The global anti money laundering (AML) software market grew at a CAGR of around 16% during 2014-2019. AML refers to a software application that enables banks and other financial institutions to analyze customer data and identify suspicious transactions. It involves 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 evasions. Owing to these benefits, it finds applications across various industries, including banking, financial services and insurance (BFSI), information technology, defense and retail.
Global Anti Money Laundering (AML) Software Market Drivers:
The market is primarily driven by the increasing instances of money laundering and sophisticated cyber-attacks across the globe. Cybercriminals explore possible vulnerabilities in an organization’s infrastructure to commit fraud and ransomware attacks, which can be effectively countered via systems equipped with AML software. Furthermore, the introduction of security solutions integrated with the Internet of Things (IoT), machine learning (ML), Big Data analytic tools and cloud-based solutions, is also driving the anti money laundering software market growth. Organizations are adopting advanced technologies with improved compliance capabilities to track financial data and predict risks and uncertainties.
The advent of Know Your Customer (KYC) technology is also favoring the market growth. KYC refers to the practice of authenticating users’ identities, blocking unauthorized access and preventing losses due to illegal transactions. Other factors, including the implementation of favorable government policies for periodic monitoring and controlling criminal activities, along with significant developments in the information technology (IT) sector, are also expected to drive the market further. Looking forward, IMARC Group expects the global anti money laundering (AML) software market to continue its strong growth during 2020-2025.
IMARC Group provides an analysis of the key trends in each sub-segment of the global anti money laundering (aml) software market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, component, deployment mode, application and end use industry.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Application:
Breakup by End Use Industry:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being 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. and Tata Consultancy Services Limited (Tata Sons Private Limited).
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