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The global anti-money laundering software market accounted for US$ 905.7 Mn in 2018 and is expected to grow at a CAGR of 21.1% over the forecast period 2019-2027, to account for US$ 4,993.2 Mn in 2027.
The factors that are driving the growth of anti-money laundering software market include rising adoption of analytics, increasing developments in the Fintech sector, and rising government initiatives. Further, rising adoption of crypto-currency is expected to supplement the growth of anti-money laundering software market across the world. However, increasing complexities is anticipated to impede the growth of the anti-money laundering software market to a considerable extent.
Some of the leading players in the anti-money laundering software market are highly focusing on strategic market initiatives in order to enrich its product capabilities as well as to expand their geographical presence across the globe, which in turn is contributing for the growth of the anti-money laundering software market.
The anti-money laundering software market has a presence of significant number of players. Geographically, the anti-money laundering software market is dominated by North America.
North America comprises some of the significant associations that are responsible for the designing and implementation of the anti-money laundering regulations. For instance, the FTAF (Financial Action Task Force) is an intergovernmental organization in the region that creates international policies for battling money laundering. The U.S, Canada and Mexico are members of the FTAF. SAS Institute is a significant AML provider in the region.
Further, The APAC region is anticipated to be the fastest growing region in anti-money laundering software market during the forecast period. The Asian governments and regulators have strongly focused towards the adoption of standards set by the intergovernmental Financial Action Task Force (FATF) to reinforce anti-money laundering.
The global anti-money laundering software market on the basis of product is categorized into transaction monitoring, compliance management, currency transaction reporting, and customer identity management. The transaction monitoring system segment focuses on identification of apprehensive arrangements of transactions, which might consequence into filing of STRs (Suspicious Transaction Reports) and SARs (Suspicious Activity Reports). Whereas, the CTR (Currency Transaction Reporting) systems deal with larger cash transaction reporting requirements, for instance in U.S its $10,000 and above.
The compliance management software segment included in the study enables the firms to stay abide the Anti-Money Laundering regulatory by retaining essential evidence of compliance, and delivering and recording suitable training of staff. The customer identity management system is dedicated to verification of several negative lists (for instance OFAC) and the system also represents a preliminary and ongoing fragment of KYC (Know Your Customer) requirements. Moreover, it is observed that, transaction monitoring led the anti-money laundering software market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period.
The report provides the overview and forecast for the global anti-money laundering software market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Some of the players present in anti-money laundering software market are ACI Worldwide, SAS Institute, Oracle Corporation, BAE Systems, Accenture, Verafin Inc., Safe Banking Systems LLC, Eastnets Holding Ltd., Ascent Technology Consulting, and Opentext Corporation among others.