The global anti-money laundering software market is experiencing growth due to a rise in online payment modes in bank transactions, the rise in adoption of internet solutions, and an increase in strict regulations and compliance with anti-money laundering.
WILMINGTON, Del., Oct. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Anti-Money Laundering Software Market by Component (Software and Service), Product Type (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, and Compliance Management), Deployment (Cloud and On-Premise), and Organization Size (Large Enterprises and Small and Medium-Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the anti-money laundering software industry generated $2.2 billion in 2022, and is projected to reach $8.7 billion by 2032, witnessing a CAGR of 15.3% from 2023 to 2032.
AML software streamlines compliance processes, including the identification and reporting of suspicious activities, resulting in time and resource savings. Additionally, it can aid in the prevention or detection of unusual behavior, reduce false positive alerts, and assist businesses in accurately reporting suspicious transactions. The fusion of cloud computing and the Internet of Things (IoT) holds the promise of yielding numerous advantages for both businesses and consumers. In the context of AML software, this technology amalgamates and deciphers various data points within transaction messages for each client, encompassing the names of the sender and receiver, to ascertain whether either is listed on any sanction's lists.
Prime determinants of growth
The rise in online payment modes in bank transactions, the rise in adoption of internet solutions, and an increase in strict regulations and compliance with anti-money laundering are the major factors that drive the growth of the global anti-money laundering software market. However, high initial cost and expense considerations and lack of consumer knowledge and awareness hamper market growth. Furthermore, the surge in integration of advanced technologies and the growing adoption of analytics solutions creates opportunities for semantic web market growth.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $2.2 Billion |
Market Size in 2032 | $8.7 Billion |
CAGR | 15.3 % |
No. of Pages in Report | 275 |
Segments covered | Component, Product Type, Deployment, Organization Size and Region. |
Drivers | The rise in online payment modes in bank transactions. The rise in adoption of internet solutions. An increase in strict regulations and compliance with anti-money laundering. |
Opportunities | The surge in integration of advanced technologies. The growing adoption of analytics solutions. |
Restraints | High initial cost and expense considerations. Lack of consumer knowledge and awareness. |
Covid-19 Scenario
- The COVID-19 pandemic had a significant impact on the anti-money laundering software industry. The increasing adoption of real-time solutions in business operations proliferated the demand for anti-money laundering software market.
- In addition, there is a rise in the need for emotion detection solutions in different industry verticals, especially the banking and finance sectors. Leveraging automation trends and the use of smart data in business solutions could lead to advanced business operations. These factors have propelled the growth of anti-money laundering software solutions among industries.
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The software segment to maintain its leadership status throughout the forecast period
Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. The surge in technological breakthroughs in several industries has proliferated numerous opportunities for the software segment in the market. However, the service segment is expected to portray the largest CAGR of 14.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. As anti-money laundering software services are increasingly implemented in various industries.
The customer identity management segment to maintain its leadership status throughout the forecast period
Based on product type, the customer identity management segment held the highest market share in 2022, accounting for more than one-third of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for detection of suspicious activities in multiple transactions further creates lucrative opportunities for this segment in the global market. However, the transaction monitoring segment is projected to manifest the highest CAGR of 19.7% from 2023 to 2032. The rise in financial crime has led to a growing need for organizations to deploy AML transaction monitoring solutions for the detection of suspicious activity. It is further expected to propel global market growth.
The on-premise segment to maintain its leadership status throughout the forecast period
Based on deployment, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. As for improving their software, several businesses started to provide more effective anti-money laundering software, further creating lucrative opportunities for the global market. However, the cloud segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032. The rise in the integration of cost-effective and secure bank operations in various industries is further expected to propel global market growth.
The large enterprises segment to maintain its lead position during the forecast period
Based on organization size, the large enterprises segment accounted for the largest share in 2022, contributing to around two-thirds of the anti-money laundering software market revenue and is projected to maintain its lead position during the forecast period. As anti-money laundering software is increasingly being deployed in these organizations. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 18.0% from 2023 to 2032. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.
Europe region to maintain its dominance by 2032
Based on region, the Europe segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the anti-money laundering software market revenue and is estimated to rule the roost throughout the forecast timeframe. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve banking and finance businesses and the customer experience are anticipated to propel the growth of the anti-money laundering software market. However, Asia-Pacific is expected to witness the fastest CAGR of 18.8% from 2023 to 2032. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
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Leading Market Players: -
- ACI Worldwide, Inc.
- Ascent Technology Consulting
- Eastnets Holding Ltd.
- FICO
- NICE Actimize
- Moody Corporation
- LexisNexis Risk Solutions
- SAS Institute Inc.
- Thomson Reuters Corporation
- Verafin Inc.
The report provides a detailed analysis of these key players in the anti-money laundering software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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