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Anti-Money Laundering Software Market to Reach $8.7 Billion, by 2032 at 15.3% CAGR: Allied Market Research
The global anti-money laundering software market is experiencing growth due to a rise in online payment modes in bank transactions, the rise in adoption of internet solutions, and an increase in strict regulations and compliance with anti-money laundering.
WILMINGTON, Del., Oct. 20, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Anti-Money Laundering Software Market by Component (Software and Service), Product Type (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, and Compliance Management), Deployment (Cloud and On-Premise), and Organization Size (Large Enterprises and Small and Medium-Sized Enterprises): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the anti-money laundering software industry generated $2.2 billion in 2022, and is projected to reach $8.7 billion by 2032, witnessing a CAGR of 15.3% from 2023 to 2032.
AML software streamlines compliance processes, including the identification and reporting of suspicious activities, resulting in time and resource savings. Additionally, it can aid in the prevention or detection of unusual behavior, reduce false positive alerts, and assist businesses in accurately reporting suspicious transactions. The fusion of cloud computing and the Internet of Things (IoT) holds the promise of yielding numerous advantages for both businesses and consumers. In the context of AML software, this technology amalgamates and deciphers various data points within transaction messages for each client, encompassing the names of the sender and receiver, to ascertain whether either is listed on any sanction’s lists.
Prime determinants of growth
The rise in online payment modes in bank transactions, the rise in adoption of internet solutions, and an increase in strict regulations and compliance with anti-money laundering are the major factors that drive the growth of the global anti-money laundering software market. However, high initial cost and expense considerations and lack of consumer knowledge and awareness hamper market growth. Furthermore, the surge in integration of advanced technologies and the growing adoption of analytics solutions creates opportunities for semantic web market growth.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period  |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$2.2 Billion |
|
Market Size in 2032 |
$8.7 Billion |
|
CAGR |
15.3 % |
|
No. of Pages in Report |
275 |
|
Segments covered |
Component, Product Type, Deployment, Organization Size and Region. |
|
Drivers |
The rise in online payment modes in bank transactions. The rise in adoption of internet solutions. An increase in strict regulations and compliance with anti-money laundering. |
|
Opportunities |
The surge in integration of advanced technologies. The growing adoption of analytics solutions. |
|
Restraints |
High initial cost and expense considerations. Lack of consumer knowledge and awareness. |
Covid-19 Scenario
- 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.
- 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.
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The software segment to maintain its leadership status throughout the forecast period
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.
The customer identity management segment to maintain its leadership status throughout the forecast period
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.
The on-premise segment to maintain its leadership status throughout the forecast period
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.
The large enterprises segment to maintain its lead position during the forecast period
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.
Europe region to maintain its dominance by 2032
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.
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Leading Market Players: –
- ACI Worldwide, Inc.
- Ascent Technology Consulting
- Eastnets Holding Ltd.
- FICO
- NICE Actimize
- Moody Corporation
- LexisNexis Risk Solutions
- SAS Institute Inc.
- Thomson Reuters Corporation
- Verafin 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.
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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 to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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BEIJING, Nov. 28, 2024 /PRNewswire/ — A series of achievements was recently made at the Shanghai Jing’an “Global Service Provider Program” (GSPP) Promotion Conference and the 1st China Enterprise Globalization Development Professional Service Summit Forum held in Jing’an District of east China’s Shanghai.
A white paper on global service providers supporting Chinese enterprises to go overseas was released at the event, where the China office of the Globalization and World Cities (GaWC) published a report on the development index of Shanghai’s professional service industry.
The GSPP has so far included a total of 103 enterprises, after 11 companies were awarded as new members at the recent event.
In a bid to further expand the GSPP network, the Global Service Provider Council announced during the event to jointly establish the Go-Global Service Alliance with the Malaysian Chamber of Commerce and Industry in China, Shanghai Automotive Parts Industry Association, Shanghai Producer Services Promotion Association, Shanghai MedValley industrial park and Beijing-based risk warning agency ICOER.
Since the GSPP was initiated in 2019, Jing’an District has attracted a large number of high-level global service organizations.
The district, as a core cluster area of Shanghai’s professional service industry, hosts 39 out of 187 well-known professional service institutions worldwide, covering multiple fields including advertising, law, accounting, human resources and others.
A diversified professional service ecology has been formed in the district, driving a continuous increase in the number of regional headquarters of multinational companies and steady growth in foreign-related economic tax income.
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Fintech PR
Xinhua Silk Road: Wuxi Economic Development Zone makes efforts to optimize business environment
BEIJING, Nov. 28, 2024 /PRNewswire/ — Wuxi Economic Development Zone has been continuously optimizing its business environment by introducing favorable policies and improving services in recent years.
Founded in 2019, the zone continues to build a “4+3+X” modern industrial system, featuring four leading industries of advanced manufacturing, integrated circuits, the Internet of Things (IoT), and software and information, three characteristic industries namely headquarters economy, convention and exhibition economy, and high-end trade, and various future-oriented industries such as commercial aerospace, humanoid robots, and artificial intelligence (AI).
Focusing on the modern industrial system, the zone has made efforts in improving a variety of services, such as providing resources and policy support, to deal with the challenges faced by major projects. Therefore, it ensures the smooth launch and early operation of projects by pooling resources across the region, which contributes to a better business environment.
In addition, to foster the growth of emerging industries, the zone has given full play to the role of financing, establishing a number of funds centering around high-end chips, AI, and other sci-tech sectors.
This year, the zone has carried out multiple economic and trade exchange events in Japan, the United States, France and Germany, visited leading enterprises in the fields of AI, robotics, intelligent manufacturing, etc., and promoted in-depth cooperation between the zone and other countries in the field of cutting-edge science and technology.
Wuxi Economic Development Zone has made significant breakthroughs in attracting investment in recent years, introducing major projects such as the State Power Investment Corporation’s energy storage project and Minospace’s satellite manufacturing base.
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BEIJING, Nov. 28, 2024 /PRNewswire/ –A news report from China.org.cn on China’s Shenzhen:
In September, Huawei unveiled the world’s first tri-fold smartphone for commercial use. With reactions like “So cool!” and “Amazing technology!” flooding social media, unboxing videos and reviews of this new device went viral across platforms worldwide.
The common turf that has nurtured the impressive brands like Huawei,BYD, and Mindray, is China’s Shenzhen. As a testing ground for China’s reform and opening-up, this city continues to be a fertile field for high-quality brand names to date. But how has it done this?
Most importantly, from my standpoint, Shenzhen holds itself to a religiously high standard when it comes to quality. Cognizant that quality represents the foundation of any brand, the city has entrenched its “quality first” philosophy across economic, social, and environmental facets.
Additionally, Shenzhen has aligned itself keenly with global development trends. Jiang Qingyun, Fudan University Professor observes that China has a unique edge in green industries like new energy and new materials, and that future “Made in China” products will embody the philosophies of “low carbon, environmental sustainability, and green innovation.” Shenzhen has already begun moving in this direction. Electric vehicles, lithium batteries, and solar cells—the “new trio”—are gradually becoming staples in Shenzhen’s exports.
Lastly, Shenzhen’s open, inclusive, and innovation-driven environment has been instrumental. Since the early days of reform and opening-up, adaptability and breakthrough innovations have been woven into the fabric of the city. By refraining from over-regulation, welcoming new ideas and supporting R&D, Shenzhen has created an equal playing field that makes businesses sufficiently willing, daring and able to innovate.
In over 40 years, Shenzhen has transformed from a “small fishing village” to the “capital of Chinese brands,” now home to 11 Fortune Global 500 companies. These companies, along with many other brands home to Shenzhen, are witnesses and contributors to the shift from “Made in China” to “Innovated in China” and “Quality-Driven in China,” pushing Chinese industries up the global value chain.
These brands are the products of Shenzhen’s unique ecosystem, the fruits of innovation in the reform and opening up, and representatives of China’s new quality productive forces. They symbolize the high standards embedded in “Quality in China.”
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