Anti-money laundering software market to grow at a CAGR of 15.01% from 2022 to 2027, Increasing need for risk management to drive growth - Technavio

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Mar 10, 2023, 23:55 ET

NEW YORK, March 10, 2023 /PRNewswire/ -- According to Technavio, the global anti-money laundering software market size is estimated to grow by USD 2,763.04 million from 2022 to 2027. The market is estimated to grow at a CAGR of 15.01% during the forecast period. Moreover, the growth momentum will accelerate. The increasing need for risk management is driving the market growth, although factors such as the high cost of implementation may impede the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

Technavio has announced its latest market research report titled Global Anti-Money Laundering Software Market 2023-2027

Anti-money laundering software market – Market dynamics
Key factor driving market growth

The increasing need for risk management is driving market growth.
Predictive models provide deeper insight into compliance risks.
Advanced features, such as automated investigation, help in the efficient management of risks.
AML software helps financial analysts and investigators analyze the risk of a transaction and take appropriate action.
Suspicious activity detection, watch list filtering, alert investigation, case management, and regulatory reporting are other features that help banks in managing risks.
The availability of such features will increase the adoption of AML software, which will propel the growth of the market during the forecast period.

Major challenges hindering the market growth

The high cost of implementation is challenging market growth.
AML software deployment is expensive and time-consuming.
It also needs additional infrastructure, complex programming, and the extra time and cost to ensure data integration and data quality.
AML software vendors also charge additional fees for software updates, and some vendors compel end-users to purchase updates by refusing to provide technical support for old versions.
Thus, the high cost associated with the deployment of AML software will hinder the growth of the AML software market during the forecast period.

Insights on market drivers & challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) - Request a sample report!

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Anti-money laundering software market - Segmentation assessment
Segment overview
Technavio has segmented the market based on deployment (on-premises and cloud-based) and component (software and services).

The on-premises segment will account for a significant share of the market growth during the forecast period. In this model, the software is purchased and installed on the user's server and maintained by IT specialists. The use of on-premises AML software is increasing among large complex financial firms. Therefore, this segment is expected to grow during the forecast period.

Geography overview
Based on geography, the global anti-money laundering software market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global anti-money laundering software market.

APAC is estimated to account for 31% of the growth of the global market during the forecast period. North America is another region offering significant growth opportunities to vendors. Most financial enterprises in North America use AML solutions to comply with financial regulatory requirements. A rise in the use of mobile devices for personal and professional purposes has increased the adoption of AML software solutions, which will positively impact the market.

Insights on the market contribution of various segments, including country-wise and region-wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a sample report

Anti-money laundering software market - Leading trends influencing the market

The increasing demand for know-your-customer (KYC) analytics is an emerging trend in the market.
Financial services firms across the world are adopting AML and KYC analytics, with the increasing cost of compliance, the risk of non-compliance, and challenges related to acquiring and retaining the right customers.
Banks and financial institutions face multiple challenges in compiling the data to build strong relationships, improve returns, and reduce risk.
KYC analytics can reduce the complex and expensive burden of compliance.
AML software with KYC analytics enables banks to properly document, understand, and actively manage the flow of data.
Such factors will support the growth of the AML software market during the forecast period.

What are the key data covered in this anti-money laundering software market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the anti-money laundering software market between 2023 and 2027
Precise estimation of the size of the anti-money laundering software market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the anti-money laundering software market across North America, Europe, APAC, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of anti-money laundering software market vendors

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Anti-Money Laundering Software Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 15.01%
Market growth 2023-2027	USD 2,763.04 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	13.58
Regional analysis	North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution	APAC at 31%
Key countries	US, China, India, Germany, and UK
Competitive landscape	Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled	Abrigo, ACI Worldwide Inc., Acuity Knowledge Partner, Ascent, BAE Systems Plc, EastNets, Exiger, Fair Isaac Corp., International Business Machines Corp., Moodys Corp., NICE Ltd., Open Text Corp., Oracle Corp., Refinitiv, Sanction Scanner, SAS Institute Inc., Thomson Reuters Corp., Trulioo Information Services Inc., Truth Technologies Inc., and Verafin Inc.
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 13: Market segments

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global anti-money laundering software market 2017 - 2021

Exhibit 18: Historic Market Size – Data Table on Global anti-money laundering software market 2017 - 2021 ($ million)

4.2 By Deployment Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – By Deployment Segment 2017 - 2021 ($ million)

4.3 By Component Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – By Component Segment 2017 - 2021 ($ million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

5.1 Five forces summary

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

5.2 Bargaining power of buyers

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

5.3 Bargaining power of suppliers

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

5.4 Threat of new entrants

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

5.5 Threat of substitutes

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

5.6 Threat of rivalry

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

5.7 Market condition

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Deployment

6.1 Market segments

Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)

6.2 Comparison by Deployment

Exhibit 32: Chart on Comparison by Deployment
Exhibit 33: Data Table on Comparison by Deployment

6.3 On-premises - Market size and forecast 2022-2027

Exhibit 34: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on On-premises - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on On-premises - Year-over-year growth 2022-2027 (%)

6.4 Cloud-based - Market size and forecast 2022-2027

Exhibit 38: Chart on Cloud-based - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Cloud-based - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Cloud-based - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Cloud-based - Year-over-year growth 2022-2027 (%)

6.5 Market opportunity by Deployment

Exhibit 42: Market opportunity by Deployment ($ million)

7 Market Segmentation by Component

7.1 Market segments

Exhibit 43: Chart on Component - Market share 2022-2027 (%)
Exhibit 44: Data Table on Component - Market share 2022-2027 (%)

7.2 Comparison by Component

Exhibit 45: Chart on Comparison by Component
Exhibit 46: Data Table on Comparison by Component

7.3 Software - Market size and forecast 2022-2027

Exhibit 47: Chart on Software - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on Software - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on Software - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Software - Year-over-year growth 2022-2027 (%)

7.4 Services - Market size and forecast 2022-2027

Exhibit 51: Chart on Services - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Services - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Services - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Services - Year-over-year growth 2022-2027 (%)

7.5 Market opportunity by Component

Exhibit 55: Market opportunity by Component ($ million)

8 Customer Landscape

8.1 Customer landscape overview

Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation

Exhibit 57: Chart on Market share by geography 2022-2027 (%)
Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

9.2 Geographic comparison

Exhibit 59: Chart on Geographic comparison
Exhibit 60: Data Table on Geographic comparison

9.3 North America - Market size and forecast 2022-2027

Exhibit 61: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 62: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 63: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on North America - Year-over-year growth 2022-2027 (%)

9.4 Europe - Market size and forecast 2022-2027

Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

9.5 APAC - Market size and forecast 2022-2027

Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

9.6 Middle East and Africa - Market size and forecast 2022-2027

Exhibit 73: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

9.7 South America - Market size and forecast 2022-2027

Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

9.8 US - Market size and forecast 2022-2027

Exhibit 81: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on US - Year-over-year growth 2022-2027 (%)

9.9 China - Market size and forecast 2022-2027

Exhibit 85: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

9.10 India - Market size and forecast 2022-2027

Exhibit 89: Chart on India - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on India - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on India - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on India - Year-over-year growth 2022-2027 (%)

9.11 Germany - Market size and forecast 2022-2027

Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)

9.12 UK - Market size and forecast 2022-2027

Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)

9.13 Market opportunity by geography

Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

Exhibit 102: Impact of drivers and challenges in 2022 and 2027

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption

Exhibit 104: Overview on factors of disruption

11.4 Industry risks

Exhibit 105: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered

Exhibit 106: Vendors covered

12.2 Market positioning of vendors

Exhibit 107: Matrix on vendor position and classification

12.3 ACI Worldwide Inc.

Exhibit 108: ACI Worldwide Inc. - Overview
Exhibit 109: ACI Worldwide Inc. - Business segments
Exhibit 110: ACI Worldwide Inc. - Key offerings
Exhibit 111: ACI Worldwide Inc. - Segment focus

12.4 Acuity Knowledge Partner

Exhibit 112: Acuity Knowledge Partner - Overview
Exhibit 113: Acuity Knowledge Partner - Product / Service
Exhibit 114: Acuity Knowledge Partner - Key offerings

12.5 Ascent

Exhibit 115: Ascent - Overview
Exhibit 116: Ascent - Product / Service
Exhibit 117: Ascent - Key offerings

12.6 BAE Systems Plc

Exhibit 118: BAE Systems Plc - Overview
Exhibit 119: BAE Systems Plc - Business segments
Exhibit 120: BAE Systems Plc - Key offerings
Exhibit 121: BAE Systems Plc - Segment focus

12.7 EastNets

Exhibit 122: EastNets - Overview
Exhibit 123: EastNets - Product / Service
Exhibit 124: EastNets - Key offerings

12.8 Exiger

Exhibit 125: Exiger - Overview
Exhibit 126: Exiger - Product / Service
Exhibit 127: Exiger - Key offerings

12.9 Fair Isaac Corp.

Exhibit 128: Fair Isaac Corp. - Overview
Exhibit 129: Fair Isaac Corp. - Business segments
Exhibit 130: Fair Isaac Corp. - Key news
Exhibit 131: Fair Isaac Corp. - Key offerings
Exhibit 132: Fair Isaac Corp. - Segment focus

12.10 Moodys Corp.

Exhibit 133: Moodys Corp. - Overview
Exhibit 134: Moodys Corp. - Business segments
Exhibit 135: Moodys Corp. - Key offerings
Exhibit 136: Moodys Corp. - Segment focus

12.11 NICE Ltd.

Exhibit 137: NICE Ltd. - Overview
Exhibit 138: NICE Ltd. - Business segments
Exhibit 139: NICE Ltd. - Key news
Exhibit 140: NICE Ltd. - Key offerings
Exhibit 141: NICE Ltd. - Segment focus

12.12 Open Text Corp.

Exhibit 142: Open Text Corp. - Overview
Exhibit 143: Open Text Corp. - Product / Service
Exhibit 144: Open Text Corp. - Key news
Exhibit 145: Open Text Corp. - Key offerings

12.13 Oracle Corp.

Exhibit 146: Oracle Corp. - Overview
Exhibit 147: Oracle Corp. - Business segments
Exhibit 148: Oracle Corp. - Key news
Exhibit 149: Oracle Corp. - Key offerings
Exhibit 150: Oracle Corp. - Segment focus

12.14 SAS Institute Inc.

Exhibit 151: SAS Institute Inc. - Overview
Exhibit 152: SAS Institute Inc. - Product / Service
Exhibit 153: SAS Institute Inc. - Key news
Exhibit 154: SAS Institute Inc. - Key offerings

12.15 Thomson Reuters Corp.

Exhibit 155: Thomson Reuters Corp. - Overview
Exhibit 156: Thomson Reuters Corp. - Business segments
Exhibit 157: Thomson Reuters Corp. - Key offerings
Exhibit 158: Thomson Reuters Corp. - Segment focus

12.16 Truth Technologies Inc.

Exhibit 159: Truth Technologies Inc. - Overview
Exhibit 160: Truth Technologies Inc. - Product / Service
Exhibit 161: Truth Technologies Inc. - Key offerings

12.17 Verafin Inc.

Exhibit 162: Verafin Inc. - Overview
Exhibit 163: Verafin Inc. - Product / Service
Exhibit 164: Verafin Inc. - Key offerings

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

Exhibit 165: Inclusions checklist
Exhibit 166: Exclusions checklist

13.3 Currency conversion rates for US$

Exhibit 167: Currency conversion rates for US$

13.4 Research methodology

Exhibit 168: Research methodology
Exhibit 169: Validation techniques employed for market sizing
Exhibit 170: Information sources

13.5 List of abbreviations

Exhibit 171: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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