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Anti-Money Laundering Software Market by Deployment and Geography - Forecast and Analysis 2020-2024

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR41428
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The anti-money laundering software market share is expected to increase to USD 1.17 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 13.74%. This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The market report also offers information on several market vendors, including ACI Worldwide Inc., AML Partners LLC, AML360, Fair Isaac Corp., Fidelity National Information Services Inc., Fiserv Inc., NICE Ltd., Oracle Corp., RELX Plc, and SAS Institute Inc. among others. Furthermore, this report extensively covers market segmentation by deployment (on-premise and cloud-based) and geography (North America, Europe, APAC, MEA, and South America).

What will the Market Size be During the Forecast Period?

Anti-Money Laundering Software Market Size

Download the Free Report Sample to Unlock the Market Size for the Forecast Period and Other Important Statistics

 

Market: Key Drivers, Trends, and Challenges

The increased need for suspicious activity reporting is notably driving the market growth, although factors such as may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Anti-Money Laundering Software Market Driver

The increased need for suspicious activity reporting is a key driver impacting the global market growth. A suspicious Activity Report (SAR) is a process of creating a report with information that alerts law enforcement if a certain customer transaction activity is possibly suspicious and might indicate money laundering or terrorist financing. The reason for SAR being used is that it is not possible for a bank to detect and report all possible illicit transactions that flow through the bank. SAR provides information on potential criminality and helps banks to manage complexities that arise due to the regulations and high costs associated with AML initiatives. Hence, it is essential for the quality of SAR content to be good for an effective SAR operation. AML software detects suspicious activity and generates alerts for events that meet rule parameters. The software offers end-to-end coverage for detection, prioritizing, alerting, and reporting of suspicious activity. 

Key Anti-Money Laundering Software Market Trend

Integration of AML software with visualization tools will be a key anti-money laundering software market trend impacting the global market growth. The integration of AML software with visualization tools is gaining popularity in AML activities. During a large number of transactions that take place in banks every day, even suspicious transactions will appear legitimate, and tracking these suspicious transactions is difficult. With the increasing number of fraudulent activities, identifying suspicious transactions using search options of predefined patterns is insufficient. AML software integrated with visualization tools helps in identifying patterns based on identifying specific keywords within the transactions. The software reduces the time required to analyze data, visualize patterns, hypothesize monitoring strategies, and validate scenarios. AML software helps in obtaining insights from data with visualization tools that test hypotheses, simulate, and validate scenarios to find unusual transactions and patterns.

Key Anti-Money Laundering Software Market Challenge

The high cost of implementation will be a major challenge negatively impacting the global market growth. The deployment of AML software is an expensive process as it has defining requirements, and its implementation takes a long time. This increases the importance of the process because once the deployment has taken place, it is expensive to make any changes. It also requires expensive additional infrastructure, complex programming, and extra time and money to ensure data integration and data quality. Most AML software vendors charge additional fees for software updates, which include improved features. Some vendors force the end-users to purchase updates by refusing to provide technical support if they have not purchased the latest version. Such factors will hinder the market growth during the forecast period.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global anti-money laundering software market is a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Anti-Money Laundering Software Market Vendors?

The report analyzes the global application software market's competitive landscape and offers information on several market vendors, including:

 

  • ACI Worldwide Inc.
  • AML Partners LLC
  • AML360
  • Fair Isaac Corp.
  • Fidelity National Information Services Inc.
  • Fiserv Inc.
  • NICE Ltd.
  • Oracle Corp.
  • RELX Plc
  • SAS Institute Inc.

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as product quality and innovation to compete in the market.

Product Insights and News

  • AML360 - It provides various solutions such as risk assessment, Transaction Monitoring, and others.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Anti-Money Laundering Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global application software market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for the Anti-Money Laundering Software Market?

Anti-Money Laundering Software Market Market segmentation by region

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37% of the market's growth will originate from APAC during the forecast period. US is the key market for the market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The increased need for suspicious activity reporting will facilitate the market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The AML software market in North America is expected to witness steady growth in 2021 due to the outbreak of COVID-19 in 2020. This outbreak compelled governments across North America to impose lockdowns. This has changed the work scenario of end-users, especially in the ICT sector, as employees are working from home, which is further generating the need for AML software solutions. Many companies that are not planning to start their physical operations have opted for remote working for an indefinite period of time. This has increased online payments, which have increased the risk of financial fraud. Thus, the market for AML software is expected to grow in the region.

What are the Revenue-generating Deployment Segments in the Market?

Anti-Money Laundering Software Market Segmentation

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The market share growth by the on-premise segment will be significant during the forecast period. In the on-premises model, apart from the deployment cost of the applications, organizations incur additional expenses to monitor, maintain, upgrade, and provide training and support to the end-users. The on-premises software provides control over the organizations' critical data, but the cost of the software is high.

The reason for the larger market share of the on-premises AML solution is that it offers a high level of security and features such as enterprise-wide monitoring, investigations, and reporting, behavior-detection library, customized thresholds, and risk scoring, case management streamline analysis and resolution, full compliance with regulations, guidelines, and best practices. Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast-tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.

 

Anti-Money Laundering Software Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 13.74%

Market growth 2020-2024

$ 1176.04 million

Market structure

Fragmented

YoY growth (%)

12.74

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

APAC at 37%

Key consumer countries

US, China, India, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ACI Worldwide Inc., AML Partners LLC, AML360, Fair Isaac Corp., Fidelity National Information Services Inc., Fiserv Inc., NICE Ltd., Oracle Corp., RELX Plc, and SAS Institute Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Anti-Money Laundering Software Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive anti-money laundering software market growth during the next five years
  • Precise estimation of the anti-money laundering software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of anti-money laundering software market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Deployment

  • Market segments
  • Comparison by Deployment
  • On-premise - Market size and forecast 2020-2025
  • Cloud-based - Market size and forecast 2020-2025
  • Market opportunity by Deployment

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • APAC - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption
  • Competitive Scenario

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • ACI Worldwide Inc.
  • AML Partners LLC
  • AML360
  • Fair Isaac Corp.
  • Fidelity National Information Services Inc.
  • Fiserv Inc.
  • NICE Ltd.
  • Oracle Corp.
  • RELX Plc
  • SAS Institute Inc.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Anti-Money Laundering Software Market market growth will increase by $1.17 bn during 2020-2024.
The anti-money laundering software market market is expected to grow at a CAGR of 13.74% during 2020-2024.
Technavio has segmented the anti-money laundering software market market by deployment (on-premise and cloud-based) and geography (North America, Europe, APAC, MEA, and South America).
ACI Worldwide Inc., AML Partners LLC, AML360, Fair Isaac Corp., Fidelity National Information Services Inc., Fiserv Inc., NICE Ltd., Oracle Corp., RELX Plc, SAS Institute Inc. are a few of the key vendors in the anti-money laundering software market market.
APAC will register the highest growth rate of 37% among the other regions. Therefore, the anti-money laundering software market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the anti-money laundering software market market growth are:
  • Increased need for suspicious activity reporting
  • Integration of AML software with visualization tools
The anti-money laundering software market market vendors should focus on grabbing business opportunities from the on-premise segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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