Anti-Money Laundering Software Market Size & Share Report 2028

Anti-Money Laundering Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On Premise and Cloud based), Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management), End User (Healthcare, BFSI, Retail, IT and Telecom, Government, and Others)

  • Report Code : TIPRE00002921
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 200
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Anti-Money Laundering Software Market Size & Share Report 2028

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[Research Report] The anti-money laundering software market size is expected to grow from US$ 2,116.3 million in 2021 to US$ 6,162.8 million by 2028; The anti-money laundering software market size is estimated to grow at a CAGR of 16.6% from 2022 to 2028.

Technological advancements are triggering the number of cyber-criminals. However, FinTech firms have the potential to help banks around the world to stay competitive in the global market. The use of more robust systems combined with advanced technologies in tracking digital currency, machine learning, and connecting data have opened up possibilities to combat money laundering. With increasing consumer adoption and subsequent transaction volumes in competitive FinTech firms in 2019, many firms shifted to automated anti-money laundering practices. The automated anti-money laundering systems provide a negligible number of false positives compared to those generated by traditional data and technology. This reduces the adverse effects of false positives, keeping the operational costs within the expected range.

Considering the growing connection between FinTech and AML solutions, in December 2020, the Association of Certified Anti-Money Laundering Specialists announced the launch of a new certification program for FinTech firms seeking to meet regulatory standards. The association also developed the Certified AML FinTech Compliance Associate program in collaboration with FINTRAIL. The program is built to increase the compliance toolkit of FinTech personnel working in financial crime prevention at the entry level. Thus, the increasing focus of FinTech on implementing AML solutions is propelling the anti-money laundering software market growth.

The clients have no control over the location of the infrastructure; this infers that if a vendor’s data center is breached, the enterprise will have no control over time period of the outage or what data may be conceded. All the clients on clouds share the same infrastructure pool with narrow security protections, configuration and accessibility variances. Keeping the control limitations, security risks, and policy constraints aside, there are several situations where a cloud deployment are more suitable. However, clouds are larger in size when compared to on-premise deployment type, due to which companies associated with cloud are benefitted from seamless, on-demand scalability. The cloud deployment is ideal for organizations that are willing to adopt analytics solutions with low investment. It mainly allows companies to procure the data with all their services, but on an economical expense.

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Anti-Money Laundering Software Market: Strategic Insights

Anti-Money Laundering Software Market

  • CAGR (2021 - 2028)
    16.6%
  • Market Size 2021
    US$ 2.12 Billion
  • Market Size 2028
    US$ 6.16 Billion

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players

  • ACCENTURE
  • ACI WORLDWIDE
  • ASCENT TECHNOLOGY CONSULTING
  • BAE SYSTEMS
  • EASTNETS HOLDING LTD.
  • OPENTEXT CORPORATION
  • ORACLE CORPORATION
  • NICE Ltd.
  • SAS INSTITUTE

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Component
  • Software and Services
Deployment
  • On Premise and Cloud based
Product
  • Transaction Monitoring
  • Compliance Management
  • Currency Transaction Reporting
  • Customer Identity Management
End User
  • Healthcare
  • BFSI
  • Retail
  • IT and Telecom
  • Government
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.


Impact of COVID-19 Pandemic on Anti-Money Laundering Software Market

The COVID-19 pandemic accelerated the development of digital technologies. Because of social restrictions worldwide, maximum people now rely on digital platforms to meet their everyday needs. Digital wallets, often known as eWallets, are becoming more popular. As a result of this transition, the likelihood of unlawful money transactions has grown. The FATF has cautioned banks about unlawful money transactions. As a result, demand for AML solutions has surged, and this factor has a significant impact on market growth. Owing to the widespread use of digital platforms, the amount of data on networks is growing, putting more strain on banks' and financial institutions' infrastructure security. Hackers continue to target banks irrespective of several measures taken by them. As a result, the demand for improved AML solutions is growing. Cybercrimes, such as financial frauds, are rising as data on networks grows. Banks and financial institutions are now using data analytics techniques to improve their security procedures.

Lucrative Regions for Anti-Money Laundering Software Market

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Market Insights– Anti-Money Laundering Software Market

Rising Demand for Sophisticated Transaction Monitoring Solutions Drives Anti-Money Laundering Software Market Growth

Transaction monitoring is a crucial procedure and key control in AML and countering the financing of terrorism (AML/CFT) policies and procedures of financial institutions. The transaction monitoring solutions allow financial institutions to detect and evaluate whether transactions pose suspicion when considered against customers’ respective profiles. Over the years, the financial regulators have intensified their focus on monitoring AML risk activities, including a thrust for the financial institutes to adopt a suitable transaction monitoring process. Furthermore, regulators expect firms to prove the capability and efficiency of their systems. This demand for a sophisticated transaction monitoring system is predominantly driven by the legislation, such as New York’s Department of Financial Services part 504, and the general move toward the control being evaluated by their outcome quality.

The transaction monitoring software platforms allow the financial institutions to configure a range of monitoring scenarios, perform efficient data analysis, and filter out the genuine suspicious activities from the other false positives; thus, gaining significant traction in the market. This, in response, is accelerating the demand for AML enabled with sophisticated transaction monitoring solutions.

Component-Based Anti-Money Laundering Software Market Insights

The anti-money laundering software market analysis by component, the anti-money laundering software market is segmented into software and services segment. The software segment accounted a larger anti-money laundering software market share in 2021.

Deployment-Based Anti-Money Laundering Software Market Insights

The anti-money laundering software market analysis by deployment, the anti-money laundering software market is segmented into cloud based and on-premise. The on-premise segment accounted a larger anti-money laundering software market share in 2021. A cloud based anti-money laundering software is a web-based software as a service (SaaS) model utilizing enterprise cloud technology.

Product-Based Anti-Money Laundering Software Market Insights

On the basis of product, the anti-money laundering software market is categorized into transaction monitoring, compliance management, currency transaction reporting, and customer identity management. The transaction monitoring segment accounted for the largest share of the market in 2021.

End user-Based Anti-Money Laundering Software Market Insights

Based on end user, the anti-money laundering software market is segmented into healthcare, retail, BFSI, IT & telecom, government and others. The BFSI segment accounted for the largest share of the market in 2021. Rapid developments in financial information, technology and communication has enabled the money to move anywhere in the world with speed and ease.

Players operating in the anti-money laundering software market are mainly focused on the development of advanced and efficient products.

  • In January 2022, Oracle announced its partnership with Arachnys, to provide cloud-native CRI platform of Arachnys to get integrated with and enhance Oracle’s Financial Services Financial Crime and Compliance Management (FCCM) solution suite.
  • In April 2021, Accenture successfully completed the acquisition of Exton Consulting, a French consulting firm involved in offering banking strategy support across Europe.

Company Profiled:

  • ACI Worldwide
  • SAS Institute
  • Oracle Corporation
  • BAE Systems
  • Accenture
  • Verafin Inc.
  • Safe Banking Systems LLC
  • Eastnets Holding Ltd.
  • Ascent Technology Consulting
  • Opentext Corporation

Anti-Money Laundering Software Market Report Scope

Report Attribute Details
Market size in 2021 US$ 2.12 Billion
Market Size by 2028 US$ 6.16 Billion
Global CAGR (2021 - 2028) 16.6%
Historical Data 2019-2020
Forecast period 2022-2028
Segments Covered By Component
  • Software and Services
By Deployment
  • On Premise and Cloud based
By Product
  • Transaction Monitoring
  • Compliance Management
  • Currency Transaction Reporting
  • Customer Identity Management
By End User
  • Healthcare
  • BFSI
  • Retail
  • IT and Telecom
  • Government
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • ACCENTURE
  • ACI WORLDWIDE
  • ASCENT TECHNOLOGY CONSULTING
  • BAE SYSTEMS
  • EASTNETS HOLDING LTD.
  • OPENTEXT CORPORATION
  • ORACLE CORPORATION
  • NICE Ltd.
  • SAS INSTITUTE
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Component, Deployment, Product, End User

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South America, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    What is the estimated global market size for Anti-money laundering software market in 2028?

    The Anti-money laundering software market is estimated to grow at 6162.8 million US dollars in 2028 at a CAGR of 16.6%.

    What are the driving factors impacting the global anti-money laundering software market?

    The Increasing focus of FinTech on implementing automated anti-money laundering systems and Rising demand for sophisticated transaction monitoring solutions are driving the anti-money laundering software market

    What are the future trends in the Anti-money laundering software market?

    The Information sharing among banks and other financial institutions and Increased use of artificial intelligence are the future trends for the Anti-money laundering market.

    Which are the key players holding the major market share in the Anti-money laundering software market?

    Accenture, Open Text Corporation, Oracle, BAE Systems and SAS are the five key players holding the major market share in the Anti-money laundering software market.

    Which country is holding major market share of Anti-money laundering market?

    North America is holding major market share of Anti-money laundering market.

    Which is the leading product segment in the Anti-money laundering software market?

    Transaction Monitoring is the leading product segment in the Anti-money laundering software market.

    What is the incremental growth of Anti-money laundering software market during the forecast period?

    The incremental growth of Anti-money laundering software market during the forecast period is US $ 3711.2 million.

    The List of Companies -  Anti-Money Laundering Software Market

    1. ACCENTURE
    2. ACI WORLDWIDE
    3. ASCENT TECHNOLOGY CONSULTING
    4. BAE SYSTEMS
    5. EASTNETS HOLDING LTD.
    6. OPENTEXT CORPORATION
    7. ORACLE CORPORATION
    8. NICE Ltd.
    9. SAS INSTITUTE
    10. Nasdaq Inc

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