The Anti-Money Laundering Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Anti-Money Laundering Software Global Market Report 2024, The anti-money laundering software market size has grown rapidly in recent years. It will grow 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, rise in financial crimes, risk management needs, cybersecurity concerns.
The anti-money laundering software market size is expected to see rapid growth in the next few years. It will grow to $5.03 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to focus on customer due diligence, sanctions screening enhancement, growth of cryptocurrencies, mobile payment risks, real-time transaction monitoring.. Major trends 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, cloud-based aml solutions, enhanced risk-based approaches.
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.
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The 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
Major companies operating in the anti-money laundering software market are developing new Ai-based solutions to sustain their position. For example, in June 2023, Google LLC, a US-based technology company launched Anti Money Laundering AI (AML AI), an artificial intelligence-powered product aimed at helping global financial institutions efficiently detect money laundering. The product employs machine learning to generate a customer risk score based on transactional patterns, network behavior, and Know Your Customer (KYC) data. This approach offers an alternative to rules-based transaction alerting, reducing false positives and improving overall program effectiveness and operational efficiency.
The anti-money laundering software market report table of contents includes:
1. Executive Summary
2. Anti-Money Laundering Software Market Characteristics
3. Anti-Money Laundering Software Market Trends And Strategies
4. Anti-Money Laundering Software Market – Macro Economic Scenario
5. Global Anti-Money Laundering Software Market Size and Growth
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26. South America Anti-Money Laundering Software Market
27. Brazil Anti-Money Laundering Software Market
28. Middle East Anti-Money Laundering Software Market
29. Africa Anti-Money Laundering Software Market
30. Anti-Money Laundering Software Market Competitive Landscape And Company Profiles
Top Major Players:
- Accenture Inc
- ACI Worldwide Inc
- AML Partners LLC
- Ascent Business Technology Inc
- BAE Systems Inc
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