Global Anti-Money Laundering (AML) Market Research Report - Segmentation By Component (Software and Services), By Product (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, and Compliance Management), By Deployment Type (Cloud and On-Premises) and Region: Industry Analysis 2021 – 2027
Global Anti-Money Laundering (AML) Market Size (2022 - 2027)
The size of the global anti-money laundering market after COVID 19 is supposed to expand from $2.2 billion in 2020 to $4.5 billion by 2025, and also register a compound annual growth rate (CAGR) by 15.6% over the projection period.
Anti-Money Laundering (AML) refers to a solution that allows banks and other financial institutions to monitor customer behavior in the event of suspicious criminal financial activity through automated processes. Different types of AML solutions have been considered in the anti-money laundering market, such as transaction monitoring, currency transaction reporting, customer identity management and compliance management. The increase in the volume of global transactions has resulted in the deployment of AML solutions in banks and other financial institutions.
Various banks, governments and other regulatory institutions are educating the public about careful monitoring of transactions and due diligence of customers to prevent cases of financial crime, which is supposed to fuel the demand for these anti-money laundering solutions.
The emergence of small and medium-sized banks and financial institutions increases the demand for a comprehensive anti-money laundering solution, which will help them transparently monitor their transactions and avoid unnecessary surveillance costs and other functions. Therefore, solution providers are introducing them to meet the demand of this user segment.
Impact of COVID-19 on Anti-Money Laundering Market
Coronavirus has revolutionized the growth of digital technologies. Due to the blockade imposed by governments around the world, every individual is now moving to digital platforms to meet daily needs. Digital payments are the primary use case where the usage of digital wallets or electronic wallets has increased. Due to this change, the chances of illegal money transactions have also increased. The FATF has warned banks against illegal currency transactions. For this reason, the demand for AML solutions has increased; Therefore, this has a big impact on the growth of the market. The increasing amount of data on networks due to the heavy use of digital platforms increases the burden on the infrastructure security of banks and financial institutions. Despite many precautions, hackers target banks, causing huge losses. Hence, the demand for advanced AML solutions is increasing, supporting the growth of the market. Due to the increase in data on the networks, cybercrimes such as financial crimes are on the increase. Banks and financial institutions are now adopting data analysis tools to advance their security measures. This is expected to have a major impact on the growth of the anti-money laundering market in the coming years.
Recent Developments:
- In July 2020, NICE Actimize enhanced SURVEIL-X, a holistic business surveillance solution that enabled financial services organizations (FSOs) to rapidly build, test and deploy customized analytical risk detection models to fill regulatory gaps in terms of risks. and operational
- In March 2020, NICE Actimize have added novel applications to its X-Sight market. These applications provide digital information to detect fraud and suspicious activity. The new additions also include capabilities that collect and connect open source digital tracks, as well as solutions that detect checks, credit cards, and mobile fraud.
- In April 2019, NICE Actimize launched CDD-X to modernize KYC/CDD programs with advanced analytics and the power of artificial intelligence. The strong combination of AI technology with NICE Actimize's expertise in KYC/CDD reduces client review time by up to 70% and increases the accuracy of handling high risk clients.
Market Growth and Trends:
On-premises deployment mode is a traditional approach, in which solutions are deployed and operated from customers' internal servers. Local solutions give organizations full control over platforms, applications, systems and data, which can be processed and managed by your IT staff. In organizations where user credentials are critical to business operations, local deployment mode adoption is greater because it can control systems.
The end-user of banking and financial services includes retail banking, digital banking, commercial banking, investments through hedge funds, pension funds, wealth management, virtual currency and exchange systems, cross-border payment and money service companies. Banks are the world's first and largest end user of AML solutions. They are the main clients of key players worldwide. According to the European Commission, around one percent of the EU's annual gross domestic product, or around 160 billion euros, is spent on money laundering activities such as corruption, arms trafficking, smuggling. human beings, drug trafficking, tax evasion, fraud, financing of terrorism and other illegal activities. These facts and figures illustrate the importance of AML solutions and services in the banking and financial sectors.
Market Drivers and Restraints:
The main driver of the anti-money laundering (AML) market is the convergence of increased regulations, enforcement and next-generation technologies that address money laundering. money management and fraud throughout the company. Additionally, for financial firms, it has become essential to understand the importance of compliance and invest in anti-money laundering technology to reduce risk factors in business operations. Mandatory anti-money laundering software solution for companies to prevent illegal fundraising activities are supposed to boost up the industry in the coming years.
On the other hand, due to the high cost of implementation, problems related to data security and the complexity of data interpretation are limiting the growth of the global anti-money laundering market.
GLOBAL ANTI-MONEY LAUNDERING (AML) MARKET REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 – 2026 |
|
Base Year |
2020 |
|
Forecast Period |
2022 - 2027 |
|
CAGR |
15.6% |
|
Segments Covered |
By Component, Product, Deployment Type, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Fiserv Inc, SAS Institute Inc, NICE Actimize Inc, Norkom Technologies Ltd, IBM, TCS, Oracle Corp, Infosys, 3i Infotech Ltd, Accuity Birst Inc, ACI Worldwide Inc, Acquilan Technologies Inc, Ficrosoft, Cellent Finance Solutions AG, EastNets Ltd, and Ficrosoft Infor Global Solutions, FIS and Others. |
Market Segmentation:
The global anti-money laundering market is segmented and sub-segmented into the following categories:
Global Anti-Money Laundering (AML) Market – By Component:
- Software
- Services
Global Anti-Money Laundering (AML) Market – By Product:
- Transaction monitoring
- Currency Transaction Reporting
- Customer Identity Management
- Compliance Management
Global Anti-Money Laundering (AML) Market – By Deployment Type:
- Cloud
- On-Premises
Of these, the on-premises segment will have a larger market size during the outlook period.
Global Anti-Money Laundering (AML) Market – By Region:
- North America
- Europe
- Asia-Pacific
- LAMEA.
The anti-money laundering software solutions market is currently dominated by North America due to technological advancement in this area. However, the Asia-Pacific anti-money laundering market is predicted to have the highest growth rate over the foreseen period.
Key market players:
Some of the major players in the global anti-money laundering market are Fiserv Inc, SAS Institute Inc, NICE Actimize Inc, Norkom Technologies Ltd, IBM, TCS, Oracle Corp, Infosys, 3i Infotech Ltd, Accuity Birst Inc, ACI Worldwide Inc, Acquilan Technologies Inc, Ficrosoft, Cellent Finance Solutions AG, EastNets Ltd, and Ficrosoft Infor Global Solutions, FIS.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Anti-Money Laundering (AML) Market, By Component
6.1.1 Software
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2022 - 2027)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Anti-Money Laundering (AML) Market, By Product
6.2.1 Transaction Monitoring
6.2.2 Currency Transaction Reporting
6.2.3 Customer Identity Management
6.2.4 Compliance Management
6.2.5 Market Size Estimations & Forecasts (2022 - 2027)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Anti-Money Laundering (AML) Market, By Deployment Type
6.3.1 On-Premises
6.3.2 Cloud
6.3.3 Market Size Estimations & Forecasts (2022 - 2027)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Component
7.2.3 By Product
7.2.4 By Deployment Type
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Component
7.3.3 By Product
7.3.4 By Deployment Type
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Product
7.4.4 By Deployment Type
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Component
7.5.3 By Product
7.5.4 By Deployment Type
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Component
7.6.3 By Product
7.6.4 By Deployment Type
8. Key Player Analysis
8.1 Fiserv Inc
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 SAS Institute Inc
8.3 NICE Actimize Inc
8.4 Norkom Technologies Ltd
8.5 IBM
8.6 TCS
8.7 Oracle Corp
8.8 Accuity Birst Inc
8.9 Infosys
8.10 Ficrosoft
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
- North America Anti-Money Laundering (AML) Market By Component, From 2022 - 2027 ( USD Billion )
- North America Software Market By Region, From 2022 - 2027 ( USD Billion )
- North America Services Market By Region, From 2022 - 2027 ( USD Billion )
- North America Anti-Money Laundering (AML) Market By Product, From 2022 - 2027 ( USD Billion )
- North America Transaction Monitoring Market By Region, From 2022 - 2027 ( USD Billion )
- North America Currency Transaction Reporting Market By Region, From 2022 - 2027 ( USD Billion )
- North America Customer Identity Management Market By Region, From 2022 - 2027 ( USD Billion )
- North America Compliance Management Market By Region, From 2022 - 2027 ( USD Billion )
- North America Anti-Money Laundering (AML) Market By Deployment Type, From 2022 - 2027 ( USD Billion )
- North America On-Premises Market By Region, From 2022 - 2027 ( USD Billion )
- North America Cloud Market By Region, From 2022 - 2027 ( USD Billion )
- United States Anti-Money Laundering (AML) Market By Component, From 2022 - 2027 ( USD Billion )
- United States Anti-Money Laundering (AML) Market By Product, From 2022 - 2027 ( USD Billion )
- United States Anti-Money Laundering (AML) Market By Deployment Type, From 2022 - 2027 ( USD Billion )
- Canada Anti-Money Laundering (AML) Market By Component, From 2022 - 2027 ( USD Billion )
- Canada Anti-Money Laundering (AML) Market By Product, From 2022 - 2027 ( USD Billion )
- Canada Anti-Money Laundering (AML) Market By Deployment Type, From 2022 - 2027 ( USD Billion )
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