Anti-Money Laundering Software Market Value Expected to Reach US $ 3,324.9 Million by 2027: Smart Research and Advice
Acumen Research and Consulting, a global provider of market research, in a recently released report titled “Anti-Money Laundering Software Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020- 2027 “
LOS ANGELES, March 17, 2021 (GLOBE NEWSWIRE) – The Global Anti-Money Laundering Software Market is expected to grow at a CAGR of approximately 15.5% from 2020 to 2027 and reach a market value of over US $ 3,324.9 million by 2027.
The global anti-money laundering software is estimated to have growth potential during the forecast period. Growing government regulation due to increasing suspicious activity across the world is increasing market value. Additionally, the countries with the most penalties in Asia in 2020 are Malaysia ($ 3.9 billion), Australia ($ 921.5 million), Singapore ($ 123 million), Hong Kong ( $ 107.8 million), China ($ 100.1 million), India ($ 15.6 million) and Pakistan ($ 11.7 million).
The global anti-money laundering software market is segmented on the basis of component, product, type of deployment, end-use industry, and geography. On the basis of components, the market is divided into software and services. Based on the product, market segments include transaction monitoring, currency transaction reporting, customer identity management, compliance management, etc. By deployment type, the market is split between cloud and on-premise deployment. In addition, the end-use industry includes IT & Telecommunications, Healthcare, BFSI, Transportation & Logistics, Manufacturing, Defense & Government, Retail, Energy & Services. audiences, etc.
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North America leads the market with maximum revenue share in 2019 and the region is also expected to maintain its dominance over the forecast period of 2020 to 2027. Major economies in the region including the United States and Canada, are the main contributors. The well-established IT infrastructure and the presence of major players in the region contribute to the regional market value. In the United States and Canada, all transactions of US $ 10,000 or more are required to be reported. In addition, the United States Treasury’s Financial Crimes Enforcement Network investigates approximately 5 million reports of suspicious activity in a year.
In addition, Asia-Pacific is expected to show the fastest growth during the forecast period of 2020 to 2027. Rising expenditure on IT infrastructure and growing adoption of cloud-based AML software is driving the growth of the market . Growing government regulations are further strengthening the regional market value. For example, the People’s Bank of China (PBC or PBOC) imposed a total of US $ 97 million in fines of 733 on organizations that violated AML requirements.
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According to Fenergo’s estimates for 2020, financial institutions in the Asia-Pacific region and around the world have accumulated more than $ 10.6 billion in penalties related to non-compliance with the Anti-Money Laundering Directive (AML) , Markets in Financial Instruments Directive (MiFID), Data Privacy Rules, and Know Your Client (KYC). What’s more, the Asia-Pacific region alone has incurred more than $ 5.1 billion in penalties as regulators crack down on bad behavior by financial services companies.
Some of the main competitors are 3i Infotech Ltd., Accuity Birst Inc., Fiserv Inc., IBM, Infosys, NICE Actimize Inc., Norkom Technologies Ltd, Oracle Corporation, SAS Institute Inc. and TCS. Major players are continually updating the functionality of their solutions to provide advanced care and protection to their customers. In addition, their expansion into untapped and developing economies further strengthens regional market value.
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Here are some of the major observations regarding the Anti-Money Laundering Software industry:
- In 2021, Hewlett Packard Enterprise (HPE) announced a collaboration with Tookitaki to deliver a new offering designed for banks and financial institutions in the Asia Pacific region. Tookitaki is a leading provider of compliance solutions for the financial services industry. The new strategic offering will deliver Tookitaki’s artificial intelligence (AI) -based anti-money laundering (AML) solution in a secure and flexible consumption-as-a-service model using HPE GreenLake for Big Data.
- In 2021, CSL Stockbrokers signed a collaboration with the award-winning AMLtrac iFinancials’ software, which allows the organization to focus on its core business and its customers. CSL Stockbrokers is a financial advisory, financial solutions and investment organization that provides businesses, individuals and governments with high quality professional and personalized financial and investment services. The main features of AMLtrac include
- Know Your Customer (KYC) and document management, account monitoring and transaction tracking, SWIFT real-time message filtering, alert management system case tool, filtering and filtering engine , management information and database query tools.
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