According to a recent report published by Allied Market Research, titled, Anti-Money Laundering Software Market by Component, Product, and Deployment Type: Global Opportunity Analysis and Industry Forecast, 2018 – 2025, the global anti-money laundering software market was valued at $879.0 million in 2017, and is projected to reach $2,717.0 million by 2025, registering a CAGR of 15.2% from 2018 to 2025. In 2017, on-premise segment accounted for the highest revenue in the market.
Increase in economic loss due to money laundering cases, rise in IT expenditure among banks, increase in cost for AML compliance, and implementation of government regulations to deploy AML solutions act as major drivers of the global anti-money laundering software market. However, dearth of AML professionals hampers the growth of the market. Based on deployment type, the on-premise segment dominated the global market in 2017, as on premise AML solutions provide better maintenance of servers and continuous system. Furthermore, the cloud-based segment is expected to grow at the highest CAGR during the forecast period, due to surge in demand for cloud-based AML solutions among mid-sized financial organizations.
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The global anti-money laundering software market was led by the customer identity management segment in 2017, and is projected to maintain its dominance during the forecast period. However, the transaction monitoring segment is expected to witness the highest growth rate, owing to increase in adoption of transaction monitoring solutions to comply with regulatory requirements.
In 2017, the global market was dominated by Europe, and is expected to maintain this trend during the forecast period. However, the Asia-Pacific segment is expected to witness the highest growth, owing to rise in AML spending among developing countries in the region.
Some of the key market players profiled in the report include ACI Worldwide, Inc., Ascent Technology Consulting, Eastnets Holding Ltd., FICO TONBELLER, NICE Actimize, Regulatory DataCorp, Inc., Safe Banking Systems LLC, SAS Institute Inc., Thomson Reuters Corporation, Truth Technologies, Inc., and Verafin Inc.
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