The market for anti-money laundering (AML) technology is anticipated to reach US$ 3.18 billion in 2023 and US$ 16.37 billion by 2033. Throughout the forecast period, anti-money laundering (AML) sales are anticipated to grow significantly at a CAGR of 17.8%.
The business is primarily driven by the rise in sophisticated cyberattacks and instances of money laundering on a global scale. To carry out fraud and ransomware attacks, cybercriminals hunt for flaws in the enterprise’s architectural design. These attacks are successfully thwarted by systems running AML software.
The introduction of security solutions combined with the Internet of Things (IoT), machine learning (ML), big data analytic tools, and cloud-based solutions is another factor driving the growth of the anti-money laundering market. Organisations are employing cutting-edge technology with improved compliance skills in order to monitor financial data and foresee risks and uncertainties.
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Another element encouraging industry expansion is the advent of Know Your Customer (KYC) technology. The goal of KYC is to confirm users’ identities, restrict unauthorised access, and prevent financial losses brought on by shady transactions.
Significant advancements in the information technology (IT) sector and other reasons, such as the adoption of supportive governmental policies for routinely monitoring and managing criminal activity, are also anticipated to fuel market growth.
Key Takeaways from Market Study
Due to increasing penetration across numerous industries, it is predicted that the transaction monitoring solution category is estimated to increase at a CAGR of more than 10% throughout the analysis period.
Professional services represented a sizeable market share of over 60% in the service category in 2020, and it is anticipated that they are estimated to grow steadily throughout the projection period. Segmental growth is projected to be aided by the rising need for deployment, consultancy, integration, and maintenance services.
Due to the increasing use of Platform-as-a-Service (PaaS) or Software-as-a-Service, the managed services segment is expected to have positive growth by 2027, registering a CAGR of more than 15% throughout the assessment period.
Due to the expanding e-commerce industry, the Latin American anti-money laundering market is predicted to expand at a CAGR of about 15% throughout the study.
In 2020, the Middle East & Africa market accounted for over 5% of total revenue and is anticipated to expand gradually during the ensuing years. In the upcoming years, it is anticipated that the region’s growing use of big data analytics may accelerate market adoption.
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Manufacturers are Focusing on Acquisition Techniques
The leading anti-money laundering software providers are concentrating on employing merger and acquisition techniques to increase their global reach. Aside from that, key firms are spending money on software to use AI and machine learning technologies for growth and improving operational efficiency. To increase their market share, the companies are looking to buy small, regional businesses. For example,
In August 2022, Ondato and Hawk AI, a platform for the detection and investigation of money laundering, teamed to deliver an integrated KYC validation process, transaction monitoring for AML, and behavioral analytics suite.
March 2022 – A cooperation between BAE Systems Digital Intelligence and the University of Nottingham Malaysia is likely to look into how unsupervised machine learning may be used to identify previously unidentified danger, sometimes known as ‘missing risk,’ in the context of financial crime. The team may initially concentrate on three use cases: identifying shell firms, assessing the risk associated with cryptocurrencies, and detecting human trafficking.
Bangkok Bank Limited (BBL) has implemented a solution as a part of an anti-money laundering (AML) compliance program created with SAS and utilizing SAS Anti-Money Laundering as of November 2021. The 300 branches of Bangkok Bank Limited (BBL) are integrated and the AML processes are consolidated using this solution.
Given Below are the Anti-Money Laundering (AML) Market Segments
By Solution:
Customer Identity Management
Compliance Management
Currency Transaction Reporting
Transaction Monitoring
By Service:
Professional Service
Managed Service
By Deployment Model:
On-premise
Cloud
By Organization Size:
Large Enterprises
SMEs
By Application:
BFSI
IT & Telecom
Government & Public Sector
Healthcare
Retail
Transportation & Logistics
By Region:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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