Anti-Money Laundering Software Market Worth USD 4.31 Billion by 2029 | Report by Fortune Business Insights
According to Fortune Business Insights, the global anti-money laundering software market size is projected to reach USD 4.31 Billion in 2029, at a CAGR of 13.0% during the forecast period, 2022-2029
Pune, India, Jan. 16, 2023 (GLOBE NEWSWIRE) — The global anti-money laundering software market size was valued at USD 1.65 billion in 2021 and USD 1.82 billion in 2022. The market is expected to reach USD 4.31 billion by 2029 with a CAGR of 13.0% during the forecast period. Increasing importance of monitoring of transactions amongst consumers is expected to propel market growth. Intensifying focus of financial institutions on digital payments and related issues is anticipated to fuel market development.
The growing adoption of real-time transaction monitoring and RegTech automation is propelling the growth of the market. Fortune Business Insights™ shares this information in its report titled “Anti-Money Laundering Software Market Forecast, 2023-2029.”
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Key Industry Development
November 2022: Sanction Scanner collaborated with Coinfirm for the implementation of compliance knowledge and traditional finance ecosystems. This partnership will ensure the customers can scan and monitor transactions mediated by their companies both for crypto assets and sanctioned money.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13.0% |
| 2029 Value Projection | USD 4.31 Billion |
| Base Year | 2021 |
| Anti-Money Laundering Software Market Size in 2021 | USD 1.65 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 135 |
| Segments covered | Type, Enterprise Type, Deployment, End-user and Geography |
Key Takeaways
- Emerging trends in anti-money laundering software include big data analytics, integrated software and cloud-based solutions.
- Anti-Money Laundering Software is in huge demand in corporations to Identify fraudulent activities and prevent cyberattacks.
- Cloud-based solutions segment holds a significant share in the global market.
- Anti-money laundering software market size in North America was USD 0.66 Billion in 2021
Drivers and Restraints
- Adoption of Big Data Analytics to Propel Market Growth
- Adoption of Big Data analytics in anti-money laundering solutions is projected to drive the anti-money laundering software market growth.
- There has been an increasing adoption of Big Data analytics, which helps organizations to analyze the businesses to determine the patterns and valuable insights. Using data analytics is set to create the market growth for such solutions.
- Big Data is also an essential tool for AML compliance as it helps in the personalization and automation of AML compliance processes.
- However, high costs and operational processes related with the service to impede the market expansion.
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Segments
Integrated Software to Govern the Segment as it Combines Various Software
Based on type, the market is bifurcated into integrated and standalone. Integrated segment is estimated to have the maximum share in the segment as it combines various solutions such as audit management, anti-money laundering software, and regulatory change management.
Large Enterprise to be Prime Part Due to Increasing Demand for API
According to enterprise type, the market is divided into large enterprise and small & medium-sized enterprises. Large enterprise segment is expected to hold the largest part in the segment due to increasing demand for API deployment for improvement and agility and also to avoid risks.
Cloud to Lead the Segment Due to its Increased Efficiency
According to deployment, the market is divided into cloud and on-premise. Cloud-based model is set to have a majority part due to increased efficiency and low costs of development of an IT infrastructure.
Banks and Neobanks to be the Leading Segment Due to High Adoption
On the basis of end-user, the market is divided into bank and neobanks, insurance, investment, crypto, and others. Bank and neobanks segment held the majority share in the year 2021 due to high adoption in the identification of the risks and fulfilling AML obligations.
Regional Insights
North America to Dictate Market Share Owing to High Number of End-users
North America is expected to hold majority part in the anti-money laundering software market share owing to technological innovations and high number of end-users. The market in the region reached the valuation of USD 0.66 billion in 2021 due to increase in the adoption rate of growth strategies of market players.
Europe is projected to show important progression due to the adoption of new technologies and strict data privacy laws such as AMLA, AMLD6, and AMLR.
Asia Pacific is anticipated to show steady growth due to developments in digitization and in banking solutions. Such developments are being adopted in Thailand and India.
Competitive Landscape
Collaboration Strategies by Key Market Players to Drive Market Development
Key players in the market are focusing on expanding their presence by mergers and acquisition strategies, which is set to create the demand for anti-money laundering software. In June 2022, Trust Payments collaborated with Feedzai. The collaboration aims to add cloud-based risk management solutions, which are integrated with machine learning and AI for the customers of Trust Payments. Key players in the market have been collaborating with other players to assist their businesses and expand their customer base.
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List of Key Players Profiled in the Report
- Oracle (U.S.)
- ACI Worldwide (U.S.)
- Eastnets (U.S.)
- AML Partners. (U.S)
- Alessa (U.S)
- Acuant, Inc. (U.S.)
- Feedzai (Portugal)
- SAS Institute Inc. (U.S.)
- Ondato (U.K.)
- Sanction Scanner (U.K.)
Major Table of Contents:
- Global Anti-Money Laundering Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Standalone
- Integrated
- By Enterprise Type (USD)
- SMEs
- Large Enterprise
- By Deployment (USD)
- On-premise
- Cloud
- By End-user (USD)
- Banks and Neobank
- Investment
- Insurance
- Investment
- Crypto
- Others (Healthcare, Government, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Anti-Money Laundering Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Standalone
- Integrated
- By Enterprise Type (USD)
- SMEs
- Large Enterprise
- By Deployment (USD)
- On-premise
- Cloud
- By End-user (USD)
- Banks and Neobank
- Investment
- Insurance
- Investment
- Crypto
- Others (Healthcare, Government, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Anti-Money Laundering Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Standalone
- Integrated
- By Enterprise Type (USD)
- SMEs
- Large Enterprise
- By Deployment (USD)
- On-premise
- Cloud
- By End-user (USD)
- Banks and Neobank
- Investment
- Insurance
- Investment
- Crypto
- Others (Healthcare, Government, etc.)
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
TOC Continued…!
FAQs
How big is the Anti-Money Laundering Software Market?
Anti-money laundering software market size was USD 1.65 Billion in 2021.
How fast is the anti-money laundering software market growing?
The anti-money laundering software market will exhibit a CAGR of 13.0% during the forecast period, 2022-2029
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