Vancouver, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global Anti-Money Laundering (AML) software market size reached USD 1.63 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need to monitor and report suspicious activity to financial regulatory authorities is one of the major factors expected to drive market revenue growth.
Stringent regulations are required as compliance reduces the chances of criminal conspiracy, which results in reduced risk of money-related crimes such as terrorism financing, corruption, and money laundering. In addition, increasing number of financial frauds have resulted in adoption of regulations from different regulators, which include The Financial Industry Regulatory Authority (FINRA), China's Banking and Insurance Regulatory Commission (CBIRC), and Australian Transaction Reports and Analysis Centre (AUSTRAC). However, non-compliance to regulations lead to heavy fines on the non-compliant parties. Increasingly stringent government compliances and regulations and instructions to financial institutions to adopt AML solutions such as Know Your Customer/ Customer Due Diligence (KYC/CDD) to ensure that customers are not involved in money-related crimes are expected to drive market revenue growth during the forecast period.
However, high initial cost associated with deployment of AML solutions is a major factor expected to hamper revenue growth. AML software detects any unusual financial activity and implements laws to combat illegal transactions. AML process involves transaction monitoring, Know Your Customer (KYC), and currency transaction reporting, among others. Additionally, even after adopting AML solutions, it can be difficult to detect fraud in some cases. In such situations, financial institutions consolidate KYC data using a variety of methods and technologies in order to increase data quality. Furthermore, financial institutions hire external consulting firms to examine customer data more thoroughly, which costs relatively more than the regulatory fines.
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Global anti-money laundering software market revenue is expected to register a CAGR of 15.1% over the forecast period, and revenue is projected to increase from USD 1.63 Billion in 2021 to USD 7.64 Billion in 2032. Increasingly stringent government regulations to deploy AML solutions is a key factor driving revenue growth of the market.
COVID-19 pandemic had a positive impact on the global anti-money laundering software market. The pandemic has resulted in a quick increase in online sales and an increase in the use of online payment options. Increasing use of non-cash payments such as mobile payments, online payments, and use of prepaid cards has increased the chances of fraudulent money transactions, which is driving demand for AML software among financial institutions. In addition, increasing number of online scams involving medical supplies, personal protective equipment, essential items, and illegal activities in terms of COVID-19 donations are expected to increase adoption of AML software.
Illegal financial transactions are the most common threat in the banking process. AML software supported by Internet of Things (IoT) and Artificial Intelligence (AI) is the best solution to such threats. The primary objective of AML software is to detect any fraudulent transaction and send real-time data to the financial authority. The entire activity can be monitored and tracked by the Suspicious Activity Report (SAR) for conducting risk analysis of the customer. The risk analysis process includes understanding the nature and purpose of customer relationships and updating customer information, which potentially decreases the chances of money laundering.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 1.63 Billion |
| CAGR (2023–2032) | 15.1% |
| Revenue forecast to 2032 | USD 7.64 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, deployment type, application, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of MEA |
| Key companies profiled | 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 |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global anti-money laundering software market is fairly fragmented, with a number of large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective AML solutions. Some major companies included in the global anti-money laundering software market report are:
- 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.
- AML Partners LLC
Strategic Development
- In November 2021, ACI Worldwide, Inc. launched network intelligence technology to combat real-time payments fraud. The new technology will enable banks, processors, acquirers, and networks to strengthen fraud protection measures by securely sharing industry-wide fraud signals with their machine learning models and using their machine learning technologies more effectively. The launch of the technology will help financial institutions and payment providers develop broad insights and combat fraudsters with valid models accepted across all parties.
- In November 2021, BAE Systems PLC announced an agreement with Nova KBM, which is a universal bank in Slovenia, to offer its NetReveal compliance suite in a five-year deal to support improvements at the bank. NetReveal is a BAE Systems leading financial crime, fraud, and anomaly detection platform that improves operational efficiency, reduces false positives, and helps banks meet their compliance requirements. Moreover, implementation of the BAE Systems NetReveal tool will allow the bank to manage all aspects of AML detection, investigation, and reporting.
- In September 2021, Tata Consultancy Services Limited partnered with NICE Actimize, which is the broadest provider of financial crime, risk, and compliance solutions for global financial institutions, to implement anti-money laundering, compliance, and fraud risk management solutions. The partnership of TCS domain expertise and NICE Actimize’s financial crime and compliance solutions will help customers improve the financial crime controls and compliance functions.
- In June 2021, Fidelity National Information Services Inc. announced the launch of new series of AI-enabled risk solutions in partnership with C3.ai, Inc. The solution is aimed to help capital markets firms better manage regulatory compliance and risk by leveraging the power of organizational data. Additionally, the solution collects and analyses customer data from multiple systems to improve AML and KYC processes, improve decision-making, and reduce false positive alerts.
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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
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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; 2019–2032)
-
- Software
- Services
- Deployment Type Outlook (Revenue, USD Billion; 2019–2032)
-
- On-premise
- On-cloud
- Application Outlook (Revenue, USD Billion; 2019–2032)
-
- Transaction Monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
- Others
- End-use Outlook (Revenue, USD Billion; 2019–2032)
-
- BFSI
- Defense
- Healthcare
- IT and Telecom
- Retail
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- 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
- North America
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