Anti-Money Laundering Software Market to Grow at a CAGR of 15.2% to Reach USD 2,717 Million by 2025
The increasing stringent regulations and compliance for AML are escalating the growth of anti-money laundering software market.
PORTLAND, PORTLAND, OR, UNITED STATE, October 26, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Anti-Money Laundering Software Market to Grow at a CAGR of 15.2% to Reach USD 2,717 Million by 2025 .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Upsurge in money laundering cases, increase in budget allocation for improving IT infrastructure, and stringent regulations for anti-money laundering (AML) propel the growth of the market. However, dearth of skilled AML professionals hinders the market growth. On the other hand, adoption of artificial intelligence technologies and implementation of cloud-based solutions would create new pathways for the market players in future.
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The transaction monitoring segment would grow at the fastest CAGR of 18.4% from 2018 to 2025. This is due to rise in financial crimes, which increase the deployment of solutions for detecting suspicious activities and enhancing security infrastructure. However, the customer identity management segment accounted for nearly more than one-third of the total market share in 2017 and is expected to maintain its lion’s share by 2025. This is due to the simplified workflow, ease in detection of suspicious activities, and reduction in false positives. The report also analyzes currency transaction reporting and compliance management segments.
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The service segment contributed nearly three-fourth of the total market share in 2017, owing to increase in implementation of compliant and standardized AML operations worldwide. This segment is expected to maintain its lead position throughout the forecast period. However, the software segment is expected to register the highest CAGR of 16.4% from 2018 to 2025, owing to high demand for AML solutions complying with regulatory policies and rise in IT spending among banks.
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Europe contributed more than one-third of the total market share in 2017 and is expected to maintain its dominance during the forecast period. This is due to the high adoption of AML solutions supplemented by stringent government regulations in financial institutions across the region. However, Asia-Pacific region would register the fastest CAGR of 18.4% from 2018 to 2025, owing to the adoption of advanced tools and technologies in the banking and finance sector in the region.
The key market players analyzed in the research include ACI Worldwide, Inc., Eastnets Holding Ltd., Ascent Technology Consulting, NICE Actimize, FICO TONBELLER, Safe Banking Systems LLC, Regulatory DataCorp, Inc., Thomson Reuters Corporation, SAS Institute Inc., Truth Technologies, Inc., and Verafin Inc. They have adopted various strategies including expansion, joint ventures, collaborations, partnerships, mergers & acquisitions, and others to gain a strong position in the industry.
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