Anti-money Laundering Software Market share is estimated to grow at a CAGR of 16.6% from 2022 to 2028

According to our latest market study on “Anti-Money Laundering Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Product, and End User,” the anti-money laundering software market size is expected to grow from US$ 2,116.3 million in 2021 to US$ 6,162.8 million by 2028; The anti-money laundering software market share is estimated to grow at a CAGR of 16.6% from 2022 to 2028.

Several regions across the world are witnessing rapid progress in the digitalization of the banking sector. Government initiatives for digitalization have increased the importance of digital payments among consumers. This factor has resulted in the emergence of several digital payment wallets, which are competing notably with banks. Presently, financial technology enables consumers to make transactions through various platforms, such as laptops and mobile devices. However, the ability to perform financial transactions on laptops and mobile devices is so unified that consumers take it for granted. Recent surveys specify that ~75% of people have used digital payment at least once; however, the growing digital payment services are giving rise to new risks in the financial system.

At present, the regulatory focus is centered on limiting money-laundering risks related to digital payment methods, such as e-payments and mobile wallets. Further, combating cybercrime and limiting potential money-laundering risks have become a top priority of regulatory bodies. Regulators are focused on financial crime and cybersecurity risks in digital payments. For instance, Singapore passed legislation that ranks the intermediaries by risk level and allocates tiered capital needs and AML responsibilities. Thus, the huge focus of financial institutions on limiting issues related to digital payments is anticipated to propel the anti-money laundering software market growth.

Key Players Influencing the Market

  • ACI Worldwide
  • SAS Institute
  • Oracle Corporation
  • BAE Systems
  • Accenture
  • Verafin Inc.
  • Safe Banking Systems LLC
  • Eastnets Holding Ltd.
  • Ascent Technology Consulting
  • Opentext Corporation

Europe is becoming more technologically advanced with the early acceptance of new technologies. Continuous changes in regulatory landscapes such as AMLD5, GDPR, and PCI DSS, and emerging trends related to trade-based money laundering and virtual currencies—such as a shift toward the nonbank financial sector and nonfinancial profession—are expected to drive the demand for anti-money laundering software.

Impact of COVID-19 Pandemic on Anti-Money Laundering Software Market

European countries, such as Italy, Spain, and Germany, implemented drastic measures and travel restrictions to limit the spread of COVID-19 in 2020 and 2021. European countries represent a major market for anti-money laundering software due to the widespread adoption of cloud technologies in the BFSI sector. The region has also witnessed a growth in the number of fintech enterprises. Reports from Financial Action Task Force (FATF) members indicate that online criminals have attempted to profit from the pandemic by triggering fraudulent activities. MONEYVAL, a permanent monitoring body of the Council of Europe, has identified challenges and policy responses to prevent money laundering. In Europe, the COVID-19 pandemic has reinforced the abilities of governments and the private sectors to execute AML obligations.

Key Findings of Study

The anti-money laundering software market is segmented on the basis of component, deployment, product, and end user. The anti-money laundering software market analysis by component, the market is...

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