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Anti-Money Laundering Software Market Report 2024: Growth, Trends, Analysis, Demand, Forecast 2033
Anti-Money Laundering Software Market Report
As per the report, the anti-money laundering software market size has grown rapidly in recent years. It will grow from $2.55 billion in 2023 to $2.91 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The anti-money laundering software market size is expected to see rapid growth in the next few years. It will grow to $5.03 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
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Surge In Money Laundering Cases Drives Growth Of Anti-Money Laundering Software Market
The increasing number of money laundering cases is expected to propel the anti-money laundering software market. Money laundering is the process of converting illegally obtained funds into legal funds. Due to the increasing number of money laundering cases, there is a rise in the adoption of anti-money laundering software applications to ensure the legal requirements of organizations for detecting and preventing financial crimes. For instance, in March 2021, according to a report from TransUnion, a US-based consumer credit reporting agency, fraudulent digital transaction attempts against businesses worldwide increased by 46% compared to 2019. Furthermore, TransUnion reported a 21% increase in phishing attacks among consumers globally targeted with COVID-19-related digital frauds as of November 2020. Therefore, the increasing number of fraudulent activities and rise in money laundering cases will drive the growth of the anti-money laundering software market.
AI-Powered Solutions Transforming The Anti-Money Laundering Software Market
Major companies operating in the anti-money laundering software market are developing new Ai-based solutions to sustain their position. For example, in June 2023, Google LLC, a US-based technology company launched Anti Money Laundering AI (AML AI), an artificial intelligence-powered product aimed at helping global financial institutions efficiently detect money laundering. The product employs machine learning to generate a customer risk score based on transactional patterns, network behavior, and Know Your Customer (KYC) data. This approach offers an alternative to rules-based transaction alerting, reducing false positives and improving overall program effectiveness and operational efficiency.
The anti-money laundering software market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: On-Premise, On-cloud
3) By Application: Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management, Other Applications
4) By End-Use: BFSI, Defense, Healthcare, IT and Telecom, Retail, Other End-users
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Major companies operating in the anti-money laundering software market report are Accentur*e Inc., ACI Worldwide Inc., AML Partners LLC, Ascent Business Technology Inc., BAE Systems Inc., Eastnets Holding Limited, Verafin Inc., Fidelity National Information Services Inc., Fiserv Inc., Oracle Corporation, SAS Institute Inc., Sungard Availability Services, Experian Information Solutions Inc., Fico, NICE Systems Ltd., Accuity Inc., SmartSearch, SynerScope B.V., Truth Technologies Inc., Exiger LLC, Global RADAR, The International Business Machines Corporation, GB Group plc, MSA Focus Inc., KPMG International Limited, RELX plc, Temenos AG, Quantexa, London Stock Exchange Group plc, KYC Global Technologies Limited
Contents of the report:
1. Executive Summary
2. Anti-Money Laundering Software Market Report Structure
3. Anti-Money Laundering Software Market Trends And Strategies
4. Anti-Money Laundering Software Market - Macro Economic Scenario
5. Anti-Money Laundering Software Market Size And Growth
…..
27. Anti-Money Laundering Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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