Anti-Money Laundering (AML) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Anti-Money Laundering (AML) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global anti-money laundering (AML) software market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 14.7% during 2022-2028.

AML refers to a software application that enables banks and other financial institutions to analyze customer data and identify suspicious transactions. It involves transaction monitoring, customer identity authentication and compliance management. Systems equipped with AML software filter information and provide real-time alerts to enhance the security and operational efficiency of organizations. They also target market manipulations, trade of illegal goods, fraudulent activities with public funds and tax evasions. Owing to these benefits, it finds applications across various industries, including banking, financial services and insurance (BFSI), information technology, defense and retail.

Global Anti-Money Laundering (AML) Software Market Drivers:

The market is primarily driven by the increasing instances of money laundering and sophisticated cyber-attacks across the globe. Cybercriminals explore possible vulnerabilities in an organization’s infrastructure to commit fraud and ransomware attacks, which can be effectively countered via systems equipped with AML software. Furthermore, the introduction of security solutions integrated with the Internet of Things (IoT), machine learning (ML), Big Data analytic tools and cloud-based solutions, is also driving the anti-money laundering software market growth. Organizations are adopting advanced technologies with improved compliance capabilities to track financial data and predict risks and uncertainties.

The advent of Know Your Customer (KYC) technology is also favoring the market growth. KYC refers to the practice of authenticating users’ identities, blocking unauthorized access and preventing losses due to illegal transactions. Other factors, including the implementation of favorable government policies for periodic monitoring and controlling criminal activities, along with significant developments in the information technology (IT) sector, are also expected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global anti-money laundering (AML) software market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, application and end use industry.

Breakup by Component:

Software

Services



Breakup by Deployment Mode:

On-premises

Cloud-based



Breakup by Application:

Transaction Monitoring

Currency Transaction Reporting

Customer Identity Management

Compliance Management

Others



Breakup by End Use Industry:

BFSI

Defense

Healthcare

IT and Telecom

Retail

Others



Breakup by Region:

North America

United States

Canada

Asia Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa



Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being ACI Worldwide Inc., AML Partners LLC, BAE Systems Plc, CaseWare RCM Inc. (CaseWare International Inc.), Experian Plc, Fair Isaac Corporation, Fidelity National Information Services Inc., Fiserv Inc., Oracle Corporation, SAS Institute Inc. and Tata Consultancy Services Limited (Tata Sons Private Limited).

Key Questions Answered in This Report:

How has the global anti-money laundering (AML) software market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global anti-money laundering (AML) software market?

What are the key regional markets?

What is the breakup of the market based on the component?

What is the breakup of the market based on the deployment mode?

What is the breakup of the market based on the application?

What is the breakup of the market based on the end use industry?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global anti-money laundering (AML) software market and who are the key players?

What is the degree of competition in the industry?