The study categorizes the AML market by offering, solution, service, organization size, deployment mode, end users, and regions.
The global Anti-money Laundering Solution (AML) Market size is projected to grow from USD 3.1 billion in 2023 to USD 6.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period, according to new research report by MarketsandMarkets™
Growth in focus on digital payments and Internet banking drives the growth of the AML market. Moreover, a lack of skilled AML professionals with in-depth knowledge may hinder market growth.
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367 - Tables
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Based on deployment mode, the cloud segment is expected to grow at a higher CAGR during the forecasted period.
The cloud deployment category is anticipated to experience a higher Compound Annual Growth Rate (CAGR) due to the swift adoption of cloud solutions by Small and Medium Enterprises (SMEs), owing to their cost-effectiveness. Cloud deployment involves hosting applications and software on external servers and granting access via the Internet.
The approach is gaining momentum within the AML market, especially among SMEs, as it allows them to concentrate on core competencies instead of investing limited capital in security infrastructure. By opting for cloud-based AML solutions, organizations can avoid expenses related to hardware, software, storage, and technical personnel.
Such solutions, including Software-as-a-Service (SaaS) based AML offerings, provide security solutions and services for business applications. Additionally, cloud-based AML systems are user-friendly when it comes to maintenance and upgrades.
Collectively, these factors are propelling the expansion of cloud deployment within the AML market.
By organization size, the large enterprise segment is expected to hold a larger market size during the forecast period.
Large enterprises encompass those with over 1,000 employees, and they stand as frontrunners in embracing AML solutions. It is driven by their utilization of numerous business applications vulnerable to fraudulent attacks.
Due to their substantial size and diverse IT infrastructures, these enterprises face the intricate challenge of efficiently safeguarding their application security. In contrast to Small and Medium Enterprises (SMEs), larger counterparts possess ample technical prowess, greater financial capabilities, and heightened exposure to fraud incidents, contributing to heightened awareness levels.
Cyber attackers target enterprise networks and systems to pursue financial gains or unauthorized access to data. These dynamics prompt large enterprises to adopt AML solutions at an early juncture, recognizing the importance of fortified security measures.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific includes big developing economies, such as China, Japan, India, Singapore, and South Korea. Money laundering cases have increased alarmingly in the Asia-Pacific region, highlighting the urgent need for stronger measures to combat the complex and developing financial crime.
Criminal groups looking to take advantage of legislative inconsistencies and weak enforcement procedures have been drawn to the area because of its fast economic growth, various economies, and sophisticated trade networks. The problem has been made more difficult with the rise of cryptocurrencies, as they allow illegal funds to move freely across borders while dodging conventional detection techniques.
The Asia Pacific region's expanding digital economy opens up new opportunities for money laundering. AML initiatives must adjust to these changing dynamics since the emergence of online platforms and digital payment systems allows criminals to pass over illicit transactions as legal company operations.
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Key Market Players
LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group (UK), FICO (US), ACI Worldwide (US), Experian (Ireland), Nelito Systems (India), Wolter Kluwer (Netherlands), Comarch (Poland), Allsec Technologies (india), Dixtior (Portugal), Temenos (Switzerland), TCS (India), ComplyAdvantage (UK), Featurespace (UK), Feedzai (Portugal), Tier1 Financial Solutions (Canada), Finacus Solutions (india), FRISS ( Netherlands), TransUnion (US), SymphonyAI (US), Napier (UK), IDMERIT (US), IMTF (Switzerlands), Innovative Systems (US), Sedicii (Ireland), Trulioo (Canada), NameScan (Australia), DataVisor (US), Gurucul (US) are the key players and other players in the AML market.
Regional Analysis for Anti-money Laundering Solution Market
- North America: AML laws like the Bank Secrecy Act (BSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are well-established in both the United States and Canada. Numerous well-known AML solution providers are based in North America, where tight regulatory enforcement and brisk financial activity dominate the market. Adoption of cutting-edge technologies for AML compliance is rising, including machine learning and AI.
- Europe: The framework of the Anti-Money Laundering Directive (AMLD) contains strict AML requirements for the European Union (EU). AML solutions are becoming more popular as a result of European nations' focus on enhancing AML regulations. Since the Fifth Anti-Money Laundering Directive (5AMLD) and Sixth Anti-Money Laundering Directive (6AMLD) of the EU were implemented, the market has undergone considerable changes.
- Asia-Pacific: The Asia-Pacific area, particularly Singapore and Hong Kong, has seen a tremendous expansion in financial activity, increasing the risk of money laundering. Regulatory organisations in Asia have improved AML laws and enforcement. To meet the rising demand, AML solution providers are increasing their footprint in the area.
- Latin America: Different Latin American nations have different levels of AML enforcement and regulation, with some suffering serious AML issues. The area is adopting more AML solutions as governments work to stop money laundering and illegal financial activity.
- Middle East and Africa: Due to its status as a financial centre, the Middle East has been emphasising AML procedures. African countries are also strengthening AML rules. As awareness of the hazards associated with money laundering develops, AML solution vendors are looking into prospects in this region.
Factors that Drive Anti-money Laundering Solution Market
- Stringent Regulatory Frameworks: The ever-increasing complexity of international AML standards is one of the key factors driving the market for AML solutions. Financial institutions are subject to stringent AML and Know Your Customer (KYC) standards from governments and regulatory agencies around the world. Advanced AML solutions are required for compliance with these requirements in order to identify and stop money laundering operations.
- Rising Money Laundering Threats: Criminals have developed new techniques for money laundering as financial institutions become more digitally connected and interconnected. AML solutions are more essential than ever because of the rise in money laundering threats brought on by the expansion of online financial transactions, cryptocurrencies, and international trade.
- Technological Advancements: With the adoption of cutting-edge technology like artificial intelligence (AI), machine learning (ML), big data analytics, and blockchain, AML solutions are getting increasingly sophisticated. The accuracy and effectiveness of AML processes are improved by these technologies, which increases adoption.
- Globalization of Finance: Money may be moved easily across borders thanks to the globalisation of the financial industry. For multinational financial institutions, this calls for AML solutions that can monitor and analyse transactions on a worldwide level.
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