The latest report published by IMARC Group, titled “Anti-Money Laundering (AML) Software Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
Market Outlook:
The global anti-money laundering (AML) software market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 15.17% during 2023-2028.
AML represents a software application that enables banks and other financial institutions to examine customer data and determine suspicious transactions. It comprises transaction monitoring, customer identity authentication, and compliance management.
Systems equipped with AML software filter information and provide real-time alerts to enhance the security and operational efficiency of organizations. They also target market manipulations, trade of illegal goods, fraudulent activities with public funds and tax evasion.
As a result, this software finds wide applications across numerous industries, including banking, financial services and insurance (BFSI), information technology, defense, and retail.
What are the growth prospects and trends in the industry?
The increasing instances of money laundering and sophisticated cyber-attacks across the globe are primarily driving the market. Furthermore, the rising usage of systems equipped with this software application to effectively counter threats as cybercriminals exploit potential vulnerabilities in an organization infrastructure to carry out fraud and ransomware assaults is also augmenting the market growth.
The launch of security solutions integrated with the Internet of Things (IoT), machine learning (ML), Big Data analytic tools, and cloud-based solutions is positively influencing the global market. Moreover, the widespread adoption of advanced technologies with improved compliance capabilities enabling them to track financial data and predict risks and uncertainties by organizations is further bolstering the market growth.
The introduction of Know Your Customer (KYC) technology, which verifies user identities, prevents unauthorized access, and mitigates losses from illegal transactions, is acting as another significant growth-inducing factor.
Additionally, the launch of favorable government policies for monitoring and controlling criminal activities and continuous advancements in the information technology (IT) sector are expected to drive the market in the coming years.
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Anti-Money Laundering (AML) Software Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the anti-money laundering software market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- ACI Worldwide Inc.
- AML Partners LLC
- BAE Systems Plc
- CaseWare RCM Inc. (CaseWare International Inc.)
- Experian Plc
- Fair Isaac Corporation
- Fidelity National Information Services Inc.
- Fiserv Inc.
- Oracle Corporation
- SAS Institute Inc.
- Tata Consultancy Services Limited (Tata Sons Private Limited)
Key Market Segmentation:
The report has segmented the global anti-money laundering software market based on component, deployment mode, application, end use industry and region.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Application:
- Transaction Monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
- Others
Breakup by End Use Industry:
- BFSI
- Defense
- Healthcare
- IT and Telecom
- Retail
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/anti-money-laundering-software-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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