The ‘Global Anti-Money Laundering Market Share, Size, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global anti-money laundering market, assessing the market on the basis of its segments like solution, type, deployment model, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Anti-Money Laundering Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Approximately USD 2.08 Billion
- Forecast CAGR (2023-2028): 15.50%
- Forecast Market Size (2028): Around USD 4.91 Billion
With the rising cases of money laundering and the introduction of digital banking systems that have increased the vulnerability to financial scams, the governments are imposing stricter anti-money laundering regulations to improve security and restrict unidentified payments. Establishing efficient anti-money laundering control systems and compliance programmes is the top priority of governments worldwide, resulting in the growth of the global anti-money laundering market.
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The emergence of e-banking systems facilitating digital payments, coupled with the growing popularity of cryptocurrency, has significantly increased the risk of money laundering scams, fuelling the global anti-money laundering market growth. The rise in the number of money laundering scams worldwide has encouraged banks around the globe to adopt anti-money laundering solutions.
The recent technological advancements in anti-money laundering systems are creating more opportunities for market expansion. The introduction of anti-money laundering systems designed specifically to cater to the demands of small and medium-sized organisations is expected to propel the market forward. Additionally, the increasing investment by key market players towards the development of powerful-anti-money laundering software that can detect unusual transactions and identify financial crimes more efficiently is contributing to the anti-money laundering market development.
Anti-Money Laundering Industry Definition and Major Segments
Anti-money laundering refers to the collection of laws, regulations, and procedures, designed specifically for the financial sector, to identify and report suspicious activities and prevent illegal money from entering the financial system, thereby keeping a check on financial crimes. It also provides banks and other financial organisations with automated solutions to identify and prevent money laundering cases, which involve disguising illicit funds as legitimate income.
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By solutions, the global anti-money laundering market is divided into:
- Know Your Customer (KYC) Systems
- Compliance Reporting
- Transaction Monitoring
- Auditing and Reporting
- Others
Based on type, the market is categorised into:
- Software
- Services
By deployment model, the market is segmented into:
- On-Cloud
- On-Premise
The major regional markets for anti-money laundering include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Anti-Money Laundering Market Trends
Incorporating artificial intelligence and machine learning in anti-money laundering systems automates and streamlines KYC and CDD operations for banks and other financial institutions. The introduction of the KYC process in banking systems has significantly increased the amount of consumer data available to the bank. AI and ML technologies can efficiently analyse consumer data to study consumer behaviour and identify any irregularities, making it easier to anticipate fraudulent acts. Hence, many financial organisations are rapidly adopting anti-money laundering solutions, leading to the growth of the global anti-money laundering market.
The transaction monitoring segment is expected to account for a sizeable share of the global anti-money laundering market over the forecast period, owing to the rapid rise in volumes of online transactions since the introduction of online payment platforms and their rapid adoption. Moreover, transaction monitoring is important to send alerts when a transaction contradicts a customer profile or when a potentially illegal transfer takes place.
North America holds the largest share of the global anti-money laundering market owing to the presence of key market players and increasing investment towards developing more secure anti-money laundering systems. Moreover, incorporating artificial intelligence and machine learning technologies in anti-money laundering solutions is projected to further assist the growth of the market. Europe is also expected to witness a healthy growth over the forecast period, fuelled by the improving regulatory standards for controlling the region’s banking and finance sectors.
Key Market Players
The major players in the global anti-money laundering market report are:
- SAS Institute Inc.
- NICE Ltd.
- Experian Information Solutions, Inc.
- ACI Payments, Inc
- Fair Isaac Corporation
- GB Group plc
- Temenos Headquarters SA
- Fiserv, Inc.
- Profile Software S.A
- Oracle Corporation
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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