Rising Cases of Money Laundering Have Accelerated The Global Anti-Money Laundering Market

 

Every year billions of dollars are illegally smuggled to international borders through various modes. Therefore, money laundering has become an important economic issue that financial authorities are trying to stop. According to the survey conducted, money laundering is estimated to be 2 to 5% of the global GDP or USD 800.00 billion to USD 2.00 trillion. There are numerous instances in the past where money laundering has taken place and money laundering is considered a financial evil that can significantly affect the economy. According to various stats and survey reports, money laundering is increasing annually. Consequently, the rise in money laundering cases across the globe is expected to drive the global anti-money laundering market in the forecast period.

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Data Bridge Market Research analyses that the anti-money laundering market is expected to grow at a CAGR of 14.3% in the forecast period of 2021 to 2028 and is expected to reach USD 8,352.26 million by 2028. There is a growing demand for AML solutions for identification and verification, which can be deployed in various industries such as banking, insurance, gaming, and can significantly expected to drive the global anti-money laundering market in the forecast period.

Anti-Money Laundering Market

The Increasing Adoption of Advanced Analytics in AML Is Expected To Drive the Market's Growth Rate

Advanced analytics is the autonomous or semi-autonomous system that analyses data or content using sophisticated techniques and tools that are quite different from traditional business intelligence. These analytics gives a more profound analysis with which the system predicts and generates recommendations. Advanced analytics in AML solutions can play a vital role in detecting money laundering, financial crimes, and identity theft and cross-border transactions. Moreover, Advanced Analytics can play a crucial role in advanced transaction monitoring. According to the United Nations office of drugs and crime (UNODC), annually, USD 2.00 trillion worth of illegal money is laundered. Moreover, advanced analytics can perform risk assessment analysis, fraud detection classification, saves time and money, anomaly detection, link analysis, textual analytics, advanced transaction monitoring, among others. All the advantages offered by advanced analytics are expected to significantly strengthen the AML solutions, improving financial institutes' efficiency. Therefore, the up-gradation is expected to be an excellent opportunity for the growth of the global anti-money laundering market in the forecast period.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Type (Upstream, Midstream and Downstream), Product Type (Handheld Gas Detectors, UAV-Based Detectors, Manned Aircraft Detectors and Vehicle-Based Detectors, Others), Technology (Acoustic / Ultrasound, Fiber Optic, Pressure-Flow Deviation Methods, Extended Real-Time Transient Model (E-RTTM), Thermal Imaging, Mass/Volume Balance, Vapor Sensing, Laser Absorption and Lidar, Hydraulic Anti-money laundering, Negative Pressure Valves and Others), End User (Oil and Gas, Chemical Plant, Water Treatment Plants, Thermal Power Plant, Mining and Slurry and Others)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa

Market Players Covered

Experian Information Solutions, Inc. (U.S.), SAS Institute Inc. (U.S.), Microsoft (U.S.), NICE Systems Ltd. (Israel), Tata Consultancy Services Limited (India), Open Text Corporation (Canada), BAE Systems (U.K.), ACI Worldwide, Inc. (U.S.), Fiserv, Inc. (U.S.), Cognizant (U.S.), Trulioo (Canada), DIXTIOR (Portugal), WorkFusion, Inc. (U.S.), FIS (U.S.), Temenos AG (Switzerland), Intel Corporation (U.S.), IBM (U.S.), Oracle Corporation (Japan), Accenture (Ireland) and SAP SE (Germany)

Data Points Covered in Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Segment Analysis:

The global anti-money laundering market is segmented into five notable segments based on the 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. In 2021, the solution segment is expected to dominate the market growing with the highest CAGR of 14.5%

The solution segment is expected to dominate the market

In 2021, the solution segment is expected to dominate the market growing with the highest CAGR of 14.5% in the forecast period 2021 to 2028 due to the growing demand for AML identification and monitoring solutions for various industries and the rise in product launches.

  • On the basis of function, the global anti-money laundering market is segmented into compliance management, currency transaction reporting, customer identity management, transaction monitoring. In 2021, compliance management is expected to dominate the market growing with the highest CAGR of 14.8% in the forecast period 2021 to 2028 due to an increase in stringent regulations and compliances for AML to strengthen the solution.
  • On the basis of deployment, the global anti-money laundering market is segmented into on-premise and cloud. In 2021, the cloud is expected to dominate the market growing with the highest CAGR of 14.5% in the forecast period 2021 to 2028. The growth is attributed to the rise in money laundering cases across the globe through digital transaction mode.
  • On the basis of enterprise size, the global anti-money laundering market is segmented into small & medium-sized enterprises and large enterprises. In 2021, large enterprises  is expected to dominate the market growing with the highest CAGR of 14.5 % in the forecast period 2021 to 2028 due to the increasing focus of financial institutions on digital payment-related issues such as transaction monitoring.
  • 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. Each segments of end use are sub-segmented by offering into solution and services. In 2021, banks and financial institutions are expected to dominate the market growing with the highest CAGR of 14.8%

The banks and financial institutions are expected to dominate the market

In 2021, banks and financial institutions are expected to dominate the market growing with the highest CAGR of 14.8% in the forecast period of 2021 to 2028 due to demands for transaction monitoring systems that assess financial crime patterns.

Major Players

Data Bridge Market Research recognizes the following companies as the major anti-money laundering market players in anti-money laundering market are Experian Information Solutions, Inc. (U.S.), SAS Institute Inc. (U.S.), Microsoft (U.S.), NICE Systems Ltd. (Israel), Tata Consultancy Services Limited (India), Open Text Corporation (Canada), BAE Systems (U.K.), ACI Worldwide, Inc. (U.S.), Fiserv, Inc. (U.S.), Cognizant (U.S.), Trulioo (Canada), DIXTIOR (Portugal), WorkFusion, Inc. (U.S.), FIS (U.S.), Temenos AG (Switzerland), Intel Corporation (U.S.), IBM (U.S.), Oracle Corporation (Japan), Accenture (Ireland) and SAP SE (Germany).

Anti-Money Laundering Market

 Market Development

  • In June 2020, Experian Information Solutions, Inc. launched a solution for fraud and identity services. The key feature of this solution was catching fraud faster, improve compliance and enhance the customer experience. This solution constantly evaluates fraud, threats, and changing regulatory requirements by implementing new tools on top of existing solutions. The company launched this solution to strengthen its AML portfolio and expand its market.
  • In September 2020, BAE Systems launched anti-money laundering regulatory compliance solutions for Amazon Web Services. The solution was available to Amazon with reliability and security. The solution also provided various other features such as advisory services & implementation, migration, and management of regulatory and compliance solutions.
  • In November 2020, ACI Worldwide, Inc. launched a new solution for fraud prevention using cloud. The key feature of this solution was the usage of advanced technologies such as machine learning and predictive analytics to help banks and intermediaries identify and mitigate financial fraud. This solution was designed and launched to meet the fast-changing global fraud landscape, increasing financial institutions' pressure, maximizing operational efficiencies, and mitigating increased risks.
  • In September 2020, SAS Institute Inc., wins AML Solution of the Year from Asia Risk. This recognition was for the solution which was launched by SAS Institute Inc., for Anti-Money Laundering technology. The key feature of this solution was investigation of efficiency with entity resolution and robotic process automation or automated alert prioritization. This recognition has encouraged the employees and the company to work on unique and innovative solutions for the consumer.

Regional Analysis

Geographically, the countries covered in the anti-money laundering market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).

As per Data Bridge Market Research analysis:

North America is the dominant region in anti-money laundering market during the forecast period

North America dominated the anti-money laundering market owing to the new technologies in anti-money laundering solutions offered by the companies. North America will continue to dominate the anti-money laundering market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the large usage of anti-money laundering products in this region.

Asia-Pacific is estimated to be the fastest growing region in anti-money laundering market

Asia-Pacific is expected to grow during the forecast period due to the growth in money laundering cases in this region. In addition to this, the presence of anti-money laundering solution companies in China are expected propel the market's growth rate in this region.

For more detailed information about the anti-money laundering market report, click here – https://www.databridgemarketresearch.com/reports/global-anti-money-laundering-market