Anti-money Laundering Market Size, Share, Latest Trends, Industry Growth And Demand | Grand View Research, Inc.

January 25 07:35 2022
Anti-money Laundering Market Size, Share, Latest Trends, Industry Growth And Demand | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the growth can be attributed to the growing volume of non-cash transactions, coupled with a rise in technological developments in the fintech sector.

The global anti-money laundering market size is expected to reach USD 3.19 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 15.6% from 2021 to 2028. The growth can be attributed to the growing volume of non-cash transactions, coupled with a rise in technological developments in the fintech sector. In recent years, banks have increased their IT expenditure toward the adoption of advanced solutions and technologies to improve the security of their services and products.

The rapid developments in artificial intelligence, big data, machine learning, and other technologies are creating new opportunities for the market. The rising risk of financial crimes and fraudulent transactions, arising from factors such as the vulnerabilities inherent to digitization and automation, is compelling financial institutions to employ technologies such as machine learning for identifying suspicious transactions on a real-time basis. As a result, various companies are making efforts to deploy machine learning capabilities in anti money laundering solutions. For instance, in November 2020, Computer Services, Inc., a provider of end-to-end regtech and fintech solutions, announced a partnership with Featurespace, an enterprise financial crime prevention software provider. Through this partnership, the companies launched the WatchDOG AML, which uses machine learning capabilities to identify suspicious activities on a real-time basis.

Government bodies across the world are making efforts to promote awareness about anti money laundering regulations. For instance, in 2019, the New Zealand government spent USD 1.083 million on Keep Our Money Clean, an anti money laundering campaign. Through this campaign, the government tried to create public awareness regarding the legislative changes in anti money laundering acts to enable related businesses to educate their customers about new obligations.

The COVID-19 pandemic is anticipated to impact the market growth favorably in near future. The pandemic has led to an increase in the use of mobile-based payment solutions, remote work, and online sales, which are some of the major factors driving the demand for anti money laundering solutions globally. Financial Action Task Force an intergovernmental organization has encouraged financial institutions to provide risk-based flexibility in the implementation of anti money laundering in response to the effects of the pandemic.

 

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Anti-money Laundering Market Report Highlights

  • In terms of component, the software segment is expected to retain its dominance over the forecast period. This can be attributed to the fact that software can help organizations reduce the legal risk associated with money laundering activities
  • In terms of product type, the customer identity management segment dominated the market in 2020 and is expected to witness promising growth during the forecast period as well. Advancements in technologies that can easily access an individuals’ personal information have increased the demand for customer identity management solutions
  • In terms of deployment, the on-premise segment dominated the market in 2020. The on-premise deployment of anti money laundering solutions grants businesses full control over the applications, platforms, systems, and data that their in-house IT teams can handle
  • In terms of end use, the BFSI segment dominated the market in 2020. The BFSI sector is widely adopting anti money laundering solutions as they help financial institutions to efficiently comply with national and international regulations as well as provide secured services to customers
  • Increasing money laundering cases in emerging economies, such as China and India, are expected to create growth opportunities for the market in the Asia Pacific region over the forecast period

 

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Anti Money Laundering Market Segmentation

Grand View Research has segmented the global anti-money laundering market on the basis of component, product type, deployment, end-use, and region:

Anti-money Laundering Component Outlook (Revenue, USD Million, 2016 – 2028)

  • Software
  • Services

 

Anti-money Laundering Product Type Outlook (Revenue, USD Million, 2016 – 2028)

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

 

Anti-money Laundering Deployment Outlook (Revenue, USD Million, 2016 – 2028)

  • Cloud
  • On-premise

 

Anti-money Laundering End-use Outlook (Revenue, USD Million, 2016 – 2028)

  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Others

 

Anti-money Laundering Regional Outlook (Revenue, USD Million, 2016 – 2028)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa

 

List of Key Players of Anti-money Laundering Market

  • NICE Actimize
  • Tata Consultancy Services Limited
  • Trulioo
  • Cognizant Technology Solutions Corporation
  • ACI Worldwide, Inc.
  • SAS Institute Inc.
  • Fiserv, Inc.
  • Oracle Corporation
  • BAE Systems
  • Accenture

 

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Browse More Related Report:

Digital Transaction Management Market Size, Share & Trends Analysis By Component (Hardware, Software, Services), By Solution, By End User, By Vertical, By Region, and Segment Forecasts, 2019 – 2025

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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