Anti-Money Laundering Software Market Outlook 2026 By Size, Share, Trends, Opportunity and Forecast
Anti-Money Laundering Software Market Overview
Global anti-money laundering software market was valued at more than $ 1000 million in 2019 and is forecast to grow at a CAGR of 13.90% during 2021-2026 by 2026 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 2020. 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 2020, North America acquired the dominant position in global anti-money laundering software market and is anticipated to continue its dominance through 2026 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.
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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, 2019 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: 2016-2019
Base Year: 2020
Estimated Year: 2021
Objective of the Study:
- To analyze and forecast the market size of global anti-money laundering software market.
- To classify and forecast global anti-money laundering software market based on component, deployment type, end user and regional distribution.
- To identify drivers and challenges for global anti-money laundering software market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global anti-money laundering software market.
- To identify and analyze the profile of leading players operating in global anti-money laundering software market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major solution providers across the globe.
TechSci Research calculated the market size of global anti-money laundering software market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Anti-money laundering software & service providers and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to anti-money laundering software market.
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global anti-money laundering software market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Component Type:
- Software
- Transaction Monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
- Market, By Deployment Type:
- Cloud
- On-Premise
- Market, By End-User:
- Banking
- Asset Management
- Insurance
- Legal Service Providers
- Others
- Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global anti-money laundering software market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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