New York, July 18. Feb. 2, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Anti-Money Laundering Software Market Forecast to 2028 – Impact of COVID-19 and overall analysis by component (software and services), deployment (on-premises and cloud-based), product (transaction monitoring, compliance management, currency transaction reporting and customer identity management), end user (healthcare, BFSI, Retail, IT and Telecom, Government and Others)” The growth of the global anti-money laundering software market is driven by the increasing focus of FinTechs on the implementation of automated anti-money laundering systems and the growing demand for sophisticated anti-money laundering monitoring solutions. transactions.
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|Market size Value in||US$2.11 billion in 2021|
|Market Size Value by||$6.16 billion by 2028|
|Rate of growth||CAGR of 16.6% from 2022 to 2028.|
|Number of pages||200|
|Number of tables||115|
|Number of graphs and figures||95|
|Historical data available||Yes|
|Segments Covered||Component, Deployment, Product, End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
The growing incidence of money laundering around the world is one of the main drivers for the adoption of anti-money laundering software in businesses. The United Nations Office on Drugs and Crime (UNODC) estimates that money laundering accounts for 2-5% of global GDP. The Basel Institute on Governance has published the Money Laundering and Terrorist Financing Risk Index in the Benelux countries (Luxembourg, Belgium and the Netherlands) from 2016 to 2020. The factors, including the Growing evolution of the FinTech sector and the rise of government initiatives, are fueling the demand for anti-money laundering software. Additionally, the growing adoption of cryptocurrency is expected to highlight the need for anti-money laundering software across the globe. However, the growing complexities are significantly hampering the growth of the Anti-Money Laundering Software market.
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Anti-Money Laundering Software Market: Competitive Landscape and Key Developments
Accenture PLC; ACI in the world; BAE Systems PLC; Eastnets Holding Ltd. ; Assent Business Technology, Inc.; Nasdaq, Inc.; Nice Ltd; OpenText Corporation; Oracle Corporation; and SAS Institute are among the key players in the anti-money laundering software market. Leading companies are focusing on expanding and diversifying their market presence and acquiring new customer base, thereby exploiting existing business opportunities.
In January 2019, Oracle announced its partnership with Arachnys. Under the partnership, Arachnys’ cloud-native CRI platform would be integrated with Oracle’s suite of Financial Services Financial Crime and Compliance Management (FCCM) solutions for its enhancement.
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Growing Adoption of Advanced Analytics to Propel Anti-Money Laundering Software Market Growth in Coming Years
Lately, the financial ecosystem has been transformed by rapid developments in machine learning and data science, and their ability to produce algorithms for predictive data analysis. In recent times, machine learning has shown great promise for the banking system, especially in the area of detecting hidden patterns and suspicious money laundering activities. Machine learning facilitates the identification of money laundering typologies; strange and suspicious transactions; behavioral transitions in customers; and transactions from customers belonging to the same geography, age, groups and other identities, followed by assistance in reducing false positives. It also helps analyze similar transactions for focal entities and correlate alerts flagged as suspicious in regulatory reports. The advanced capabilities provided by machine learning and data science in AML solutions are expected to drive the anti-money laundering software market.
Additionally, as money launderers continue to explore new ways to use banks for illicit activity, early detection of laundering activity is the most challenging aspect of implementing an AML. efficient. Many companies are launching innovative technologies capable of detecting, tracking and preventing money laundering. The increasing use of advanced analytics would help control money laundering; thus, it would increase the demand for anti-money laundering software.
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Anti-Money Laundering Software Market: Component Overview
The Anti-Money Laundering Software Market analysis by component, the Anti-Money Laundering Software market is segmented into software and service segments. The software segment accounted for a larger share of the market in 2021. Over the past decades, money laundering has become an increasingly prevalent problem. Financial institutions and governments are constantly looking for new ways to combat money laundering, and several anti-money laundering policies and innovations in software and services have been put in place to aid in this effort. .
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