Anti-money laundering (AML) software supports the need for compliance with the increasingly stringent regulations set by regulatory authorities.

WILMINGTON, DE, UNITED STATE, December 13, 2023 /EINPresswire.com/ — The rise in money laundering cases and increase in budget allocation for improving IT infrastructure coupled with stringent regulations for anti-money laundering (AML) have boosted the growth of the global anti-money laundering software market. However, dearth of skilled AML professionals hampers the market growth. On the contrary, increase in adoption of artificial intelligence technologies and implementation of cloud-based solutions are expected to create lucrative opportunities in the near future.

The global anti-money laundering software market is segmented into component, product, deployment type, and geography. Based on component, the market is divided into software and service. The service segment held the largest share in 2017, accounting for three-fourths of the market, due to rise in implementation of compliant and standardized AML operation worldwide. However, the software segment is projected to register the highest CAGR of 16.4% during the forecast period.

Covid-19 Scenario

1.The COVID-19 pandemic had a significant impact on the anti-money laundering software industry. The increasing adoption of real-time solutions in business operations proliferated the demand for anti-money laundering software market.

2.In addition, there is a rise in the need for emotion detection solutions in different industry verticals, especially the banking and finance sectors. Leveraging automation trends and the use of smart data in business solutions could lead to advanced business operations. These factors have propelled the growth of anti-money laundering software solutions among industries.

☛ Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/2903

The global anti-money laundering software market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2017, contributing more than one-third of the market, owing to the high adoption of AML solution supplemented by strict government regulations in the financial institution. However, the market across the Asia-Pacific region is estimated to register the fastest CAGR of 18.4% through 2025.

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.

Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. The surge in technological breakthroughs in several industries has proliferated numerous opportunities for the software segment in the market. However, the service segment is expected to portray the largest CAGR of 14.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. As anti-money laundering software services are increasingly implemented in various industries.

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/2903

Based on product type, the customer identity management segment held the highest market share in 2022, accounting for more than one-third of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for detection of suspicious activities in multiple transactions further creates lucrative opportunities for this segment in the global market. However, the transaction monitoring segment is projected to manifest the highest CAGR of 19.7% from 2023 to 2032. The rise in financial crime has led to a growing need for organizations to deploy AML transaction monitoring solutions for the detection of suspicious activity. It is further expected to propel global market growth.

Based on deployment, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the anti-money laundering software market revenue and is estimated to maintain its leadership status throughout the forecast period. As for improving their software, several businesses started to provide more effective anti-money laundering software, further creating lucrative opportunities for the global market. However, the cloud segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032. The rise in the integration of cost-effective and secure bank operations in various industries is further expected to propel global market growth.

Based on organization size, the large enterprises segment accounted for the largest share in 2022, contributing to around two-thirds of the anti-money laundering software market revenue and is projected to maintain its lead position during the forecast period. As anti-money laundering software is increasingly being deployed in these organizations. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 18.0% from 2023 to 2032. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.

☛ Buy Now & Get Exclusive Discount on This Report: https://www.alliedmarketresearch.com/anti-money-laundering-software-consumption-market/purchase-options

Based on region, the Europe segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the anti-money laundering software market revenue and is estimated to rule the roost throughout the forecast timeframe. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve banking and finance businesses and the customer experience are anticipated to propel the growth of the anti-money laundering software market. However, Asia-Pacific is expected to witness the fastest CAGR of 18.8% from 2023 to 2032. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.

Key Market Players:

➢ VERAFIN INC.

➢ SAS INSTITUTE INC.

➢ THOMSON REUTERS CORPORATION

➢ FICO TONBELLER

➢ EASTNETS HOLDING LTD.

➢ REGULATORY DATACORP, INC.

➢ SAFE BANKING SYSTEMS LLC (ACCUITY, INC.)

➢ ACI WORLDWIDE, INC

➢ NICE ACTIMIZE

➢ ASCENT TECHNOLOGY CONSULTING

➢ TRUTH TECHNOLOGIES, INC.

The report provides a detailed analysis of these key players in the anti-money laundering software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

☛ Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2903

Similar Reports:

1.Anti-money Laundering Market

2. Anti-money Laundering Service Market

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies.

This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
1209 Orange Street
Corporation Trust Center
Wilmington
New Castle
Delaware 19801
USA Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]

Allied Market Research
Allied Market Research
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn