Need for BFSI Regulatory Compliance Driving Growth in the AML Software Market: TechNavio

LONDON - May 13, 2014 - PRLog -- TechNavio, the independent tech-focused global research firm, has released their report on the Global Anti-Money Laundering (AML) Software Market. The market is growing at a CAGR of 11.54 percent from 2013-2018, with stringent compliance obligations acting as a major driver for market growth.

AML software enables financial institutions and other enterprises to detect suspicious transactions and analyze customer data. It provides real-time alerts and tools for financial enterprises to automatically report suspicious events in order to maximize security and operational efficiency.

“Various governments are compelling enterprises to comply with rules and regulations to combat money laundering and terrorist financing activities,” says Faisal Ghaus, Vice President of TechNavio.

“Financial institutions, credit unions, and community banks are most vulnerable to these activities, and governments are continuously monitoring the operations of these organizations through AML software.”

According to Ghaus, this increased regulatory pressure has also caused enterprises to automate their AML compliance processes, and adopt AML software to minimize the cost of regulatory compliance and to identify fraud transactions.

The TechNavio report also cites the emergence of large banking sectors in countries like India as another contributor to growth. The BFSI sectors in these areas are expected to grow much faster than the global market, and several vendors are shifting their focus to emerging countries to boost their market presence and revenue.

For example, the need to comply with the regulatory measures mandated by the Reserve Bank of India is driving most of the 2,288 banks in the country to adopt AML software.

The TechNavio report also delves into trends and challenges that could impact market growth over the projected period.

To determine the scenario for these vendors in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.

If you are interested in more information on this topic and our upcoming research on the Global Anti-Money Laundering (AML) Software Market (http://www.technavio.com/report/global-anti-money-launder...) please send an e-mail to media@TechNavio.com.

About TechNavio

TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.

We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.

TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

Our large and growing base of happy customers include technology suppliers, end users, consulting companies, investment firms, research institutes and media worldwide.

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