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Anti-money Laundering Tools (AML) are used to monitor the financial transactions and detect the fraudulent activities. AML tools analyzes the data and offers real time alerts about the suspicious transactions to organizations. It enhances the security measures and reduce the risks associated with financial transactions. Currently, banks and financial institutions are using third party AML services such as KYC verification to decrease the fraudulent activities. Moreover, rapid developments in the areas such as machine learning and data science are aiding in constructing algorithms for the AML tools.

Rising number of financial transactions and money laundering cases are expected to propel growth of the global Anti-Money laundering tools market over the forecast period.

The rapid digitalization and emerging economies such as India and China are the factors that are driving growth of the banking industry. Moreover, people are shifting their preferences from traditional banking to online banking, owing to which online transactions per day are increasing.  For instance, according to the Coherent Market Insights analysis, the market capitalization of banking industry, around the globe accounted for the US$ 7.7 trillion in 2019 and it is estimated to exhibit a CAGR of 5.3% over the forecast period. Furthermore, with increasing banking industry, the number of fraudulent activities are also expected to increase. Currently, banks and financial institutions have significant amount of real time data, which thereby increases demand for AML tools to detect fraudulent activities.

Moreover, the intergovernmental organizations such as Financial Action Task Force are encouraging various economies to pass legislation about anti-money laundering activities and adopt AML tools to fight against the money laundering. In addition, growth in the IT expenditure have motivated BFSI companies to adopt the AML solutions. For instance, City Group spent around US$ 8 billion on various technological developments in 2018 to secure its assets. These factors, are expected to drive the global Anti-Money laundering market growth over the forecast period.

However, high initial cost of anti-money laundering tools is the restraining factor for the growth of the market. In addition to that lack of skilled personnel about AML is also expected to hamper the market growth. Moreover, organizations also need to invest time and money to suit itself according to changing government Anti-Money laundering rules and regulations.

Anti-Money Laundering Tools Market Taxonomy

On the basis of deployment type, the global Anti-Money laundering tools market is segmented into:

  • Cloud
  • On-premise

On the basis of component type, the global Anti-Money laundering tools market is segmented into:

  • Software
    • Transaction Monitoring
    • Currency Transaction Reporting
    • Customer Identity Management
    • Compliance Management
  • Service

On the basis of End-use Industry, the global Anti-Money laundering tools market is segmented into:

  • IT and Telecommunications
  • Healthcare
  • BFSI
  • Transportation and Logistics
  • Manufacturing
  • Government bodies
  • Retail
  • Energy and Utilities
  • Others

On the basis of region, the global Anti-Money laundering tools market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Major players operating in the global Anti-Money laundering tools market include ACL Worldwide, AML Partners, Aquilian Tehnologies Inc, Ascent Technology Consulting, CS&S Computer Systems, EastNets.com, Experian PLC, Fiserv Inc, Oracle Corporation, and SAS Institute INC.

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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users