The increasing focus of FinTech on implementing anti-money laundering solutions is propelling the anti-money laundering software market growth.
The anti-money laundering software market garnered $879.00 million in 2017, and is expected to reach $2,717.00 million by 2025, growing at a CAGR of 15.2% from 2018 to 2025.
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 on-premise segment held the major share in 2017, contributing more than half of the total market revenue. This is due to the ease in installation of software and more robust security as compared to cloud-based solutions. The cloud segment would grow at the fastest CAGR of 16.8% from 2018 to 2025, owing to low cost solutions and improved focus on innovations & differentiations.
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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.
Major industry players such as – ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., and Verafin Inc.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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