LONDON--(BUSINESS WIRE)--The anti-money laundering (AML) software market is expected to grow by USD 1.18 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
AML software helps banks in risk management with its predictive models that analyze historical data and match it with the outcomes of the alert. It also provides vigilance for non-obvious transaction patterns indicative of risk. The focus of predictive models is to provide deeper insight into compliance risk that was previously hidden. Some advanced features, such as automated investigation, help in the efficient management of risks. The automated investigation feature investigates each alert and ranks them based on the risk calculated by the predictive model and the organization's threshold score. The feature also auto-closes alerts with low scores and highlights alerts that match the organization's risk tolerance and operational goals. Such features of AML and increasing need for risk management are expected to drive the growth of the market during the forecast period.
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As per Technavio, the integration of AML software with visualization tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Anti-Money Laundering Software Market : Integration of AML Software with Visualization Tools
The integration of AML software with visualization tools is gaining popularity. During a large number of transactions that take place in banks every day, even suspicious transactions will appear legitimate, and tracking these suspicious transactions is difficult. With the increasing number of fraudulent activities, identifying suspicious transactions using search options of predefined patterns is insufficient. AML software integrated with visualizations tools helps in identifying patterns based on identifying specific keywords within the transactions. The software reduces the time required to analyze data. AML software helps in obtaining insights from data with visualization tools that test hypotheses, simulate, and validate scenarios to find unusual transactions and patterns. Thus, the integration of AML software with visualization tools is expected to drive the growth of the market.
“Factors such as the increasing demand for know your customer analytics, and the integration of AML and anti-fraud solutions will have a positive impact on the growth of the anti-money laundering software market value during the forecast period,” says a senior analyst at Technavio.
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Anti-Money Laundering Software Market: Segmentation Analysis
This market research report segments the anti-money laundering software market by deployment (on-premise and cloud-based), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the anti-money laundering software market in 2019, followed by Europe, APAC, MEA and South America. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the broadening of the regulatory laws to new segments, such as small banks, credit unions, brokerages, and insurers and stringent AML regulations across the region.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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