Anti-Money Laundering Software Market Size to hit $6.16Bn, Globally, by 2028 – Premium Report by The Insight Partners

The anti-money laundering software market size is expected to grow from US$ 2.11 billion in 2021 to US$ 6.16 billion by 2028; it is estimated to grow at a CAGR of 16.6% from 2022 to 2028.

New York, July 18, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Anti-Money Laundering Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On Premise 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 global anti-money laundering software market growth is driven by increasing focus of FinTech on implementing automated anti-money laundering systems and Rising demand for sophisticated transaction monitoring solutions.

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The growing incidence of money laundering worldwide is one of the key forces propelling the adoption of anti-money laundering software across companies. The United Nations Office on Drugs and Crime (UNODC) estimates that money laundering accounts for 2–5% of the global GDP. The Basel Institute on Governance published the risk index of money laundering and terrorism funding in Benelux countries (Luxembourg, Belgium, and the Netherlands) from 2016 to 2020. The factors, including increasing developments in the FinTech sector and rising government initiatives, fuel the demand for anti-money laundering software. Further, the rising adoption of cryptocurrency is expected to highlight the need for anti-money laundering software across the world. However, increasing complexities impede the growth of the anti-money laundering software market to a considerable extent.

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Anti-Money Laundering Software Market: Competitive Landscape and Key Developments

Accenture PLC; ACI Worldwide; 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. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

In January 2019, Oracle announced its partnership with Arachnys. As a part of this partnership, the cloud-native CRI platform of Arachnys would be integrated with Oracle’s Financial Services Financial Crime and Compliance Management (FCCM) solution suite for its enhancement.

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Surging Adoption of Advanced Analytics to Propel Anti-Money Laundering Software Market Growth in Coming Years

Lately, the financial ecosystem has been transformed by the swift developments in machine learning and data science, and their ability to produce algorithms for predictive data analytics. In recent times, machine learning has proven to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities. Machine learning facilitates identifying money-laundering typologies; strange and suspicious transactions; behavioral transitions in customers; and transactions of customers belonging to the same geography, age, groups, and other identities, followed by assisting in the reduction of 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 the machine learning and data science in AML solutions are expected to drive the ant-money laundering software market.

Furthermore, as money launderers continue to explore newer ways to use banks for illicit activities, the timely detection of the laundering activities is the most challenging aspect in implementing an efficient AML. Numerous companies are launching innovative technologies that are capable of detecting, tracking, and preventing money laundering. The growing use of advanced analytics would control money laundering; thus, it would raise 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 services segment. The software segment accounted for a larger share of the market in 2021. Over the past several decades, money laundering has become an increasingly prevalent issue. Both financial institutions and governments are constantly looking for new ways to fight money launderers, and several anti-money laundering policies and innovations in software and services have been put in place to help this effort.

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