The study categorizes the AML market by offering, solution, service, organization size, deployment mode, end users, and regions.
Northbrook, IL 60062 -- (SBWIRE) -- 09/21/2023 -- The global Anti-money Laundering 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 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
49 - Figures
278 – Pages
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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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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.
Key Dynamic Factors For AML Market:
Regulations and Compliance Standards: The regulatory environment and compliance standards established by regulatory organisations have a big impact on the AML business. Financial institutions are compelled to invest in cutting-edge AML solutions in order to assure compliance and avoid fines when these requirements change or are updated.
Artificial intelligence (AI), machine learning, big data analytics, and blockchain have all advanced technology quickly, revolutionising AML procedures. These innovations boost the effectiveness and efficiency of AML solutions, stimulating market expansion.
Globalisation and International Business:
The demand for reliable AML solutions has increased as a result of rising globalisation and a growth in cross-border activities. AML solutions are essential for financial institutions because they have to keep track of and confirm the identities of customers and transactions across numerous regions.
Financial Fraud and Cybercrime: Because these crimes are constantly developing, improved AML solutions are required. Financial institutions invest in more advanced AML systems to find and stop new kinds of illegal financial activity since criminals constantly change their strategies.
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD): The need for AML solutions is driven by strict CDD and EDD standards. Financial institutions must perform extensive due diligence on their clients and partners to make sure they are not engaged in criminal activity.
Integration of AML into Business Processes: Increasing operational efficiency is the trend behind integrating AML solutions into fundamental business processes. Market demand is rising for AML solutions that easily interface with current workflows and systems.
The use of a risk-based strategy to AML, where resources are distributed in accordance with risk evaluation, is growing in popularity. For financial institutions to allocate resources as efficiently as possible, AML solutions that help with risk assessment and management are essential.
Cooperative efforts and Information Sharing: It is now crucial that financial institutions work together and share information regarding potential money laundering activities. The success of AML initiatives is increased by AML solutions that enable safe information exchange and teamwork.
Cost-Effective Solutions and Return on Investment (ROI): Financial institutions look for cost-effective AML solutions that offer a fair return on investment. Market demand is high for products that show a quantifiable return on investment by lowering false positives, increasing detection rates, and lowering operational expenses.
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Competitive and Segmentation Analysis:
With numerous firms fighting for market share, the anti-money laundering (AML) business is fiercely competitive and displays a diversified landscape. Regulatory technology (RegTech) businesses, financial institutions, consultancy organisations, and up-and-coming startups with an emphasis on AML solutions are among the key participants. Due to their vast product portfolios, global presence, and sizeable investments in research and development, well-established players like Oracle Corporation, SAS Institute Inc., Fiserv, Inc., and ACI Worldwide, Inc. maintain a strong foothold.
The AML market can be divided into categories depending on solutions, deployment strategies, end users, and geographical areas. The market offers a variety of solutions, including systems for monitoring transactions, managing customer identities, managing compliance, and reporting currency transactions.
On-premises solutions and cloud-based AML solutions are also available as deployment options; the latter is gaining popularity because of its advantages in terms of scalability, cost-effectiveness, and accessibility. Furthermore, end users come from a variety of industries that engage in financial transactions, including banking, financial services, insurance (BFSI), government, healthcare, and retail. Given its inherent susceptibility to money laundering, the banking industry continues to be a leading adopter.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa make up the regional market segments. Due to strict regulatory requirements and a high prevalence of financial crimes, North America, and especially the United States, retains a sizable share of the market. With its economies expanding quickly and growing awareness of AML legislation, Asia Pacific is expected to have significant growth in the years to come.
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