Anti-Money Laundering Software Market to Reach $8.7 Billion, by 2032 at 15.3% CAGR: Allied Market Research

The global anti-money laundering software market is experiencing growth due to a rise in online payment modes in bank transactions, the rise in adoption of internet solutions, and an increase in strict regulations and compliance with anti-money laundering. 

WILMINGTON, Del., Oct. 20, 2023 /PRNewswire/ --  Allied Market Research published a report, titled, "Anti-Money Laundering Software Market by Component (Software and Service), Product Type (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, and Compliance Management), Deployment (Cloud and On-Premise), and Organization Size (Large Enterprises and Small and Medium-Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the anti-money laundering software industry generated $2.2 billion in 2022, and is projected to reach $8.7 billion by 2032, witnessing a CAGR of 15.3% from 2023 to 2032. 

AML software streamlines compliance processes, including the identification and reporting of suspicious activities, resulting in time and resource savings. Additionally, it can aid in the prevention or detection of unusual behavior, reduce false positive alerts, and assist businesses in accurately reporting suspicious transactions. The fusion of cloud computing and the Internet of Things (IoT) holds the promise of yielding numerous advantages for both businesses and consumers. In the context of AML software, this technology amalgamates and deciphers various data points within transaction messages for each client, encompassing the names of the sender and receiver, to ascertain whether either is listed on any sanction's lists. 

Prime determinants of growth  

The rise in online payment modes in bank transactions, the rise in adoption of internet solutions, and an increase in strict regulations and compliance with anti-money laundering are the major factors that drive the growth of the global anti-money laundering software market. However, high initial cost and expense considerations and lack of consumer knowledge and awareness hamper market growth. Furthermore, the surge in integration of advanced technologies and the growing adoption of analytics solutions creates opportunities for semantic web market growth. 

Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/2903

Report coverage & details: 

Covid-19 Scenario 

• The COVID-19 pandemic had a significant impact on the anti-money laundering software industry. The increasing adoption of real-time solutions in business operations proliferated the demand for anti-money laundering software market.
• In addition, there is a rise in the need for emotion detection solutions in different industry verticals, especially the banking and finance sectors. Leveraging automation trends and the use of smart data in business solutions could lead to advanced business operations. These factors have propelled the growth of anti-money laundering software solutions among industries.

Buy this Complete Report (275 Pages PDF with Insights, Charts, Tables, and Figures) at:

https://www.alliedmarketresearch.com/anti-money-laundering-software-consumption-market/purchase-options

The software segment to maintain its leadership status throughout the forecast period 

Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. The surge in technological breakthroughs in several industries has proliferated numerous opportunities for the software segment in the market. However, the service segment is expected to portray the largest CAGR of 14.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. As anti-money laundering software services are increasingly implemented in various industries. 

The customer identity management segment to maintain its leadership status throughout the forecast period 

Based on product type, the customer identity management segment held the highest market share in 2022, accounting for more than one-third of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for detection of suspicious activities in multiple transactions further creates lucrative opportunities for this segment in the global market. However, the transaction monitoring segment is projected to manifest the highest CAGR of 19.7% from 2023 to 2032. The rise in financial crime has led to a growing need for organizations to deploy AML transaction monitoring solutions for the detection of suspicious activity. It is further expected to propel global market growth. 

The on-premise segment to maintain its leadership status throughout the forecast period 

Based on deployment, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. As for improving their software, several businesses started to provide more effective anti-money laundering software, further creating lucrative opportunities for the global market. However, the cloud segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032. The rise in the integration of cost-effective and secure bank operations in various industries is further expected to propel global market growth. 

The large enterprises segment to maintain its lead position during the forecast period 

Based on organization size, the large enterprises segment accounted for the largest share in 2022, contributing to around two-thirds of the anti-money laundering software market revenue and is projected to maintain its lead position during the forecast period. As anti-money laundering software is increasingly being deployed in these organizations. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 18.0% from 2023 to 2032. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations. 

Europe region to maintain its dominance by 2032 

Based on region, the Europe segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the anti-money laundering software market revenue and is estimated to rule the roost throughout the forecast timeframe. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve banking and finance businesses and the customer experience are anticipated to propel the growth of the anti-money laundering software market. However, Asia-Pacific is expected to witness the fastest CAGR of 18.8% from 2023 to 2032. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region. 

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2903

Leading Market Players: - 

• ACI Worldwide, Inc.
• Ascent Technology Consulting
• Eastnets Holding Ltd.
• FICO
• NICE Actimize
• Moody Corporation
• LexisNexis Risk Solutions
• SAS Institute Inc.
• Thomson Reuters Corporation
• Verafin Inc.

The report provides a detailed analysis of these key players in the anti-money laundering software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

Trending Reports in ICT & Media Industry:

Ambient Intelligence Market Size is Expected to Reach $185.5 Billion by 2032

Cloud Artificial Intelligence Market Size Expected to Reach $887 Billion by 2032

Facial Recognition Market Size is Expected to Reach $24.3 Billion by 2032

Password Management Market Size is Expected to Reach $15.2 Billion by 2032

Enterprise Agile Transformation Services Market Size is Expected to Reach $142 Billion by 2032

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED