Anti-money Laundering Market Size Worth $3.19 Billion By 2028: Grand View Research, Inc.

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Feb 16, 2021, 05:35 ET

SAN FRANCISCO, Feb. 16, 2021 /PRNewswire/ -- The global anti-money laundering market size is expected to reach USD 3.19 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 15.6% from 2021 to 2028. The growth can be attributed to the growing volume of non-cash transactions, coupled with a rise in technological developments in the fintech sector. In recent years, banks have increased their IT expenditure toward the adoption of advanced solutions and technologies to improve the security of their services and products.

Key suggestions from the report:

In terms of component, the software segment is expected to retain its dominance over the forecast period. This can be attributed to the fact that software can help organizations reduce the legal risk associated with money laundering activities
In terms of product type, the customer identity management segment dominated the market in 2020 and is expected to witness promising growth during the forecast period as well. Advancements in technologies that can easily access an individuals' personal information have increased the demand for customer identity management solutions
In terms of deployment, the on-premise segment dominated the market in 2020. The on-premise deployment of anti money laundering solutions grants businesses full control over the applications, platforms, systems, and data that their in-house IT teams can handle
In terms of end use, the BFSI segment dominated the market in 2020. The BFSI sector is widely adopting anti money laundering solutions as they help financial institutions to efficiently comply with national and international regulations as well as provide secured services to customers
Increasing money laundering cases in emerging economies, such as China and India, are expected to create growth opportunities for the market in the Asia Pacific region over the forecast period.

Read 150 page research report with ToC on "Anti-money Laundering Market Size, Share & Trends Analysis Report By Component (Software, Services), By Product Type, By Deployment, By End-use, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/anti-money-laundering-market

The rapid developments in artificial intelligence, big data, machine learning, and other technologies are creating new opportunities for the market. The rising risk of financial crimes and fraudulent transactions, arising from factors such as the vulnerabilities inherent to digitization and automation, is compelling financial institutions to employ technologies such as machine learning for identifying suspicious transactions on a real-time basis. As a result, various companies are making efforts to deploy machine learning capabilities in anti money laundering solutions. For instance, in November 2020, Computer Services, Inc., a provider of end-to-end regtech and fintech solutions, announced a partnership with Featurespace, an enterprise financial crime prevention software provider. Through this partnership, the companies launched the WatchDOG AML, which uses machine learning capabilities to identify suspicious activities on a real-time basis.

Government bodies across the world are making efforts to promote awareness about anti money laundering regulations. For instance, in 2019, the New Zealand government spent USD 1.083 million on Keep Our Money Clean, an anti money laundering campaign. Through this campaign, the government tried to create public awareness regarding the legislative changes in anti money laundering acts to enable related businesses to educate their customers about new obligations.

The COVID-19 pandemic is anticipated to impact the market growth favorably in near future. The pandemic has led to an increase in the use of mobile-based payment solutions, remote work, and online sales, which are some of the major factors driving the demand for anti money laundering solutions globally. Financial Action Task Force an intergovernmental organization has encouraged financial institutions to provide risk-based flexibility in the implementation of anti money laundering in response to the effects of the pandemic.

Grand View Research has segmented the global anti-money laundering market on the basis of component, product type, deployment, end-use, and region:

Anti-money Laundering Component Outlook (Revenue, USD Million, 2016 - 2028)

Software
Services

Anti-money Laundering Product Type Outlook (Revenue, USD Million, 2016 - 2028)

Compliance Management
Currency Transaction Reporting
Customer Identity Management
Transaction Monitoring

Anti-money Laundering Deployment Outlook (Revenue, USD Million, 2016 - 2028)

Cloud
On-premise

Anti-money Laundering End-use Outlook (Revenue, USD Million, 2016 - 2028)

BFSI
Government
Healthcare
IT & Telecom
Others

Anti-money Laundering Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.

Asia Pacific

China
India
Japan

Latin America

Brazil
Mexico

Middle East & Africa.

List of Key Players of Anti-money Laundering Market

NICE Actimize
Tata Consultancy Services Limited
Trulioo
Cognizant Technology Solutions Corporation
ACI Worldwide, Inc.
SAS Institute Inc.
Fiserv, Inc.
Oracle Corporation
BAE Systems
Accenture.

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

Enterprise Governance, Risk and Compliance Market – The global enterprise governance, risk and compliance market size was valued at USD 31.27 billion in 2019 and is projected to expand at a CAGR of 14.0% during the forecast period.
Digital Transaction Management Market – The global digital transaction management market size was valued at USD 4,585.6 million in 2018 and is expected to grow at a compound annual growth rate (CAGR) of19.7% from 2019 to 2025.
Fraud Detection and Prevention Market – The global fraud detection and prevention market size was valued at USD 17.33 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 18.9% from 2019 to 2025.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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