Global Anti Money Laundering Software Market Size By Component (Software, Services), By Product (Compliance Management, Currency Transaction Reporting, Customer Identity Management), By End User (BFSI, Government, Healthcare), By Geographic Scope And Forecast

Anti Money Laundering Software Market Size And Forecast

Anti Money Laundering Software Market size was valued at USD 1.71 Billion in 2021 and is projected to reach USD 6.12 Billion by 2030, growing at a CAGR of 15.3% from 2023 to 2030.

The market has bright growth potential thanks to an increase in cases of money laundering around the world. To identify questionable transactions and client information, businesses utilize anti-money laundering software. Compliance specialists use the software to follow corporate policies and laws that are intended to stop crimes related to money laundering. An anti-money laundering program employs information acquired from various financial transaction management tools, such as accounting software and ERP systems, to cut down on money laundering operations.

The Global Anti Money Laundering Software Market report offers a holistic evaluation of the market. The report provides a comprehensive analysis of key segments, drivers, restraints, trends, competitive landscape, and factors that are playing a substantial role in the market.

Global Anti Money Laundering Software Market Definition

Financial institutions utilize anti-money laundering (AML) software as a form of computer application to examine customer data and find questionable transactions. Customer data is filtered by anti-laundering systems, which also categorize it based on the amount of suspicion and examine it for abnormalities. Any sudden and significant increase in funds or a sizable withdrawal would be considered abnormalities.

Smaller transactions may also be marked as suspicious if they match specific conditions. For instance, someone trying to avoid being caught would deposit a large sum in a series of smaller ones over a short period of time. Flagged transactions will also result from that “structure” activity. The software highlights transactions involving nations that are deemed to be unfriendly to the host country as well as names that have been banned. The software generates a report after mining the data and flagging suspicious transactions.

Global Anti Money Laundering Software Market Overview

The primary factors of the growth of the worldwide Anti Money Laundering Software Market are the increasing prevalence of financial crimes, financial institutions’ increased focus on digital payments, and stricter anti-money laundering policies and compliances. During the forecast period, demand for AML software is anticipated to be boosted by the increasing use of analytics in anti-money laundering and the increased focus on incorporating cutting-edge technologies such as artificial intelligence, machine learning, and big data into the development of AML software.

One important element that greatly influences the use of AML software among financial institutions throughout the world is the rigorous government rules pertaining to non-compliance with AML regulations that may result in sanctions, financial penalties, and reputational damages. Various restrictions have been put into place and changed in several countries around the world due to the expanding quantity of financial frauds. The restrictions are tough because they include even the tiniest instances of money laundering.

Global Anti Money Laundering Software Market Segmentation Analysis

The Global Anti Money Laundering Software Market is segmented on the basis of Component, Product, End User, and Geography.

Anti Money Laundering Software Market, By Component

• Software
• Services

Based on Component , the market is segmented into Software and Services. The software segment is expected to hold the largest market share. Organizations can make sure that the legal standards established by governmental entities are met with the aid of anti-money laundering software. The software is also essential in deterring and catching financial crimes. The customer onboarding process can be sped by with anti-money laundering software.

Anti Money Laundering Software Market, By Product

• Compliance Management
• Currency Transaction Reporting
• Customer Identity Management
• Transaction Monitoring

Based on Product, the market is segmented into Compliance Management, Currency Transaction Reporting, Customer Identity Management, and Transaction Monitoring. The Transaction Monitoring segment is expected to hold the largest market share. Financial institutions can carry out customer transactions in real-time owing to anti-money transaction monitoring software. The benefits of improved automation, simplicity in spotting suspicious conduct, and increased efficacy that transaction monitoring software solutions offer help fuel demand for the market. Several products on the market provide options such as client profiling, sanctions screening, and blacklist screening.

Anti Money Laundering Software Market, By End User

• BFSI
• Government
• Healthcare
• IT & Telecom
• Others

Based on End User, the market is segmented into BFSI, Government, Healthcare, IT & Telecom, and Others. The BFSI segment is expected to hold the largest market share. Due to the digitalization and automation of financial systems, as well as a considerable rise in online transactions, banks are always confronting an increased risk of fraud and financial crimes. The BFSI industry needs anti-money laundering solutions because anti-money laundering regulations specify the precautions that banks must take to prevent and identify financial crimes.

Anti Money Laundering Software Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Geography, the Global Anti Money Laundering Software Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America will hold the greatest share of the market. The strong presence of numerous top AML software supplier companies is credited with the rise. The risk of criminal activity has increased as a result of the growing use of ebanking and mobile banking for money transfers, which has sharply increased the demand for AML software among North American financial institutions. In addition, the region’s wealth of prestigious financial institutions and strong government rules governing anti-money laundering practices have fueled the expansion of the North American Anti Money Laundering Software Market.

Key Players

The “Global Anti Money Laundering Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are NICE Actimize, Tata Consultancy Services Limited, Trulioo, Cognizant Technology Solutions Corporation, ACI Worldwide, Inc., SAS Institute Inc., Fiserv, Inc., Oracle Corporation, BAE Systems, and Accenture.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In November 2021, in order to enable banks and payment providers’ capacity to communicate fraud signals and better utilize machine learning skills to detect and combat deceit, ACI Worldwide introduced its patented Network Intelligence Technology.
• In November 2021, in order to significantly strengthen the bank, BAE Systems Applied Intelligence, a top global provider of anti-money laundering (AML) and counter-fraud solutions, signed an agreement with Nova KBM Slovenia to provide its NetReveal Compliance Suite in a five-year deal.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Anti Money Laundering Software Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Anti Money Laundering Software Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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