The global anti-money laundering (AML) market is a dynamic sector committed to preventing illicit financial activities. Illicit money laundering, constituting 2-5% of global GDP (USD 800 billion to USD 2 trillion), poses a substantial economic threat as billions are funneled across international borders. With a rising number of instances and its adverse impact on economies, the AML market is poised for significant growth. Financial authorities are proactively combating this pervasive financial issue, implementing stringent measures and advanced technologies to safeguard the integrity of the global financial system and mitigate the risks associated with illicit financial activities.
Data Bridge Market Research analyses that the Global Anti-Money Laundering Market is expected to reach USD 4.10 billion by 2030, which is USD 1.36 billion in 2022, at a CAGR of 14.80% during the forecast period of 2023 to 2030.
" Rising threat of money laundering drive the market growth"
The escalating use of virtual currencies and widespread internet access contribute to a rising global threat of money laundering. The surge in online banking services, particularly digital payments, amplifies the risk of illicit financial activities. Consequently, there is a heightened demand for anti-money laundering software and related services to counter these challenges. As the instances of money laundering through digital payments grow, the market for anti-money laundering solutions is expected to experience increased traction, further reinforcing its growth trajectory.
What restraints the growth of the global anti-money laundering market?
" Evolving regulations hamper the market growth"
Changes in AML guidelines and regulatory frameworks pose a challenge to market growth. AML compliance practices establish norms to deter financial crimes and money laundering. Alterations in these guidelines may hinder the effectiveness of AML solutions, potentially allowing criminals to conceal the illicit sources of money in transactions. The evolving regulatory landscape introduces uncertainties, impeding the seamless operation and growth of the AML solutions market.
Segmentation: Global Anti-Money Laundering Market
The global anti-money laundering market is segmented on the basis of offering, function, deployment, enterprise size, and end use.
- On the basis of offering, the global anti-money laundering market is segmented into solution and services
- On the basis of function, the global anti-money laundering market is segmented into compliance management, currency transaction reporting, customer identity management, transaction monitoring
- On the basis of deployment, the global anti-money laundering market is segmented into on-premise and cloud
- On the basis of enterprise size, the global anti-money laundering market is segmented into small and medium-sized enterprises and large enterprises
- On the basis of end use, the global anti-money laundering market is segmented into banks and financial institutions, insurance providers, gaming and gambling, government, and others
Regional Insights: Europe dominates the Global Anti-Money Laundering Market
Europe dominates the anti-money laundering market, propelled by ongoing regulatory enhancements. Key European regulations encompass the payment card industry data security standard, general data protection regulation, and AMLD5 (5th Money Laundering Directive), emphasizing the region's commitment to robust anti-money laundering measures and positioning it as a leader in fostering financial integrity and security.
North America is expected to dominate the anti-money laundering market, projecting the highest compound annual growth rate from 2023 to 2030. This is attributed to the region's concentration of major key players and a substantial number of banks, fostering increased adoption of anti-money laundering solutions. The robust financial ecosystem in North America positions it as a pivotal hub for advancing AML technologies and practices.
Recent Developments: Global Anti-Money Laundering Market
- In 2022, Oracle unveiled the cloud-based platform "Arachnys" to augment its "Compliance Management" solution suite and Oracle's Financial Services Financial Crime. This launch enhances customer capabilities, offering a cloud-based content library tailored for KYC profile record completion, strengthening diligence processes
- In 2022, Fiserv, Inc. partnered with Equifax to enhance digital commerce by leveraging information and data. This collaboration empowers companies to target new customers and expand their solution portfolios, fostering growth in the digital economy
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-anti-money-laundering-market
The Prominent Key Players Operating in the Global Anti-Money Laundering Market Include:
- Microsoft (U.S.)
- IBM (U.S.)
- SAP (Germany)
- SAS Institute Inc. (U.S.)
- Accenture (Ireland)
- Tata Consultancy Services Limited (India)
- Open Text Corporation (Canada)
- BAE Systems (U.S.)
- Intel Corporation (U.S.)
- Oracle (U.S)
- Fiserv, Inc. (U.S.)
- Cognizant (U.S.)
- ACI Worldwide (U.S.)
- Experian Information Solutions, Inc. (U.S.)
- NICE (U.S.)
- SEON Technologies Ltd (U.K.)
- WorkFusion, Inc.(U.S.)
- Acuant, Inc. (U.S.)
- Caseware International Inc. (Canada)
- Sanction Scanner (U.K.)
Above are the key players covered in the report, to know about more and exhaustive list of global anti-money laundering market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Anti-Money Laundering Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
