USD 8.7 Billion Anti-Money Laundering Software Market Expected to Reach by 2032 | Top Players Such as- Ascent, FICO & Verafin

According to the report published by Allied Market Research, The USD 8.7 Billion Anti-Money Laundering Software Market Expected to Reach by 2032 | Top Players Such as- Ascent, FICO & Verafin. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rise in money laundering cases, increase in budget allocation for improving IT infrastructure coupled with stringent regulations for anti-money laundering (AML), and rise in adoption of artificial intelligence drives the growth of the global anti-money laundering software market. However, the market across the Asia-Pacific region is estimated to register the fastest CAGR of 18.4% through 2025. On the other hand, the transaction monitoring segment is projected to manifest the fastest CAGR of 18.4% during the study period.

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The global anti-money laundering software market was valued at USD 2.2 billion in 2022, and is projected to reach USD 8.7 billion by 2032, growing at a CAGR of 15.3% from 2023 to 2032.

The anti-money laundering software market is segmented into component, product type, deployment, organization size and region. On the basis of component, it is bifurcated into software and service. Based on product, the market is divided into transaction monitoring, currency transaction reporting, customer identity management, and compliance management. Based on deployment, it is segmented into cloud and on-premise. Based on organization size, the market is classified into large enterprises and small & medium-sized enterprises. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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On the basis of deployment, the global anti-money laundering software market share was dominated by the on-premise segment in 2022 and is expected to maintain its dominance in the upcoming years, owing to improving their software, several businesses started to provide more effective anti-money laundering software, from BFSI to manufacturing, and healthcare. However, the cloud segment is expected to witness the highest growth, due to their capacity to provide cost-effective and secure bank operations.

On the basis of product, the market is bifurcated into transaction monitoring, currency transaction reporting, customer identity management, and compliance management. The transaction monitoring segment is projected to manifest the fastest CAGR of 18.4% during the study period. However, the customer identity management segment dominated the market in 2017, contributing more than one-third of the market.

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By region, Europe dominated the market share in 2022 for the AML software market. Businesses in this area are embracing anti-money laundering software solutions at an increasing rate, which in turn are expected to propel global market growth. However, Asia-Pacific is expected to exhibit the highest AML software market growth during the forecast period. The presence of strong government policies regarding privacy and security in this region has been driving the growth of the anti-money laundering software industry.

The market players operating in the anti-money laundering software market analysis are ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO, NICE Actimize, Moody Corporation, LexisNexis Risk Solution, SAS Institute Inc., Thomson Reuters Corporation, and Verafin Inc.

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COVID-19 Impact Analysis

● The global COVID-19 pandemic significantly impacted anti-money laundering software market, owing to the spread of novel coronavirus has led to restrictions on various services in different sectors.

● It further caused a global decline in the demand for traditional bank operations due to lockdown measures and transport restrictions imposed by national authorities, while enabling bank authorities to deliver crucial services.

● These measures directly impacted on the economy of the banking and finance sector, with the partial or complete shutdown of bank activities, particularly traditional banking services.

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