An anti-money laundering (AML) solution enables banks and other financial institutions to apply a risk-based approach to monitor customer behavior for suspected criminal financial activities through automated processes. Different types of AML solutions such as transaction monitoring, currency transaction reporting, customer identity management, and compliance management have been considered under the anti-money laundering software market. An increase in the volume of global transactions has fueled the growth of AML regulations. This has encouraged banks and other financial institutions to implement and maintain sustainable AML programs complying with the accelerating demands.
The combination of cloud computing and the internet of things (IoT) has the potential to create several benefits for businesses and consumers alike. This AML software combines and deciphers several data points in transaction messages for each client, including the sender and receiver's names, and determines whether either is on any sanction's lists. In addition, the use of advanced technology in conjunction with the IoT can help to improve data management and analytics, as well as provide businesses with a better understanding of their products. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period.
In addition, an increase in the use of cutting-edge technologies, increased need for intelligent financial systems, and expanding digitalization are all contributing to the market's expansion. In addition, the market is anticipated to expand throughout the projected period due to rising internet service use and developments in AI technology. The systems are more trained, which further reduces the chances of false positives by improving the accuracy of the anti-money laundering solutions. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period. In addition, anti-money laundering solutions are also set to influence industries like banking, insurance, finance, and others, which are further expected to contribute to the growth of the global market. Moreover, the surge in usage of internet devices in various applications and the rising amount of data generated by these internet devices creates lucrative opportunities for the global market. Moreover, growing demand for flexible anti-money laundering services across businesses is expected to fuel the growth of the market during the forecast period. These factors actively impact the growth of the market in the forecast period. Additionally, the growing trend of digitally enabled solutions is the major factor driving the market growth.
The anti-money laundering software market is segmented into component, product type, deployment, organization size, and region. On the basis of component, it is bifurcated into software and services. By product type, the market is divided into transaction monitoring, currency transaction reporting, customer identity management, compliance management and others. Based on deployment, it is segmented into cloud and on-premise. Based on organization size, the market is classified into large enterprises and small & medium-sized enterprises. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global anti-money laundering software market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO, NICE Actimize, Moody Corporation, LexisNexis Risk Solution, SAS Institute Inc., Thomson Reuters Corporation, and Verafin Inc.
The combination of cloud computing and the internet of things (IoT) has the potential to create several benefits for businesses and consumers alike. This AML software combines and deciphers several data points in transaction messages for each client, including the sender and receiver's names, and determines whether either is on any sanction's lists. In addition, the use of advanced technology in conjunction with the IoT can help to improve data management and analytics, as well as provide businesses with a better understanding of their products. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period.
In addition, an increase in the use of cutting-edge technologies, increased need for intelligent financial systems, and expanding digitalization are all contributing to the market's expansion. In addition, the market is anticipated to expand throughout the projected period due to rising internet service use and developments in AI technology. The systems are more trained, which further reduces the chances of false positives by improving the accuracy of the anti-money laundering solutions. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period. In addition, anti-money laundering solutions are also set to influence industries like banking, insurance, finance, and others, which are further expected to contribute to the growth of the global market. Moreover, the surge in usage of internet devices in various applications and the rising amount of data generated by these internet devices creates lucrative opportunities for the global market. Moreover, growing demand for flexible anti-money laundering services across businesses is expected to fuel the growth of the market during the forecast period. These factors actively impact the growth of the market in the forecast period. Additionally, the growing trend of digitally enabled solutions is the major factor driving the market growth.
The anti-money laundering software market is segmented into component, product type, deployment, organization size, and region. On the basis of component, it is bifurcated into software and services. By product type, the market is divided into transaction monitoring, currency transaction reporting, customer identity management, compliance management and others. Based on deployment, it is segmented into cloud and on-premise. Based on organization size, the market is classified into large enterprises and small & medium-sized enterprises. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global anti-money laundering software market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO, NICE Actimize, Moody Corporation, LexisNexis Risk Solution, SAS Institute Inc., Thomson Reuters Corporation, and Verafin Inc.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the anti-money laundering software market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on anti-money laundering software market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the anti-money laundering software market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Component
- Software
- Service
By Deployment
- On-premise
- Cloud
By Product Type
- Transaction Monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
- Others
By Organization Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Moody’s Corporation
- Ascent Technology Consulting
- ACI Worldwide, Inc.
- Eastnets Holding Ltd.
- SAS Institute Inc.
- Thomson Reuters Corporation
- LexisNexis Risk Solutions
- NICE Actimize
- FICO TONBELLER
- Verafin Solutions ULC
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ANTI-MONEY LAUNDERING SOFTWARE MARKET, BY COMPONENT
CHAPTER 5: ANTI-MONEY LAUNDERING SOFTWARE MARKET, BY PRODUCT TYPE
CHAPTER 6: ANTI-MONEY LAUNDERING SOFTWARE MARKET, BY DEPLOYMENT
CHAPTER 7: ANTI-MONEY LAUNDERING SOFTWARE MARKET, BY ORGANIZATION SIZE
CHAPTER 8: ANTI-MONEY LAUNDERING SOFTWARE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the anti-money laundering software market was valued at $2.2 billion in 2022, and is estimated to reach $8.7 billion by 2032, growing at a CAGR of 15.3% from 2023 to 2032.The Anti-Money Laundering Software Market is likely to experience a significant growth rate of 15.3% from 2023-2032, owing to the rise in market demand for AML solutions in several industries
Anti-money laundering software evaluates each client's transaction patterns, usually in comparison to a library of rules or filters. It establishes if patterns of transactional behavior are consistent with criminal profiles as well as whether anomalous transactions by a client may require further investigation or not. Money laundering is rising as a result of rapidly changing financial crime typologies that take the use of technical advancements and digitalized money, which further provide lucrative opportunities for the global market.
Furthermore, an increase in the use of cutting-edge technologies, increased need for intelligent financial systems, and expanding digitalization are all contributing to the market's expansion. In addition, the market is anticipated to expand throughout the projected period due to rising internet service use and developments in AI technology. The systems are more trained, which further reduces the chances of false positives by improving the accuracy of the anti-money laundering solutions. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period. In addition, anti-money laundering solutions are also set to influence industries like banking, insurance, finance, and others, which are further expected to contribute to the growth of the global market. Moreover, the surge in usage of internet devices in various applications and the rising amount of data generated by these internet devices creates lucrative opportunities for the global market. Moreover, growing demand for flexible anti-money laundering services across businesses is expected to fuel the growth of the market during the forecast period. These factors actively impact the growth of the market in the forecast period. Additionally, the growing trend of digitally enabled solutions is the major factor driving the market growth.
Moreover, the rise in online payment modes in bank transactions and the rising adoption of internet solutions are the key factors that positively impact the growth of the market in the future. Moreover, an increase in strict regulations and compliance with anti-money laundering propels global market growth. However, high initial cost and expense considerations are expected to hamper market growth. In addition, a lack of consumer knowledge and awareness can deter businesses from adopting these technologies. Furthermore, the surge in integration of advanced technologies is one of the major factors creating numerous opportunities for the market. Moreover, the growing adoption of analytics solutions is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The anti-money laundering software market is segmented into component, product type, deployment, organization size, and region. On the basis of component, it is bifurcated into software and services. By product type, the market is divided into transaction monitoring, currency transaction reporting, customer identity management, compliance management and others. Based on deployment, it is segmented into cloud and on-premise. Based on organization size, the market is classified into large enterprises and small & medium-sized enterprises. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the global anti-money laundering software market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO, NICE Actimize, Moody Corporation, LexisNexis Risk Solution, SAS Institute Inc., Thomson Reuters Corporation, and Verafin Inc. For instance, in February 2021, HPE collaborated with Tookitaki, to provide an AI-powered anti-money laundering solution, delivered as a service through HPE GreenLake, to banks and financial institutions across Asia-Pacific. Such strategic initiatives create numerous opportunities for high market growth in the forecast years.
Key Market Insights
By component, the software segment was the highest revenue contributor to the market in 2022, and is estimated to reach $5.38 billion by 2032, with a CAGR of 14.2%. However, the service segment is expected to be the fastest-growing segment with a CAGR of 17.5% during the forecast period.By product type, the customer identity management segment was the highest revenue contributor to the market in 2022, and is estimated to reach $2.36 billion by 2032, with a CAGR of 13.3%. However, transaction monitoring segment is estimated to be the fastest-growing segment with a CAGR of 19.7% during the forecast period.
By deployment, the on-premise segment was the highest revenue contributor to the market in 2022, and is estimated to reach $4.61 billion by 2032, with a CAGR of 13.9%. However, the cloud segment is estimated to be the fastest-growing segment with a CAGR of 17.1% during the forecast period.
By organization size, the large enterprises segment dominated the global market share in 2022, and is estimated to reach $4.99 billion by 2032, with a CAGR of 13.6%. However, the small and medium-sized enterprises segment is expected to be the fastest-growing segment with a CAGR of 18.0% during the forecast period.
Region-wise, Europe was the highest revenue contributor in 2022, accounting for $837.24 million in 2022 and is estimated to reach $3.06 billion by 2032, with a CAGR of 14.2%.
Companies Mentioned
- Moody’s Corporation
- Ascent Technology Consulting
- ACI Worldwide, Inc.
- Eastnets Holding Ltd.
- SAS Institute Inc.
- Thomson Reuters Corporation
- LexisNexis Risk Solutions
- NICE Actimize
- FICO TONBELLER
- Verafin Solutions ULC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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