Global Anti-Money Laundering (AML) Software Market is accounted for $1,343.84 million in 2020 and is expected to reach $4,783.74 million by 2028 growing at a CAGR of 17.2% during the forecast period. The growth in IT spending among financial institutions, and the increased number of wired transactions are driving the market growth. However, high implementation costs related to this software’s and lack of skilled professionals with in-depth knowledge vital for operating these systems, are hampering the growth of the market.
Anti-money laundering (AML) software usually refers to an integrated data model solution, which enables banks, financial institutions, and enterprises to screen customer behavior for doubted criminal financial activities through automated processes and provide improved user authentication to discover and manage digital bank fraud, payment fraud, fraud analytics, card and emerging payments, internal threads, and fraud management capabilities.
Based on the deployment, the on-premises segment is going to have lucrative growth during the forecast period, owing to improved security offered by these systems and features such as enterprise-wide monitoring, reporting, and case management streamline analysis and resolution.
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By geography, Europe is going to have high growth during the forecast period, owing to the increasing focus of FinTech on executing automated anti-money laundering systems; growth in technological advancements across provinces is increasing the number of cybercriminals. Also, the supportive government regulation to install AML solutions in financial institutions across the province is motivating the market growth.
Some of the key players profiled in the Anti-Money Laundering (AML) Software Market include ACI Worldwide Inc., AML Partners LLC, Fair Isaac Corp., Fidelity National Information Services Inc., Fiserv Inc., NICE Ltd., Oracle Corp., RELX Plc, SAS Institute Inc., SunGard, Thomson Reuters, Tonbeller, Truth Technologies, Verafin.
Products Covered:
• Currency Transaction Reporting (CTR)
• Customer Identity Management (CIM)
• Name Screening
• Sanction Screening Software
• Case Management Software
Solutions Covered:
• Transaction Monitoring
• Know Your Customer (KYC)
• Fraud, Risk & Compliance Management
• Watch-list Screening
• Data Warehouse Management
• Analytics and Visualization
• Alert Management and Reporting
Components Covered:
• Software
• Service
Deployments Covered:
• Cloud
• On-Premise
Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SME)
• Large Enterprise
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Applications Covered:
• Asset Management
• Corporate Banking
• Insurance
• Investment Banking
• Legal Service Providers
• Multiple Banking Services
• Private Banking
• Retail Banking
End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Defense & Government
• Energy and Utilities
• Healthcare
• IT and Telecom
• Manufacturing
• Retail
• Transportation & Logistics
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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