The global anti-money laundering software market accounted to US$ 905.7 Mn in 2018 and is expected to grow at a CAGR of 21.1% during the forecast period 2019 - 2027, to account to US$ 4,993.2 Mn by 2027.
The global anti-money laundering software market by deployment type is segmented into on-premise and cloud. A cloud based anti-money laundering software is a web-based software as a service (SaaS) model utilizing enterprise cloud technology. Whereas on premises type system is the one deployed on the native hardware and network of the business. Over the years the demand for cloud based system is expected to achieve substantial growth rate. This is majorly because the cloud based Anti-money laundering software offers enhanced flexibility, scalability, and security to its users. On-premise segment dominate the anti-money laundering software market heavily and is expected to continue its dominance throughout the forecast period from 2019 - 2027
The List of Companies
- ACI Worldwide
- SAS Institute
- Oracle Corporation
- BAE Systems
- Verafin Inc.
- Safe Banking Systems LLC
- Eastnets Holding Ltd.
- Ascent Technology Consulting
- Opentext Corporation
APAC is expected to be the fastest growing region for the usage of anti-money laundering software market. The key regions influencing the growth of of anti-money laundering software market in Asia Pacific region, are China and Japan. The advancement in technology is growing at a higher pace. Almost 60% of the world’s population lives in the Asia Pacific region, which majorly depends on a number of banks as well as a financial institution for their transactions. The deployment of anti-money laundering software is most significant across diversified industries such as BFSI, Retail, IT & Telecom, healthcare with a purpose to deal with the growing instances of terrorist, fraud detection activities across the region, which further boosting the growth of anti-money laundering software market.
While information sharing has witnessed success among regulators and banks, in the coming years the anti-money laundering software market is expected to become more prevalent amongst smaller financial institutions. In order to make sure that this trend is a success the antimony laundering landscape might also see a culture of collaboration. Furthermore, the market is also projected to experience various obstacles in the way of information sharing, which might include inconsistency of territorial regulation and privacy legislation. Over the period information sharing has evolved to be of crucial importance in order to fight financial crimes effectively. The companies across the globe have had experience challenges regarding tradition trend of not sharing information owing to the threat of tipping off and privacy related problems. For the coming years the fin-techs and technologies are anticipated to have a significant influence in structuring the information sharing process, which is driving the anti-money laundering software market.
The anti-money laundering market by industry verticals are segmented into healthcare, retail, BFSI, IT & telecom, government and others. Rapid developments in financial information, technology and communication has enabled the money to move anywhere in the world with speed and ease. This makes the task of combating money-laundering more urgent than ever. Owing to the rising incidences of money laundering different industry verticals are adopting the anti-money laundering platforms in order to stay compliant with the regulations. The anti-money laundering software market by industry vertical was led by BFSI segment which held a maximum market share in the year 2018.
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