Anti-Money Laundering Software Market
The Business Research Company’s Anti-Money Laundering Software Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Anti-Money Laundering Software Global Market Report 2023 evaluates anti-money laundering software market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global anti-money laundering software market size is expected to grow from $2.21 billion in 2022 to $2.52 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The anti-money laundering software market size is expected to grow to $4.25 billion in 2027 at a CAGR of 14.0%.
The increasing number of money laundering cases is expected to propel the anti-money laundering software market. Money laundering is the process of converting illegally obtained funds into legal funds. Due to the increasing number of money laundering cases, there is a rise in the adoption of anti-money laundering software applications to ensure the legal requirements of organizations for detecting and preventing financial crimes. For instance, in March 2021, according to a report from TransUnion, a US-based consumer credit reporting agency, fraudulent digital transaction attempts against businesses worldwide increased by 46% compared to 2019. Furthermore, TransUnion reported a 21% increase in phishing attacks among consumers globally targeted with COVID-19-related digital frauds as of November 2020. Therefore, the increasing number of fraudulent activities and rise in money laundering cases will drive the growth of the anti-money laundering software market.
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The anti-money laundering software market segments in the report are:
1) By Component: Software, Services
2) By Deployment: On-premises, On-Cloud
3) By Application: Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management, Other Applications
4) By End-Use: BFSI, Defense, Healthcare, IT and Telecom, Retail, Other End-Users
The table of contents in TBRC’s anti-money laundering software market report includes:
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