Anti-Money Laundering Software Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2021–2030
Increasing number of money laundering cases and rapid growth of IT industry are some key factors driving market revenue growth
VANCOUVER, BC, CANADA, September 12, 2022 /EINPresswire.com/ — The Global Anti-Money Laundering (AML) Software Market size reached USD 1.63 Billion in 2021 and is expected to register a revenue CAGR of 15.1% during the forecast period, according to latest analysis by Emergen Research. Increasing number of money laundering cases and rapid growth of Information Technology (IT) industry are projected to support market revenue growth between 2022 and 2030. In addition, increasing need to authenticate users’ identity through Know Your Customer (KYC) technology will drive revenue growth. Know your customer is the process of verifying a customer’s identity. The objective of KYC is to prevent criminal elements from using bank accounts for Anti-money laundering purposes. Identity fraud is a serious issue in the banking sector. A better identity management method is required to alleviate this problem. KYC is the best solution to the identity fraud issue. It will reduce the risks by ensuring suspicious elements do not participate in legitimate financial institutions, which will prevent financial crimes such as money laundering and corruption. As a result, adoption of KYC technology will minimize money laundering risks. KYC technology reports any suspicious activity to the regulators.
However, lack of a strong compliance culture within some financial institutions is expected to hamper market revenue growth to some extent during the forecast period. A compliance culture is the set of standards and values that a financial institution maintains and incorporates into its employees’ daily work. Lack of awareness among employees regarding problems related to AML programs and financial crime risks related to their institution’s business model, products, and services, and management only focuses on compliance and AML to avoid being fined by regulators without really grasping the importance of AML programs. These factors are expected to hamper market revenue growth to a significant extent during the forecast period.
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Some Key Highlights from the Report
Software segment is expected to register a substantially rapid revenue CAGR during the forecast period due to increasing adoption of software in financial institutions to detect, track, and report any suspicious activity to regulators
Among the deployment type segments, on-premise segment is expected to register a significantly robust revenue growth rate over the forecast period, owing to increasing need for security as on-premise deployment retains complete control over the data
North America market is expected to account for considerably large revenue share due to robust presence of major market players providing AML solutions such as Oracle Corporation, Fiserv, Inc., Fidelity National Information Services, Inc., and SAS Institute, Inc., among others in countries in the region
Some major companies in the global Anit-Money Laundering (AML) software market report include Oracle Corporation, BAE Systems PLC, Tata Consultancy Services Limited (Tata Sons Private Limited), Fiserv, Inc., Fidelity National Information Services, Inc., Experian PLC, SAS Institute, Inc., ACI Worldwide, Inc., CaseWare International, Inc., and AML Partners LLC.
In January 2020, Fiserv, Inc. announced DolEx Dollar Express, Inc. and its affiliate, Europhil, will adopt Fiserv’s technologies to enhance their anti-money laundering processes. DolEx will deploy cloud-based versions of AML Risk Manager and Payment Fraud Manager from Fiserv via Amazon Web Services (AWS). Moreover, adopting Fiserv’s technology will strengthen DolEx AML process with additional efficiency, scalability, and flexibility.
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Emergen Research has segmented global Anti-Money Laundering (AML) software market on the basis of component, deployment type, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019–2030)
Software
Services
Deployment Type Outlook (Revenue, USD Billion; 2019–2030)
On-premise
On-cloud
Application Outlook (Revenue, USD Billion; 2019–2030)
Transaction Monitoring
Currency Transaction Reporting
Customer Identity Management
Compliance Management
Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
BFSI
Defense
Healthcare
IT and Telecom
Retail
Others
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Regional Outlook (Revenue, USD Billion; 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
Key Questions Answered in the Report:
What will be the estimated growth rate of the Anti-Money Laundering Software market by 2030?
Who are the prominent distributors, vendors, and manufacturers of the market?
What are the driving and restraining factors of the growth of the Anti-Money Laundering Software market throughout the forecast period?
What are the current and future market trends of the Anti-Money Laundering Software market?
What are the sales and price analysis of the product by types, applications, and regions?
What are the expected opportunities for the companies and new entrants in the coming years?
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