Increase in demand by governments to counter surge in financing of terrorism and money laundering activities is driving growth of the anti-money laundering software market
The global anti-money laundering (AML) software market size is expected to reach USD 4.21 Billion at a steady CAGR of 14.8% in 2028, according to latest analysis by Emergen Research. Rapid market revenue growth is being driven by an increase in suspicious transactions and stringent regulatory compliance requirements for financial institutions. Advancements in financial services and technologies enable quick and effortless transaction of money across the globe. This exposes financial institutions to money laundering risk, thus creating an urgent need for anti-money laundering software.
Emergence of security solutions integrated with Internet of Things (IoT), Big Data analytics tools, Machine Learning (ML), and cloud-based solutions are also fueling growth of the global anti-money laundering software market. Organizations are steadily adopting more advanced technologies to enhance compliance capabilities to predict risk and uncertainties and track financial data. In March 2021, Cryptocurrency Exchange Company Bitex partnered with Artificial Intelligence (AI) powered global identity authentication and verification platform, Onfido. The partnership will enable verification of identity documents from 189 countries, making exchange more accessible to customers.
Manufacturers are increasing research to develop software with Machine Learning to help with money laundering. Such advanced software are gaining traction in banks and insurance companies as there is a need for systems capable of detecting clients and risky transactions. Proliferation of machine learning in various industries are benefitting both companies and consumers. Market players, with the help of machine learning, are developing solutions integrated with cloud computing to develop anti-money laundering software.
Key players in the market include BAE Systems, Oracle, Fiserv Inc., SAS Institute Inc., ACI Worldwide, Actimize, LexisNexis, Cognizant Technology Solutions Corporation, Accenture, and Tata Consultancy Services Limited.