The anti-money laundering (AML) software market offers benefits such as enhanced financial security, reduced regulatory risks, and efficient compliance with AML regulations. The dominating segment is the banking and financial services sector, where stringent AML regulations necessitate robust compliance solutions. AML software enables institutions to monitor and analyze transactions, detect suspicious activities, and file accurate reports, thus mitigating the risk of financial crime. Its implementation results in increased trust, reduced fines, and safeguarding against illicit financial activities.
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Data Bridge Market Research analyses the Europe Anti-Money Laundering Software Market will grow at a CAGR of 14.7% from 2022 to 2029. The exponential growth in data within the financial sector makes it impractical for manual analysis. Automated Anti-Money Laundering (AML) tools are crucial for efficiently processing and analyzing this vast volume of data to detect and prevent illicit financial activities.
Key Findings of the Study
Blockchain and cryptocurrency are expected to drive the market's growth rate
The adoption of blockchain technology and cryptocurrencies has introduced novel complexities to financial transactions, such as increased anonymity and cross-border transactions. These challenges make it imperative for Anti-Money Laundering (AML) solutions to adapt and incorporate blockchain analytics and cryptocurrency tracking. AML tools are crucial in this space to monitor and identify suspicious activities, ensuring compliance with regulations and preventing the illicit use of cryptocurrencies and blockchain technology in financial crimes.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Segments Covered
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Offering (Solution and Services), Function (Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring, and Others), Deployment Mode (Cloud and On-Premises), Enterprise Size (Large Enterprises, Small and Medium Enterprises), Gambling Type (Lottery, Sports Betting, Bingo, Raffles/Pools, and Casino), Application (Offline/Land Based and Live Entertainment/Online), Gambling Entity (Organizations, Sole Trader/Partnership, and Others)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe
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Market Players Covered
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Microsoft (U.S.), Intel Corporation (U.S.), Fiserv, Inc. (U.S.), B.A.E. Systems (U.K.), Wolters Kluwer N.V. (Netherlands), Experian Information Solutions, Inc. (U.S.), S.A.S. Institute Inc. (U.S.), IBM (U.S.), Temenos (Switzerland), Comarch SA (Poland), Open Text Corporation (Canada), FICO (U.S.), ACI Worldwide (U.S.), NICE (Israel), Acuant, Inc. (U.S.), Featurespace Limited (U.K.), Protiviti Inc. (U.S.), Actico GmbH (Germany), Caseware International Inc. (Canada), Sanction Scanner (U.K.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The anti-money laundering software market is segmented by offering, function, deployment mode, enterprise size, gambling type, application, and gambling entity.
- On the basis of offering, the Europe anti-money laundering software market is segmented into solution and services.
- On the basis of function, the Europe anti-money laundering software market has been segmented into compliance management, currency transaction reporting, customer identity management, transaction monitoring and others.
- On the basis of deployment mode, the Europe anti-money laundering software market has been segmented into cloud and on-premises.
- On the basis of enterprise size, the Europe anti-money laundering software market has been segmented into large enterprises, small and medium enterprises.
- On the basis of gambling type, the Europe anti-money laundering software market has been segmented into lottery, sports betting, bingo, raffles/pools and casino.
- On the basis of application, the Europe anti-money laundering software market has been segmented into to offline/land based medium and live entertainment/online.
- On the basis of gambling entity, the Europe anti-money laundering software market has been segmented into organizations, sole trader/partnership and others.
Major Players
Data Bridge Market Research recognizes the following companies as the Europe anti-money laundering software market players in Europe anti-money laundering software market are Microsoft (U.S.), Intel Corporation (U.S.), Fiserv, Inc. (U.S.), B.A.E. Systems (U.K.), Wolters Kluwer N.V. (Netherlands), Experian Information Solutions, Inc. (U.S.), S.A.S. Institute Inc. (U.S.), IBM (U.S.), Temenos (Switzerland), Comarch SA (Poland), Open Text Corporation (Canada).
Market Developments
- In April 2022, Experian Information Solutions, Inc. introduced an innovative fraud prevention solution. This solution primarily aimed to enhance customer identity verification through stricter anti-fraud measures, robust Know Your Customer (KYC) protocols, and Anti-Money Laundering (AML) checks. The company reaped the advantages of this solution as it facilitated a smooth onboarding experience and simplified the authentication process for numerous businesses.
- In February 2021, NICE Systems Ltd unveiled an AI-driven screening solution designed to enhance risk management capabilities. This solution's core features included real-time and batch screening functionalities, seamless access, utilization of fuzzy matching technologies, facial biometrics, and continuous monitoring throughout the Anti-Money Laundering (AML) value chain. This innovation enables the company to provide top-tier data management, advanced screening capabilities, and heightened customer satisfaction.
Regional Analysis
Geographically, the countries covered in the major Europe anti-money laundering software market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
As per Data Bridge Market Research analysis:
U.K. dominates Europe anti-money laundering software market during the forecast period 2022 - 2029
The U.K. dominates the European anti-money laundering software market. This is primarily due to the country's robust government support for "Know Your Customer (KYC)/Customer Due Diligence (CDD) and Watchlist" networks. Money laundering, a form of financial crime, involves concealing the illicit origins of funds. Anti-money laundering (AML) efforts entail financial institutions' activities to monitor, report, and prevent suspicious transactions. The U.K.'s growth in this market reflects its commitment to combating financial crime in Europe.
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