A recent report, titled, “Anti-Money Laundering (AML) Software Solution Market: Global Industry Analysis and Opportunity Assessment 2017-2027,” added by MarketResearchReports.biz to their vast repository covers this market in high detail. The report explains every factor associated with this sector in great depth, and acts as a useful insight for new entrants as well as existing businesses interested in the market.
Increasing instances of theft at financial institutions as well as in other organizations in the form of laundering, fraud, cheating, and other such illegal activities is primarily responsible for driving the global anti-money laundering (AML) laundering software solution market. Extensive security lapses existing in the context of use of different solutions and services by employees and others working in these institutions too contributes to a high demand for the use of anti-money laundering software. Misuse of many services by such people on account of a mindset that makes them commit laundering and fraud activities also is a key factor driving growth in the global anti-money laundering (AML) software solution market. These software programs are equipped with several facilities such as providing real-time alerts, tools to report suspicious activity, maximizing security and operational effectiveness, customer identification, and others. These highly useful advantages make the AML software fetch high demand in many organizations, consequently driving major growth in the market.
However, this market is majorly restrained owing to the numerous security issues and privacy concerns that exist with equipment and devices employed for providing necessary anti-money laundering services. This is mainly due to the existence of many loopholes in these software programs that can be exploited by hackers to gain access to important data and other information, thereby posing as a threat to many operations. In addition, high costs of the AML software solutions might discourage businesses having less disposable capital to invest in them, consequently hindering the global anti-money laundering (AML) software solution market.
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Moreover, these systems are yet to proliferate in many remote and underdeveloped regions, thus posing as a geographical obstacle to the market. Nonetheless, many companies are working towards reducing costs of their AML-based technologies as well as expanding their geographical reach. This is expected to reduce effects of most hindrances affecting the global data anti-money laundering (AML) software solution market.
This market depicts the presence of a substantially competitive and distributed vendor landscape, mainly due the emerging nature of associated technology and its widespread use in different applications. Fiserv Inc, SAS Institute Inc, NICE Actimize Inc, Norkom Technologies Ltd, IBM, TCS, Oracle Corp, Infosys, 3i Infotech Ltd, Accuity Birst Inc, ACI Worldwide Inc, Acquilan Technologies Inc, Ficrosoft, Cellent Finance Solutions AG, EastNets Ltd, and Ficrosoft Infor Global Solutions, FIS, are key players operating in the global anti-money laundering (AML) software solution market.