Anti-money Laundering Software market will reach at US$ 23.16 billion by 2032,Thomson Reuters, Fiserv, SAS, SunGard, Experian, ACI Worldwide, Tonbeller, Banker's Toolbox, Nice Actimize, CS&S, Ascent Technology Consulting, Cellent Finance Solutions, Verafi

The anti-money laundering software market size is expected to grow from US$ 4.88 billion in 2021 to US$ 23.16 billion by 2032; it is estimated to grow at a CAGR of 18.6% from 2022 to 2032..

; ACI Worldwide; BAE Systems PLC; Eastnets Holding Ltd.; Assent Business Technology, Inc.; Nasdaq, Inc.; Nice Ltd; OpenText Corporation; Oracle Corporation; and SAS Institute are among the key players in the anti-money laundering software market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

In January 2019, Oracle announced its partnership with Arachnys. As a part of this partnership, the cloud-native CRI platform of Arachnys would be integrated with Oracle's Financial Services Financial Crime and Compliance Management (FCCM) solution suite for its enhancement..

Some of the Major Key players profiled in the study are Thomson Reuters, Fiserv, SAS, SunGard, Experian, ACI Worldwide, Tonbeller, Banker's Toolbox, Nice Actimize, CS&S, Ascent Technology Consulting, Cellent Finance Solutions, Verafin, EastNets, AML360, Aquilan, AML Partners, Truth Technologies

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Anti-Money Laundering Software Market: Component Overview

The anti-money laundering software market analysis by component, the anti-money laundering software market is segmented into software and services segment. The software segment accounted for a larger share of the market in 2021. Over the past several decades, money laundering has become an increasingly prevalent issue. Both financial institutions and governments are constantly looking for new ways to fight money launderers, and several anti-money laundering policies and innovations in software and services have been put in place to help this effort.

Anti-money Laundering Market Trends
Anti-money laundering has become one of the most essential compliance requirements for banking and financial institutions in recent years. Amid the rising number of reports of suspicious financial activities, companies are examining ways of better managing compliance costs in a society where security concerns are paramount. Increased investment in anti-money laundering solutions can bring in more rewards, which can negate the harmful repercussions involved in fraudulent activities. Furthermore, the law changes put in place to protect businesses and make it harder for criminals to profit from and fund illegal activities also drives the market growth. In 2019, the New Zealand Government spent USD 1.083 million on the anti-money laundering campaign, Keep Our Money Clean. The campaign aimed at raising public awareness about legislative changes to the Anti-Money Laundering and Countering Financing of Terrorism Act. This is anticipated to help businesses across fields such as finance, law, and real estate educate their customers about the new obligations.

Anti-money Laundering Software Market Taxonomy

Anti-money Laundering Software Segmentation by Type:

Transaction Monitoring Software, Currency Transaction Reporting (CTR) Software, Customer Identity Management Software, Compliance Management Software.

Anti-money Laundering Software Segmentation by Application:

Tier 1 Financial Institution, Tier 2 Financial Institution, Tier 3 Financial Institution, Tier 4 Financial Institution

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Product Type Insights
The transaction monitoring segment dominated the market in 2020 and accounted for more than a 30% share of the global revenue. Anti-money transaction monitoring software enables financial institutes to conduct customer transactions on a real-time basis. Transaction monitoring software solutions also provide benefits such as increased automation, ease in identifying suspicious behavior, and increased effectiveness, which drive the demand for the segment. A range of products available in the market includes features such as blacklist screening, customer profiling, and sanctions screening.

The customer identity management segment is expected to register the highest growth over the forecast period. Customer identity management solutions prevent banks from being used by criminal elements for money laundering. These solutions also help financial institutions understand their customer's financial dealings to manage the risk prudently and serve them better. The increased realization that the proper identification and verification of customer identity can help reduce the risk of money laundering is expected to drive the demand for the segment in the near future.

Deployment Insights
The on-premise segment dominated the market in 2020 and accounted for more than 50.0% share of the global revenue. The on-premise deployment of anti-money laundering solutions provides organizations full control over applications, platforms, data, and systems, which can be easy managed by the organization's in-house IT staff. At the same time, in organizations where user credentials are critical for business operations, the demand for the segment is high. The organizations use on-premise anti-money laundering to keep them protected from malicious threats.

Regional Insights
The North American regional market dominated the anti-money laundering market in 2020 and accounted for over 46% share of global revenue. The growth can be attributed to the presence of major market players in the region. The presence of a large number of banks is also expected to drive the adoption of anti-money laundering solutions in the region in the near future. Simultaneously, the proliferation of inorganic strategies among the anti-money laundering vendors to implement artificial intelligence is expected to drive market growth. The Anti-money Laundering Act of 2020 enacted by the U.S. Congress places a variety of anti-money laundering obligations for financial institutions, driving the adoption of anti-money laundering solutions in the U.S.

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Europe is expected to witness significant growth over the forecast period. Continuous enhancements in regulatory norms governing the BFSA sector in Europe is expected to drive market growth. The trade-based money laundering norms implemented in Europe include the General Data Protection Regulation, Payment Card Industry Data Security Standard, and AMLD5 the 5th Money Laundering Directive. At the same time, a steep increase in money laundering activities and financial fraud is driving the need for anti-money laundering solutions in the region. Increase in money laundering cases in Germany is expected to drive market growth. According to the German Financial Intelligence Unit, the cases of terrorist financing and money laundering increased by 50% in 2019, of which, the real estate sector accounted for 15 to 30% of cases.

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