Overview
7.4.2 Role of AML Partners in Anti-Money Laundering Software Market
7.4.3 Product Portfolio
7.4.4 Corporate Summary
7.4.5 Market Impact Analysis
7.4.6 SWOT Analysis
7.5 BAE Systems
7.5.1 Company Overview
7.5.2 Role of BAE Systems in Global Anti-Money Laundering Software Market
7.5.3 Financials
7.5.4 Key Insights about the Financial Health of the Company
7.5.5 Market Impact Analysis
7.5.6 SWOT Analysis
7.6 CaseWare RCM Inc.
7.6.1 Company Overview
7.6.2 Role of CaseWare RCM Inc. in the Global Anti-Money Laundering Software Market
7.6.3 Market Impact Analysis
7.6.4 SWOT Analysis
7.7 Experian PLC
7.7.1 Company Overview
7.7.2 Role of Experian PLC in Global Anti-Money Laundering Software Market
7.7.3 Financials
7.7.4 Market Impact Analysis
7.7.5 SWOT Analysis
7.8 FICO
7.8.1 Company Overview
7.8.2 Role of FICO in Anti-Money Laundering Software market
7.8.3 Financials
7.8.4 Market Impact Analysis
7.8.5 SWOT Analysis
7.9 Fiserv, Inc.
7.9.1 Company Overview
7.9.2 Role of Fiserv Inc. in Global Anti-Money Laundering Software Market
7.9.3 Financials
7.9.4 Market Impact Analysis
7.9.5 SWOT Analysis
7.10   Global Radar
7.10.1 Company Overview
7.10.2 Role of Global Radar in Global Anti-Money Laundering Software Market
7.10.3 Market Impact Analysis
7.10.4 SWOT Analysis
7.11   Infrasoft Technologies Ltd.
7.11.1 Company Overview
7.11.2 Role of Infrasoft Technologies, Ltd. in Global Anti-Money Laundering Software Market
7.11.3 Market Impact Analysis
7.11.4 SWOT Analysis
7.12   Lexis Nexis
7.12.1 Company Overview
7.12.2 Role of LexisNexis in AML Software Market
7.12.3 Corporate Summary
7.12.4 Market Impact Analysis
7.12.5 SWOT Analysis
7.13   NICE Acitmize
7.13.1 Company Overview
7.13.2 Role of NICE Actimize in AML software market
7.13.3 Financials
7.13.4 Market Impact Analysis
7.13.5 SWOT Analysis
7.14   Oracle Corporation
7.14.1 Company Overview
7.14.2 Role of Oracle Corporation in Global Anti-Money Laundering Software Market
7.14.3 Financials
7.14.4 Key Insights About the Financial Health of the Company
7.14.5 Market Impact Analysis
7.14.6 SWOT Analysis
7.15   SAS Institute Inc.
7.15.1 Company Overview
7.15.2 Role of SAS Institute Inc. in AML Software Market
7.15.3 Corporate Summary
7.15.4 Market Impact Analysis
7.15.5 SWOT Analysis
7.16   Targens GmbH
7.16.1 Company Overview
7.16.2 Role of Targens GmbH in Global Anti-Money Laundering Software Market
7.16.3 Market Impact Analysis
7.16.4 SWOT Analysis
7.17   Temenos
7.17.1 Company Overview
7.17.2 Role of Temenos in AML Software Market
7.17.3 Financials
7.17.4 Market Impact Analysis
7.17.5 SWOT Analysis

8 Research Scope and Methodology
8.1 Scope of the Report
8.2 AML Software Market Research Methodology
8.2.1 Primary Data Sources
8.2.2 Secondary Data Sources
8.2.3 Assumptions and Limitations

List of Tables
Table 1: Key Regulatory Bodies, Associations, and Consortia
Table 1.1: Impact Analysis Market Drivers
Table 1.2: Comparison Between Manual and Automated Anti-Money Laundering Software
Table 1.3: Key Government Regulatory Bodies
Table 1.4: Legal Petitions
Table 1.5: Penalties and Fines 2018
Table 1.6: Impact Analysis Market Restraints
Table 1.7: Company Size and Percentage Investment in Anti-Money Laundering Software
Table 1.8: Emerging Nations With New Regulations to Fight Money Laundering
Table 2.1: Key Global AML Software Vendors
Table 3.1: Filed Patents Pertaining to AML Software Market (Feb 2015-Dec 2018)
Table 3.2: Key Regulatory Bodies, Associations and Consortiums
Table 3.3: Key Challenges Organizations Face in Implementation of AML Software
Table 4.1: Global AML Software Market Value by Deployment Type, 2017-2023 ($Million)
Table 5.1: Global Anti-Money Laundering Software Market, by Software Type, $ Million, 2017-2023
Table 5.2: Global AML Transaction Monitoring Software Market, by Deployment Type, $Million, 2017-2023
Table 5.3: Global AML Transaction Monitoring Software Market, by Region, $Million, 2017-2023
Table 5.4: Global AML Currency Transaction Reporting Software Market, by Deployment Type, $Million, 2017-2023
Table 5.5: Global Currency Transaction Reporting Software Market, by Region, $Million, 2017-2023
Table 5.6: Global AML Customer Identity Management Software Market by Delivery Model Type, $Million, 2017-2023
Table 5.7: Global AML Customer Identity Management Software Market by Region, $Million, 2017-2023
Table 5.8: Global AML Compliance Management Software Market, by Delivery Model Type, $Million, 2017-2023
Table 5.9: AML Compliance Management Software Market, by Region, $Million, 2017-2023
Table 5.10: Global Sanction Screening Software and Case Management Software Market, by Deployment Type, $Million, 2017-2023
Table 5.11: Global Sanction Screening Software and Case Management Software Market, by Region, $Million, 2017-2023
Table 6.1: AML Software Market Value, by Region, $Million, 2017-2023
Table 6.2: BASEL Index Score in 2018
Table 6.3: North America AML Software Market, by Country, $Million, 2017-2023
Table 6.4: AML Enforcements in the U.S., 2016-2018
Table 6.5: Entities AML/CFT Supervision in Mexico, 2017
Table 6.6: BASEL AML Index Scores of Key European Countries in 2018
Table 6.7: Europe AML Software Market Value, $Million, 2017-2023
Table 6.8: Basel Index Score 2018 and Number of STRs reported in 2010 and 2013
Table 6.9: BASEL AML Index Scores of Key Countries in Asia-Pacific in 2018
Table 6.10: APAC AML Software Market, by Country, $Million, 2017-2023
Table 6.11: Money Laundering Cases in India, 2010-2018
Table 6.12: BASEL AML Index Scores 2018 and Number of STRs, 2013 – 2014
Table 6.13: RoW AML Software Market, by Region, $Million, 2017-2023
Table 7.1: Accuity Inc.: Product Portfolio for Anti-Money Laundering Software Market
Table 7.2: ACI Worldwide, Inc.: Product Portfolio for Anti-Money Laundering Software Market
Table 7.3: AML Partners: Product Portfolio
Table 7.4: BAE Systems: Product Portfolio for Anti-Money Laundering Software Market
Table 7.5: CaseWare RCM Inc. Product Portfolio for Anti-Money Laundering Software Market
Table 7.6: Experian PLC: Product Portfolio for Anti-Money Laundering Software Market
Table 7.7: FICO: Product Portfolio for Anti-Money Laundering Software Market
Table 7.8: Fiserv, Inc.: Product Portfolio for Anti-Money Laundering Software Market
Table 7.9: Global Radar: Product Portfolio for Anti-Money Laundering Software Market
Table 7.10: Infrasoft Technologies, Ltd.: Product Portfolio for Anti-Money Laundering Software Market
Table 7.11: LexisNexis: Product Portfolio for Anti-Money Laundering Software Market
Table 7.12: NICE Actimize: Product Portfolio for Anti-Money Laundering Software Market
Table 7.13: Oracle Corporation: Product Portfolio for Anti-Money Laundering Software Market
Table 7.14: SAS Institute Inc.: Product Portfolio for Anti-Money Laundering Software Market
Table 7.15: Targens GmbH: Product Portfolio for Anti-Money Laundering Software Market
Table 7.16: Temenos: Product Portfolio for Anti-Money Laundering Software Market

List of Figures
Figure 1: Technological Disruption in AML Industry
Figure 2: BASEL Anti-Money Laundering (AML) Index Scores, 2018
Figure 3: Global AML Software Market Value Snapshot ($Million)
Figure 4: Global AML Software Market Snapshot, $Million, 2017, 2018, and 2023
Figure 5: Global AML Software Market Value Snapshot by Software Type ($Million)
Figure 6: Global AML Software Market Value Snapshot by Region ($Million)
Figure 1.1: Market Dynamics
Figure 1.2: Trends in Noncash Payments, 2000-2017
Figure 1.3: Adoption of Analytics in AML Software

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Accuity Inc.
  • AML Partners
  • Experian PLC
  • Fiserv, Inc.
  • Lexis Nexis
  • Oracle Corporation
  • MORE

Over the past five years, the financial service industry has witnessed far-reaching technology-led transformations, with companies looking for improving the efficiency of their financial departments by incorporating innovative IT solutions. In addition, customers have also set their expectations in terms of identity theft and are demanding added worth for their money, along with a seamless experience and better services. The banking software industry has witnessed significant developments in the past decade, in terms of understanding, exploring, researching, managing, and utilizing resources to create value. A similar trend is expected to prevail in the next decade and banking software industry is expected to evolve in terms of facilitating global, multi-service, low-cost, and digital banking. However, with the growth in the banking software industry, there is an increasing demand for regulators to counter the upsurge in the financing of terrorism and money laundering incidences.

Technological advancements in financial services have resulted in an increase in the number of wired transactions, worldwide. However, these smooth and prompt transactions have exposed the financial institutes to the risk of money laundering, thus increasing the concern for the same. According to United Nations Office on Drugs and Crime (UNODC), money worth approximately 2-5% of global GDP is laundered in a particular year, which ranges from $800 billion to $2 trillion in U.S. dollars. Governments of various nations are forming their regulatory bodies, in order to address money laundering. This has led to an increase in the market penetration of counter terrorism financing (CFT) and anti-money laundering (AML) regulations in the financial services industry, driving organizations to reinvent their compliance processes in order to act in accordance with the regulations and circumvent the possibility of fines and sanctions. Regulatory bodies, such as The Financial Action Task Force (FATF), Asia/Pacific Group (APG), and The Anti-Money laundering Association (AMLA), have been pivotal in shaping the future of the AML industry.

The global anti-money laundering (AML) software market is expected to reach $1.77 billion by 2023. The growth in the AML software market can be significantly attributed to factors such as monitoring suspicious transactions, regulatory compliance requirements of financial institutions with international regulatory bodies along with increased volume of wired transactions.

On-premise deployment type contributed the largest share to the AML software market in 2017, owing to a higher level of consumer data security provided as compared to cloud deployment. However, cloud deployment is expected to witness higher growth rate during the forecast period. This delivery model requires monthly or yearly subscriptions, which are cheaper as compared to on-premise deployment software. The widespread adoption of cloud-based delivery models is expected to be witnessed in the future, due to the lower entry cost than that of on-premise deployment models. A cloud-based deployment model involves the combination of cloud computing with wireless sensor networking, and mobile computing to automatically provide the users with the required data.

Transaction monitoring software had the highest market penetration rate in the overall AML software market in 2017, followed by currency transaction reporting, customer identity management, compliance management software, and others. Transaction monitoring software accounted for the highest market share in the AML software market for 2017, owing to generate a full-fledged analysis of a customer, thereby facilitating prediction of risk levels and future money laundering activities, along with providing reports and creating alerts for suspicious activities.

The North America region dominated the AML software market in 2017 and is expected to continue to dominate the market, owing to stricter customer identification regulations and compliance for the financial institutions in order to reduce money laundering activities. The Asia-Pacific region is expected to foster the highest growth rate in the market during the period, 2018-2023. Factors such as increasing regulatory compliance, adoption of stringent AML regulations, and adoption of the software in various institutions are the major reasons for the constant growth of the AML software market in the region.

Note: Product cover images may vary from those shown
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  • Accuity Inc.
  • ACI Worldwide, Inc.
  • AML Partners
  • BAE Systems
  • Experian PLC
  • FICO
  • Fiserv, Inc.
  • Global Radar
  • Infrasoft Technologies Ltd.
  • Lexis Nexis
  • NICE Acitmize
  • Oracle Corporation
  • SAS Institute Inc.
  • Targens GmbH
  • Temenos
Note: Product cover images may vary from those shown
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