Global Anti-Money Laundering Software Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Anti-Money Laundering Software Market Introduction:

“The global Anti-money laundering software Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Anti-money laundering software is a software which is referred as a solution that is useful for the banks and other financial sectors and legal industries, in order to meet the legal requirements for financial institutions and other regulated entities.

In addition, it is being deployed to observe the customers behaviour for any criminal financial activities by using any automated processes. There are many different types of anti-money laundering solutions such as transaction monitoring, currency transaction reporting, customer identity management, and compliance management.

Market Dynamics:

Increasing regulatory compliance requirements that mandates financial institutions to install AML software for detecting and identifying suspicious transactions coupled with rising number of financial fraudulent activities are major factors expected to drive growth of the global anti-money laundering software market.

In addition, increasing demand for anti-money laundering software solutions that helps financial institutions and organizations to stay alert and avoid fraudulent activities is one of the other factor expected to drive growth of the global anti-money laundering software market. Furthermore, growing need for risk management is expected to drive revenue growth of the target market. However, difficulties in data interpretation couple with high implementation costs of anti-money laundering software are major factors expected to restraint growth of the global target market.

Trends:

Major players in the target market are focusing on collaborating with various players in order to integrate the visualization tools as it includes many benefits rule-based logic, behaviour-based logic, and scenario generation. This is among some ongoing trend witnessed in the anti-money laundering software market, currently.

Regional Analysis:

North America market is estimated to account for highest revenue share in the global anti-money laundering software market over the forecast period, owing to stringent government regulations against money laundering in many developed countries in the region.

Asia Pacific market is expected to account for the second-highest revenue share in the global anti-money laundering software market, due to rising bank IT spending and increasing government initiatives towards money laundering in the countries in the region.

The market in Europe is projected to register fastest growth rate in terms of revenue due to high adoption of AML solutions and enforcement of stringent government regulations to deploy AML solutions in financial institutions in the countries in the region. Moreover, the markets in Latin America and Middle East & Africa are expected to register moderate growth rate over the forecast period. Revenue from the market in Middle East & Africa is projected to register a CAGR of X.X% in the global anti-money laundering software market over the forecast period.

Global anti-money laundering software market segmentation:

By Component:

• Software
• Service

 By Product:

• Transaction Monitoring
• Currency Transaction Reporting
• Customer Identity Management
• Compliance Management

By Deployment Type:

• Cloud
• On-premise

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa