Global Anti-Money Laundering Software market overview 2024, Forecast To 2033
28 Feb, 2024
The anti-money laundering software market size has seen rapid growth in recent years. It will increase from $2.55 billion in 2023 to$2.91 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increasing financial transactions, stringent regulatory compliance, globalization of banking, the rise in financial crimes, risk management needs, and cybersecurity concerns. The market expects rapid growth, projecting an increase to $5.03 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated growth is driven by a focus on customer due diligence, sanctions screening enhancement, growth of cryptocurrencies, risks associated with mobile payments, and real-time transaction monitoring. Major trends anticipated in the forecast period include increasing regulatory stringency, integration of artificial intelligence and machine learning, focus on transaction monitoring and surveillance, automation of due diligence processes, adoption of cloud-based AML solutions, and enhanced risk-based approaches.
Global Anti-Money Laundering Software Market Key Driver
The increasing number of money laundering cases is expected to propel the anti-money laundering software market. Money laundering is the process of converting illegally obtained funds into legal funds. Due to the increasing number of money laundering cases, there is a rise in the adoption of anti-money laundering software applications to ensure the legal requirements of organizations for detecting and preventing financial crimes. For instance, in March 2021, according to a report from TransUnion, a US-based consumer credit reporting agency, fraudulent digital transaction attempts against businesses worldwide increased by 46% compared to 2019. Furthermore, TransUnion reported a 21% increase in phishing attacks among consumers globally targeted with COVID-19-related digital frauds as of November 2020. Therefore, the increasing number of fraudulent activities and rise in money laundering cases will drive the growth of the anti-money laundering software market. The 2023 market size for anti-money laundering software solutions surged in response to the escalating incidents of financial fraud and money laundering activities. Looking ahead, the market is poised to witness sustained growth in 2024 and 2028, fueled by the continuous evolution of financial crime patterns and the need for advanced detection and prevention mechanisms.
Get A Free Sample Of The Global Anti-Money Laundering Software Market ReportGlobal Anti-Money Laundering Software Market Segments
The global anti-money laundering software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, On-cloud
3) By Application: Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management, Other Applications
4) By End-Use: BFSI, Defense, Healthcare, IT and Telecom, Retail, Other End-users
By Geography: The regions covered in the anti-money laundering software market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the anti-money laundering software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the anti-money laundering software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Anti-Money Laundering Software Industry Players
Accenture Inc., ACI Worldwide Inc., AML Partners LLC, Ascent Business Technology Inc., BAE Systems Inc., Eastnets Holding Limited, Verafin Inc., Fidelity National Information Services Inc., Fiserv Inc., Oracle Corporation, SAS Institute Inc., Sungard Availability Services, Experian Information Solutions Inc., Fico, NICE Systems Ltd., Accuity Inc., SmartSearch, SynerScope B.V., Truth Technologies Inc., Exiger LLC, Global RADAR, The International Business Machines Corporation, GB Group PLC, MSA Focus Inc., KPMG International Limited, RELX PLC, Temenos AG, Quantexa, London Stock Exchange Group PLC, KYC Global Technologies Limited
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Anti-Money Laundering Software Market Overview
The anti-money laundering software refers to software used to analyze customer data and detect suspicious activity. Anti-money laundering software employs tools and technology to assist legal and financial institutions in meeting legal requirements imposed by financial regulators to detect and combat financial crime. Its possible applications range from data management and procedural filtering to predictive analysis and machine learning.
Anti-Money Laundering Software Global Market Report 2023 provides data on the global anti-money laundering software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The anti-money laundering software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.