Anti-Money Laundering Software
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Anti-Money Laundering Software market report transcript
Anti-money laundering software Global Market Outlook:
The AML software industry market size is estimated to reach USD 2.8 billion in 2022 and is expected to reach USD 5.9 billion by 2027
The global AML software industry was dominated by North America and accounted for over 33.02% share of the global revenue
Europe is expected to witness a robust revenue growth rate over the forecast period (2021-2030) owing to early adoption to early adoption of new technologies and increasing regulations for deploying AML solution
Increased need for automated transaction monitoring systems and compliance with regulatory norms have been major demand drivers globally
Despite regulatory frameworks, the US Treasury Department estimates 2.7 percent of GDP or $1.6 Trillion to be involved in money laundering and other fraudulent activities
Anti-money Laundering Software Market: Regional Analysis
Asia-pacific segment is expected to have the highest growth rate of 17.96% between 2021 and 2026, due to the untapped potential of developing economies, like China and India.
Europe will continue to account for growth in the coming years, due to well-established end-user industries and early adoption of new technologies
North America has the highest market share, in terms of revenue (33% in 2021), is technologically advanced and has a presence of major players
COVID-19 Impact on Anti-money Laundering Software Market
COVID-19 has brought huge financial risk with increase in fraudulent activities such as online scams involving medical supplies, personal protective equipment, essential items, and illegal activities in terms of COVID-19 donations thus increasing the need for AML solution creating a huge opportunity for the industry. However, more scrutiny of transactions will be required from the Bank’s end, since the ultimate responsibility for this risk lies with the bank.
Anti-money Laundering Software Market
Procurement Centric Five Forces Analysis on Anti-money laundering software
Market is quite fragmented with a number of regional and global players
Larger financial institutions prefer solution providers that offer customized solutions to cater to their requirements
Increase in the compliance requirements also increase the bargaining power of suppliers
Barriers to New Entrants
Industry is marked with number of new entrants, due to increasing demand and low cost needed to develop software
Technology innovations are paving way for new entrants, who position themselves as low-cost alternatives to traditional players
Increasing compliance requirements and a complex regulatory environment mean that the need for established industry experience and trust is a significant barrier for new entrants vying for the market share
Intensity of Rivalry
Significant amount of service differentiation among players has led to intense competition among global leaders
Competition results in better quality, cheaper, and increased consumer credit coverage in database
Threat of Substitutes
New entrants, such as commercial workflow and advanced analytics vendors, pose a threat, to traditional players, such as packaged solution vendors
The industry continues to evolve strongly with changing regulations, and new players are unlikely to challenge incumbents in their core area of case management
Buyers have limited choice, and corporates face a steep increase in prices for memberships
Buyers have limited negotiation power at local and global levels, due to less fragmented supply market, high reliance on credit information, and regulatory pressure/compliance needs
Why You Should Buy This Report
Accurate projection of the anti-money laundering software market size and its contribution to the parent industry.
Detailed insights into factors that will favor the growth of the global anti-money laundering software market over the coming five years.
Precise estimations on upcoming changes and trends in consumer patterns to help market players strategize and utilize all the potential growth prospects.
Industry footprint of the anti-money laundering software across Europe, North America, APAC, Latin America, and MEA.
Deeper dive into the factors that will pose challenges for the market vendors.
A comprehensive assessment of the market’s competitive scenario and in-depth information on anti-money laundering software vendors to help customers enhance their competitiveness.
What are the factors driving the anti-money laundering software market?
Factors such as the increasing demand for know-your-customer (KYC) analytics, the integration of anti-money laundering software into visualization solutions, and the fusion of anti-fraud and AML solutions are favoring the market growth. Furthermore, significant investments in the information technology (IT) sector across the globe will create several growth opportunities for vendors.
How big is the anti-money laundering software market?
The global market value of anti-money laundering software reached around $1 Bn in 2020. As per the industry analysis report, the market revenue is projected to grow at a CAGR of 13.6% during 2020-2025.
How competitive is the anti-money laundering software market?
The anti-money laundering software market is highly fragmented with the presence of various established players and new entrants. Tech innovations and large-scale service differentiation is resulting in high market competitiveness.
Which region will offer lucrative business opportunities over the forecast period?
North America and Europe continue to hold a significant revenue share of the global anti-money laundering software market, given the strong presence of established players and continuous changes in the regulatory norms controlling the BFSI industry.
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