Global Anti-Money Laundering (AML) Software Market to Reach $1.77 billion by 2023

According to the recent market intelligence report by BIS Research, "Global Anti Money Laundering (AML) Software Market - Analysis and Forecast, 2018-2023", the global anti-money laundering software market was valued at $868.0 million in 2017 and is projected to reach $1.77 billion by 2023.

The market growth is supported by factors such as increasing volume of wired transactions occurring globally and regulatory compliance requirements of financial institutions with the concerned international regulatory bodies.

With an increase in the penetration of counter terrorism financing (CTF) and regulation for AML are pushing the companies in the financial services industry to recreate and reinforce the existing compliance processes to act as per regulations put in place and to avoid ramifications.

Highlights of the Report:

• The adoption of analytics and machine learning in AML is augmenting the acceptance of anti-money laundering software in crypto currency market and emerging economies.
• In the coming five years, the Robotic Process Automation (RPA) in AML along with KYC are expected to be the key aspects for creating lucrative opportunities in the market.
• The low-cost of implementing cloud-based solutions as compared to on-premise deployment models is further expected to boost the growth of the market.

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