and automated transaction monitoring systems with anti-money laundering software
anticipated to support the market growth during the forecast period. However, higher
implementation costs and difficulties faced in data interpretation are some of the factors
restraining the growth of anti-money laundering software market.
Based on functionality, the global anti-money laundering market was led by the
transaction monitoring segment contributing to 31.8% of the overall market value in
2017. The transaction monitoring software is likely to gain prominence on account of its
ability to monitor customer transactions in real-time and on a daily basis. Based on the
deployment model, the on-premise segment dominated the market in 2017. The growth
in the on-premise segment is mainly attributed to the greater level of security offered by
on-premise solutions. In terms of end-use vertical, BFSI sector led the overall anti-money
laundering market. The BFSI sector is mainly prone to the money laundering incidences.
Thus, in order to combat fraud related activities, the BFSI sector spends heavily on the
anti-money laundering solutions.
Competitive Insights:
Software developers are innovating and launching new anti-money laundering solutions
with advanced capabilities to cater the evolving needs of customers. In September 2017,
analytic software firm FICO announced that its anti-money laundering solutions
(TONBELLER Siron suite) achieved the Amazon Web Services (AWS) Competency status.
This status appreciates Company’s efforts for offering innovative solutions on AWS to aid
business organizations manage critical issues
such as risk management, navigating
compliance requirements, data management, and establishing governance models. In a
bid to sustain in this highly competitive and technology driven market, other players are
duly focusing o n technology development and innovation. Major players identified in the
global anti-money laundering software market include Accenture Plc., Fiserv, Inc., SAS