North America Anti-Money Laundering Market, By Offering (Solution, Services), Function (Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring), Deployment (Cloud, On-Premise), Enterprise Size (Large Enterprises, Small & Medium Enterprises), End Use (Banks & Financial Institutions, Insurance Providers, Gaming & Gambling, Government, Others), Country (U.S, Canada and Mexico), Industry Trends and Forecast to 2028.
Market Analysis and Insights: North America Anti-Money Laundering Market
The
Anti-Money Laundering (AML) solutions consist of various policies, laws, and regulations that helps in preventing financial crimes. These guidelines, policies, laws among others are set by global and local regulators which are present around the world which aims to strengthen the functioning of AML solutions. Anti-Money Laundering (AML) solutions are used to detect and warn the institutions regarding money laundering, terrorist financing, fraud, electronic crime, bribery and corruption, tax evasion, embezzlement, information security, illegal cross border transactions, among others hugely impacting the economy of the country and hampering its reputation. AML is term which is generally used to depict the fight against money laundering & financial crimes.
Some of the factors which are increasing adoption of the North America anti-money laundering market are increasing stringent regulations and compliance for ML. The growing demand for AML identification is the major factor for the growth of the market.
This anti-money laundering market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
North America Anti-Money Laundering Market Scope and Market Size
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- On the basis of offering, the North America anti-money laundering market has been segmented into solution and services. In 2021, the solution held a larger share in the market as the AML software is provided by the companies are in the form of solutions such as software.
- On the basis of function, the North America anti-money laundering market has been segmented into Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring. In 2021, Compliance Management held a larger share in the market, as compliance management is the basic foundation of AML program through which the banks and financial institutions are able to monitor transaction, customer identity, and currency transaction which is why compliance management is dominating in function segment.
- On the basis of deployment, the North America anti-money laundering market has been segmented into cloud and on-premise. In 2021, cloud held a larger share in the market as it provides greater scalability as you only pay for what you use and can easily scale meet demand and also lowers cost.
- On the basis of enterprise size, the North America anti-money laundering market has been segmented into large enterprise, small and medium enterprise. In 2021, large enterprise held the largest share in the market as large enterprises are equipped with AML software such as financial institutions for compliance management.
- On the end use, the North America anti-money laundering market has been segmented into banks & financial institution, insurance providers, gaming & gambling, government, others. In 2021, banks & financial institution held a larger share in the market as the banks and financial institutions are more susceptible to money laundering and which uses many software for anti-money laundering and compliance management, transaction monitoring and many more.
North America Anti-Money Laundering Market Country Level Analysis
North America anti-money laundering market is analysed and market size information is provided by the country, offering, function, deployment, enterprise size, and end use.
The countries covered in North America anti-money laundering market report are the U.S., Canada and Mexico.
The U.S. accounted for maximum share in the North America anti-money laundering market owing to factors such as presence of large number of companies providing solutions such as AML software, compliance management software and many more.
The country section of the North America anti-money laundering market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing adoption of Anti-Money Laundering Solution
North America anti-money laundering market also provides you with detailed market analysis for every country growth in installed base of different kind of products for anti-money laundering, impact of technology using life line curves and changes in requirement of abrasives products, regulatory scenarios, and their impact on the anti-money laundering market. The data is available for historic period 2019.
Competitive Landscape and North America Anti-Money Laundering Market Share Analysis
North America anti-money laundering market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to North America anti-money laundering market.
Some of the major players operating in the North America anti-money laundering market are Experian Information Solutions, Inc., SAS Institute Inc., Microsoft, NICE Systems Ltd, Tata Consultancy Services Limited, Open Text Corporation, BAE Systems, ACI Worldwide, Inc., Fiserv, Inc., Cognizant, Trulioo, DIXTIOR, WorkFusion, Inc., FIS, Temenos Headquarters SA, Intel Corporation, IBM Corporation, Oracle Corporation, Accenture, SAP SE and among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
For instance,
- In July 2020, Experian Information Solutions, Inc. entered into a partnership with Global Data Consortium. The key feature of this partnership was to strengthen the customer identity verification by strengthening requirements such as anti-fraud measures, Know Your Customer (KYC), and Anti-Money Laundering (AML). Both the companies benefited from this partnership as it helped to create a seamless on boarding process and made authenticating a person's identity process easy for many businesses.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for North America anti-money laundering market through expanded product range.
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