Global Anti-Money Laundering Software Market By Component (Service & Software), By Deployment Type (Cloud & On-premise), By End User (Banking, Asset Management, Legal Service Providers & Others), By Region, Competition, Forecast & Opportunities, 2024
Anti-Money Laundering Software Market Overview
Global anti-money laundering software market was valued at $ 898 million in 2018 and is forecast to grow at a CAGR of around 14% to reach $ 1.9 billion by 2024 on account of surging demand for monitoring suspicious transaction and analyzing the customer data. With the increasing cases of money laundering, companies operating under the financial sector have started using anti-money laundering software in order to enhance security. Use of visualization tools can help the companies to reduce the time required to analyze the data and hypothesize monitoring strategies. Moreover, governments of several countries have started forming regulations to address the issue of money laundering, thereby further fueling growth in the market.
Anti-Money Laundering Software Market Segments
Anti-money laundering software market serves various end-users such as banking, asset management, insurance, legal service providers and others. Banking acquired the majority share in 2018. Managing risk is the top-notch priority of the banking sector, which is fueling the demand for anti-money laundering software market in this segment. Among components, software segment is the leading segment as it offers high level of security and technical features to the customers. The software segment is further segmented into Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management and Compliance Management Software. Of all, customer identity management software is expected to witness the fastest growth during forecast period as most of the organizations are now deploying customer identity management in order to properly manage the identity of their customers.
Anti-Money Laundering Software Market Regional Insights
In terms of regional analysis, global anti-money laundering software market is divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. In 2018, North America acquired the dominant position in global anti-money laundering software market and is anticipated to continue its dominance through 2024 on account of strict government regulations in countries of the region. Regulations for customer identification and compliances for financial institutes are strict in the US and Canada, therefore these countries are contributing to the leading share of North America in the global anti-money laundering software market. Asia-Pacific followed by Middle East & Africa are anticipated to witness significant growth on account of increasing technological advancements and rising penetration of anti-money laundering software in various end-user segments of the regions.
Anti-Money Laundering Software Market Competitive Landscape
Increase in the cases of money laundering is pushing companies to adopt advanced technologies and solutions. Key market players analyzed in the research include Fiserv, Inc., NICE Actimize, ACI Worldwide, FICO Tonbeller, Oracle Corporation, etc. These companies have adopted various strategies including expansion, joint ventures, collaborations, partnerships, mergers & acquisitions, etc., to strengthen their position in the market. In order to combat money laundering, banks have started investing in technologies so as to enhance and secure their infrastructure. Since, 2017 more than one-third banks have announced an increase in their spending on anti-money laundering software which is propelling growth in the market.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook