India Anti-Money Laundering (AML) Software Market to Reach $86.7 Million by 2023
NOIDA, India, April 18, 2019 /PRNewswire/ --
According to a new market intelligence report by BIS Research, titled 'Global Anti-Money Laundering (AML) Software Market - Analysis and Forecast, 2018-2023', the global anti-money laundering software market was estimated at $868.0 million in 2017 and is expected to reach $1.77 billion by 2023. It is estimated that the AML software market in India, which accounted for approximately 4.09% of the global market in 2017, will reach $86.7 million by 2023, growing at a CAGR of 15.71% during the forecast period (2018-2023).
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Browse 52 market Data Tables and 104 Figures spread through 220 Pages and in-depth TOC on 'Global AML Software Market'
The growth in the AML software market in India can be significantly attributed to the factors such as regulatory compliance requirements of financial institutions with international regulatory bodies along with increased volume of wired transactions. Money laundering has been a key concern since the early 90s and it continues to be a significant challenge for economies across the globe.
Over the past decade, significant threats of terrorism due to the act of money laundering have become a major concern for regulatory bodies (outside India) such as Financial Crimes Enforcement Network (FinCEN) and Financial Action Task Force (FATF). Money laundering is the process of showing illegally acquired money to appear as legal. The act of money laundering generally involves three steps that are placement, layering, and integration.
India, with an AML index score of 5.28, ranks 68th in the list of 129 countries provided by the Basel Institute of Governance, which is an independent non-profit competence centre working to strengthen quality of governance, counter corruption and other financial crimes. The risk score is based on 14 indicators and provide an indication of the countries that are complying with the regulations and have least number of financial frauds. The score 1 is considered as the best score and implies that the country is complying with the standards and has witnessed the least number of frauds.
BIS Research Report: https://bisresearch.com/industry-report/anti-money-laundering-software-market.html
Prevention of Money Laundering Act, 2002 came into existence in 2005, due to persistent problems with money laundering activities that the country had been facing despite India having one of the robust anti-money laundering systems. The government of India ensures that the financial institutions comply with the foreign-exchange laws, transaction reporting requirements, and KYC norms. The government has taken measures such as the demonetization in 2016 targeting the shell companies in the country to curb the money laundering activities in India. Such initiatives by the government are expected to play a major role in defining the future of money laundering in India.
In the Hawala method, a common money laundering method in India, an individual can access or transfer money from one location to another without the involvement of an authorized person. Also, the Hawala method of transferring money occurs at different foreign exchange rates, as stated by the Reserve Bank of India (RBI). The key features of this system include transferring value without moving funds. India has always been a target of several terrorist groups and these groups launder money using Hawala.
The most common methods for laundering money in the financial institutions have been opening multiple bank accounts, purchasing bank checks with cash, and routing funds through complex legal structures. India had 9,600,000 currency transaction reports registered in 2013-2014.
According to Yash Agrawal, Analyst at BIS Research, "The adoption of analytics and machine learning in AML is increasing the adoption of anti-money laundering software in crypto currency market and emerging economies. Robotic Process Automation (RPA) in AML along with KYC are the major factors which are expected to create lucrative opportunities for the market in the next five years. The market is packed with advancements in anti-money laundering systems, in order to promote digital currency activities. Additionally, cloud-based solutions are expected to witness a significant growth during the forecast period, owing to the lower cost of implementation than that in the on-premise deployment models."
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The market report provides a detailed analysis of the trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary, and SWOT analysis. The overall market has been segmented by software type along with deployment type.
The report also includes a comprehensive section on the geographical analysis which has been segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest-of-the-World (RoW). The key companies offering AML software solutions in India include Infrasoft Technologies Ltd., 3i Infotech, and Surya Software Systems Private Limited, among others apart from global key vendors such as Oracle Corporation, NICE Actimize, and SAS Institute Inc.
Key Questions Answered in the Report
- What was the revenue generated by the global AML software market in 2017 and what will be the estimates by 2023?
- Which software type, such as transaction monitoring software and currency transaction reporting software are expected to dominate the AML market in the coming years?
- Which deployment model, such as on-premise or cloud-based, is adopted in the current market and what is the future outlook?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- What are the major driving forces that tend to increase the demand for the global AML software market during the forecast period, 2018-2023?
- What are the major market drivers, challenges, and opportunities in the global AML software market?
- Which region is expected to dominate the global AML software market during the forecast period, 2018-2023?
- What are the major factors inhibiting the growth of the AML software market?
- What is the consumer outlook and challenges for the AML software market?
- Who are the key market players in India and what is the market share in 2017?
- What is the supply chain for the global AML software market?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.
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