Global Anti-Money Laundering (AML) Market Size Expected to Reach USD 7.7 Billion by 2030, Witnessing 15.5% CAGR Growth: Polaris Market Research

NEW YORK, Dec. 1, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Anti-money Laundering Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Service; By End-use; By Region; Segment Forecast, 2022-2030" in its research database.

According to [115+ Pages] research report, the global anti-money laundering market size was valued at USD 2.10 billion in 2021 and is expected to reach USD 7.7 Billion By 2030, growing at a CAGR of 15.5% during the forecast period.

What is Anti-Money Laundering (AML)? How Big is Anti-Money Laundering (AML) Market Size?

• Overview

Anti-money laundering refers to the policies, laws, and regulations to stop criminals' illegal activity. AML is becoming essential for financial service providers. The main purpose of anti-money laundering is to detect and report suspicious activity of terrorists, such as securities fraud and market manipulation.  Companies worldwide must comply with guidelines enforced by global and local regulators in order to prevent financial crimes and minimize their damage.

The primary users of AML are banks and other financial institutions, as they are at higher risk of money laundering. AML regulations involve collecting customer information, tracking and screening their transactions, and inform about suspicious activity to financial regulatory authorities. Rise in instances of money laundering globally, driving the growth of the anti-money laundering market.

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Highlights of The Report:

• All-inclusive information on the product portfolios of the top players in the market.
• An in-depth assessment of the geographic and business segments of the market.
• Market segmentation on the basis of the type of product, application, and region.
• It offers a forward-looking perspective on the developing elements driving or controlling the business area's development.
• The recent research and development projects performed by each key player.
• A thorough analysis of the market's value chain and assess the effect of Porter's five forces.

Some of the Top Market Players Are:

• NICE Actimize
• Tata Consultancy Services Limited
• Trulioo
• BAE Systems
• Nice Systems
• Fiserv
• Cognizant Technology Solutions Corporation
• ACI Worldwide
• SAS Institute
• Oracle Corporation
• LexisNexis Risk Solutions
• CaseWare RCM
• Accenture

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

• A surge in the adoption of cloud-based AML solutions to push the market growth

The growing adoption of cloud-based AML solutions due to their low-cost nature is fueling the anti-money laundering market size. Various benefits of anti-money laundering solutions, including strong data analysis, enhanced processing, better risk protection improved efficiency in resolving these cases, are expected to propel the anti-money laundering industry growth. Increasing number of frauds and corruption in organizations which are leading to payment disruption, money laundering, and degradation of services, is driving the demand for anti-money laundering.

Moreover, increasing cases of financial crime because of terrorists, drug trafficking, arms trafficking, blackmailing, credit card scams, etc. is anticipated to flourish the anti-money laundering market sales. Also, the necessity to analyze suspicious activity and financial crimes boost the industry's growth.  Stringent government policies across the world to prevent money laundering incidences positively influences the AML software market growth.

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Recent Developments

In January 2022, Oracle announced that to the cloud-based platform the "Arachnys" would be available to strengthen and integrate it with "Oracle's Financial Services Financial Crime and Compliance Management" solution suite.

Segmental Analysis

• Software segment accounted for the largest market share in 2021

Based on component, the software segment held the highest revenue share in 2021. Anti-money laundering software enables organizations to ensure that legal policies introduced by the government are met. The rapid technology developments help money launderers form new strategies to reach the systems. This software has the potential to prevent and detect financial crimes. In addition, an anti-money laundering software system can speed up the customer onboarding process.

• The transaction monitoring segment is expected to dominate the market

Based on product, the transaction category held the highest anti-money laundering market share in 2021 and is expected to maintain its dominance over the forecast period. This is because, with anti-money transaction monitoring software, financial enterprises can conduct customer transactions in real time. For instance, as per a report by FISCO, annually, about 370 billion financial transactions are made across the globe. To monitor AML transactions, best practices, typologies, and an in-depth understanding of financial crime are required.

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Anti-Money Laundering (AML) Market: Report Scope & Analysis

Geography Overview

• The anti-money laundering market demand in North America is projected to generate significant growth

Based on geography, North America accounted for the highest revenue share in 2021, owing to the presence of leading players in the region. Also, anti-money laundering solutions are expected to experience high adoption in upcoming years due to the availability of many institutions in the area.

Moreover, the expected development of inorganic strategies to integrate artificial intelligence among anti-money laundering providers is likely to boost the anti-money laundering industry growth in the region. Particular anti-money laundering guidelines imposed under the Anti-Money Laundering Act of 2020 by the US Congress drive the preference for anti-money laundering solutions across the nation, which is expected to fuel the regional market development.

Browse the Detail Report "Anti-money Laundering Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Service; By End-use; By Region; Segment Forecast, 2022-2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/anti-money-laundering-market

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Polaris Market Research has segmented the Anti-Money Laundering Market report based on component, product type, end-use, and region:

By Component Outlook

• Software
• Services

By Product Outlook

• Compliance Management
• Currency Transaction Reporting
• Customer Identity Management
• Transaction Monitoring

By End-use Outlook

• BFSI
• Government
• Healthcare
• IT & Telecom
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

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SOURCE Polaris Market Research