The anti-money laundering (AML) market size is projected to be valued at US$ 3.18 billion in 2023 and is expected to rise to US$ 16.37 billion by 2033. The sales of anti-money laundering (AML) are expected to hold a significant CAGR of 17.8% during the forecast period

The industry is primarily driven by the global increase in complex cyberattacks and cases of money laundering. Cybercriminals look for weaknesses in the architecture of an enterprise to carry out fraud and ransomware assaults, which are successfully prevented by systems running AML software.

The expansion of the anti-money laundering market is also being driven by the advent of security solutions integrated with the Internet of Things (IoT), machine learning (ML), big data analytic tools, and cloud-based solutions. In order to track financial data and forecast risks and uncertainties, organizations are implementing cutting-edge technology with increased compliance capabilities.

The introduction of Know Your Customer (KYC) technology is another factor promoting industry expansion. KYC is the process of verifying users’ identities, limiting unauthorized access, and averting financial losses brought on by shady dealings.

Request for Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-16705

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.

Talk with Research Analyst: https://www.futuremarketinsights.com/ask-question/rep-gb-16705

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.

Buy Complete Report: https://www.futuremarketinsights.com/checkout/16705

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)

Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani 

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

Leave a comment

Your email address will not be published. Required fields are marked *