Anti-Money Laundering Software Market Size to Reach USD 5.77 Billion in 2030 | Increasingly Stringent Government Regulations to Deploy AML Solutions is One of the Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, B.C., Feb. 24, 2022 /PRNewswire/ -- The global Anti-Money Laundering (AML) software market size reached USD 1.63 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need to monitor and report suspicious activity to financial regulatory authorities is one of the major factors expected to drive market revenue growth.

Drivers:

Stringent regulations are required as compliance reduces the chances of criminal conspiracy, which results in reduced risk of money-related crimes such as terrorism financing, corruption, and money laundering. In addition, increasing number of financial frauds have resulted in adoption of regulations from different regulators, which include The Financial Industry Regulatory Authority (FINRA), China's Banking and Insurance Regulatory Commission (CBIRC), and Australian Transaction Reports and Analysis Centre (AUSTRAC).

However, non-compliance to regulations lead to heavy fines on the non-compliant parties. Increasingly stringent government compliances and regulations and instructions to financial institutions to adopt AML solutions such as Know Your Customer/ Customer Due Diligence (KYC/CDD) to ensure that customers are not involved in money-related crimes are expected to drive market revenue growth during the forecast period.

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Restraints:

However, high initial cost associated with deployment of AML solutions is a major factor expected to hamper revenue growth. AML software detects any unusual financial activity and implements laws to combat illegal transactions. AML process involves transaction monitoring, Know Your Customer (KYC), and currency transaction reporting, among others. Additionally, even after adopting AML solutions, it can be difficult to detect fraud in some cases. In such situations, financial institutions consolidate KYC data using a variety of methods and technologies in order to increase data quality. Furthermore, financial institutions hire external consulting firms to examine customer data more thoroughly, which costs relatively more than the regulatory fines.

Growth Projections:

Global anti-money laundering software market revenue is expected to register a CAGR of 15.1% over the forecast period, and revenue is projected to increase from USD 1.63 Billion in 2021 to USD 5.77 Billion in 2030. Increasingly stringent government regulations to deploy AML solutions is a key factor driving revenue growth of the market.

COVID-19 Impact Analysis:

COVID-19 pandemic had a positive impact on the global anti-money laundering software market. The pandemic has resulted in a quick increase in online sales and an increase in the use of online payment options. Increasing use of non-cash payments such as mobile payments, online payments, and use of prepaid cards has increased the chances of fraudulent money transactions, which is driving demand for AML software among financial institutions. In addition, increasing number of online scams involving medical supplies, personal protective equipment, essential items, and illegal activities in terms of COVID-19 donations are expected to increase adoption of AML software. 

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Current Trends and Innovations:

Illegal financial transactions are the most common threat in the banking process. AML software supported by Internet of Things (IoT) and Artificial Intelligence (AI) is the best solution to such threats. The primary objective of AML software is to detect any fraudulent transaction and send real-time data to the financial authority. The entire activity can be monitored and tracked by the Suspicious Activity Report (SAR) for conducting risk analysis of the customer. The risk analysis process includes understanding the nature and purpose of customer relationships and updating customer information, which potentially decreases the chances of money laundering.

Geographical Outlook:

Europe market is expected to register a significantly robust revenue growth rate over the forecast period due to early adoption of new technologies and increasingly stringent government regulations for deploying AML solutions in financial institutions in countries in the region.

Strategic Initiatives:

Some major companies included in the global Anti-Money Laundering (AML) software market report are Oracle Corporation, BAE Systems PLC, Tata Consultancy Services Limited (Tata Sons Private Limited), Fiserv, Inc., Fidelity National Information Services, Inc., Experian PLC, SAS Institute, Inc., ACI Worldwide, Inc., CaseWare International, Inc., and AML Partners LLC.

·  In October 2020, Oracle Corporation announced the launch of Financial Crime and Compliance Management Cloud Service to help mid-sized financial institutions combat money laundering and financial crime. Moreover, the solution manages the whole anti-money laundering lifecycle, allowing financial institutions to save compliance costs and immediately track unusual customer behavior in order to prevent illegal activity.

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Emergen Research has segmented global Anti-Money Laundering (AML) software market on the basis of component, deployment type, application, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019–2030)

• Software
• Services

• Deployment Type Outlook (Revenue, USD Billion; 2019–2030)

• On-premise
• On-cloud

• Application Outlook (Revenue, USD Billion; 2019–2030)

• Transaction Monitoring
• Currency Transaction Reporting
• Customer Identity Management
• Compliance Management
• Others

• End-use Outlook (Revenue, USD Billion; 2019–2030)

• BFSI
• Defense
• Healthcare
• IT and Telecom
• Retail
• Others

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• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North Americ
  a. U.S.
  b. Canada
  c. Mexico
• Europ
  a. German
  b. France
  c. U.K.
  d. Italy
  e. Spain
  f. Benelux
  g. Rest of Europe
• Asia Pacific
  a. China
  b. India
  c. Japan
  d. South Korea
  e. Rest of APAC
• Latin America
  a. Brazil
  b. Rest of LATAM
• Middle East & Africa
  a. Saudi Arabia
  b. UAE
  c. South Africa
  d. Turkey
  e. Rest of MEA

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