Europe Anti-Money Laundering Software Market By Component (Software and Services), Product Type (Customer Identity Management Software, Transaction Monitoring Software, Currency Transaction Reporting Software, Compliance Management Software, and Others), Deployment Model (On-premise and Cloud), Organization Size (Large Organization and Small & Medium Organization), Application (Spend Analytics, Vendor Management, Contract Management, and Others), End-Market (Banking, Financial Services and Insurance, Retail, IT & Telecommunication, Government, Healthcare, Defense, Transport and Logistics, Energy & Utilities, and Others), Country (Germany, U.K, France, Italy, Spain, Netherlands, Switzerland, Russia, Belgium, Turkey, and Rest of Europe), Market Trends and Forecast to 2027
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Market Analysis and Insights: Europe Anti-Money Laundering Software Market
Anti-money laundering software market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 16.3% in the forecast period of 2019 to 2026 and expected to reach USD 1,047.22 million by 2026 from USD 315.65 million in 2018. Increasing money laundering activities especially in the banking financial sector and stringent government regulation for laundering activities are the factors for the market growth.
The major players covered in the report are Fenergo, Jumio, SYNECHRON, WNS (Holdings) Ltd, Wipro Limited, SWIFT, Comarch SA, InfrasoftTech, Larsen & Toubro Infotech Limited, Reed Business Information Limited (ACCUITY), Global RADAR, Fiserv, Inc, Fair Isaac Corporation, BAE Systems, NICE ACTIMIZE, AML Partners, ACI Worldwide, Inc., SAS Institute Inc. among other players domestic and global. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Anti-money laundering is a set of laws, regulations, and procedures that use for preventing criminals from hiding illegally obtained funds as legitimate income. For instance, AML regulations require that banks and other financial institutions that issue credit or allow customers to open deposit accounts follow rules to ensure they are not aiding in money-laundering.
The growing government concern for tackling money laundering is one of the prominent factor prevailing growth of the market. It has been witnessed that Germany government continuously enhancing the laws for money laundering that help the German government to minimize the fraud activities related to money. For instance, On 9 July 2018 the fifth EU anti-money laundering directive has entered into force; which will going to apply from 10 January 2020.
This Anti-money laundering software market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Anti-Money Laundering Software Market Scope and Market Size
Europe anti-money laundering software market is segmented of the basis of component, product type, deployment model, organization size, application and end market. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Europe Anti-Money Laundering Software Market, By Application
Based on component, the market is segmented into software and services. Software accounted the largest market due to rising deployment of antimony laundering software in the various verticals. For instance, in September 2019, U.K. headquartered bank HSBC has deployed an automated anti-money laundering (AML) and sanctions screening system in its global trade and receivables finance (GTRF) business.
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Based on product type, the market is segmented into customer identity management software, transaction monitoring software, currency transaction reporting software, compliance management software, and others.
Based on deployment model the market is segmented into cloud and on-premises. On-premise segment accounted for largest market share as the large organization are mostly prefer the on premise solutions as it provide all authority to the organization itself. For instance, Wynyard Group had received a contract form Bin Belaila Exchange for installing anti-money laundering (AML) software. This software especially designed for financial institutions, as this solution is simple and easy to deploy with existing business operation.
Based on organization size, the market is segmented into large organization and small & medium organization. The large organization accounted largest market share due to huge investment from the large organization towards securing their data as well as money.
Based on the application, the market is segmented into spend analytics, vendor management, contract management and others. The rising business intelligence has inadvertently increased the amount of data generation in the business. Owing to this factor business focus on adopting those solutions that optimize their work which in turn increase productivity for the business.
Based on end market, the market is segmented into banking financial service and insurance, retail, it & telecommunication, government, healthcare, defence, transport & logistics, energy & utilities and others. The BFSI sector accounted largest market share due to increasing crime for money theft has raised government concern to secure the money of the customer.
Competitive Landscape and Anti-Money Laundering Software Market Share Analysis
Europe anti-money laundering software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to Europe anti-money laundering software market.
Customization Available : Europe Anti-Money Laundering Software Market
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