USD 2.19 Billion
Report ID: SQSG45F2005 | Region: Global | Published Date: December, 2022 | Pages: 172
The Global Anti-Money Laundering Solution Market size was valued at USD 2.19 Billion in 2021, and it is expected to reach a value of USD 5.08 Billion by 2028, at a CAGR of 5.85% over the forecast period (2022 - 2028).
Anti-money laundering solutions allows banks and other financial institutions to use automated procedures to monitor client behavior for suspected criminal financial activity. Anti-money laundering software market includes many types of AML solutions such as transaction monitoring, currency transaction reporting, client identification management, and compliance management. The growth of global transactions has encouraged the adoption of anti-money laundering (AML) solutions by banks and other financial institutions.
Anti-money laundering software allows users to visualize, monitor, and resolve money laundering problems with ease. Strong data analysis, enhanced risk protection, faster processing, and improved efficiency in resolving these instances are all advantages of anti-money laundering systems. To combat terrorism funding and money laundering, several government entities around the world have passed legislation and laws. The Financial Action Task Force, an intergovernmental organization, assists governments in updating and developing anti-money laundering legislation. Anti-money laundering rules vary by country, thus financial institutions must ensure that their operations are consistent with the standards in place in the country where they operate. These rules assist financial institutions in developing a framework of procedures for preventing illicit money from entering their financial systems.
Global Market Size
USD 2.19 Billion
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The Global Anti-Money Laundering Solution Market is segmented on the basis of Type, Deployment Type, and Region. Based on the Type, the Anti-Money Laundering Solution Market is segmented into Know Your Customer (KYC) Systems, Compliance Reporting, Transaction Monitoring Systems, Case Management, Auditing & Reporting, and Others. Based on the Deployment Type, the Anti-Money Laundering Solution Market is segmented into On-Premises and Cloud. Based on Region, the Anti-Money Laundering Solution Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
In 2021, the transaction monitoring system segment of the Anti-Money Laundering Solution Market is projected to hold the most lucrative share of more than 30% in the Anti-Money Laundering Solution Market. Financial institutions can undertake real-time consumer transactions using anti-money transaction monitoring software. The demand for transaction monitoring software solutions is driven by benefits such as enhanced automation, ease of recognizing suspicious behavior, and increased efficacy. Features such as blacklist screening, client profiling, and sanctions screening are offered in a variety of products on the Anti-Money Laundering Solution Market.
Analysis by Deployment Type
In 2021, the on-premise segment of the Anti-Money Laundering Solution Market is projected to hold the most lucrative share of more than 50% of the Anti-Money Laundering Solution Market. An on-premises deployment is a traditional approach in which customers' in-house servers are used to implement and operate solutions. On-premises solutions give businesses complete control over their platforms, apps, systems, and data, which they can manage themselves. The use of an on-premises deployment strategy is higher in businesses where user credentials are crucial for business operations since it can govern the systems.
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The Global Anti-Money Laundering Solution Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is projected to hold the most substantial share of the market. The regional Anti-Money Laundering Solution Market is likely to be driven by the increased adoption of technologically advanced IT infrastructure and solutions along with the presence of various well-established players operating in the market. Anti-money laundering market demand is predicted to be driven by factors such as the proliferation of inorganic growth methods among key AML vendors, developments related to AI and machine learning in AML solutions, and rising demand for cloud-based AML solutions.
Further, the Europe region is also likely to grow at a significant rate in the Anti-Money Laundering Solution Market during the forecast period. The regional growth of the Anti-Money Laundering Solution Market is attributed to the increasing adoption of technologically advanced solutions and services among the players in the region. Continuous changes in the regulatory landscape, such as AMLD5, GDPR, and PCI DSS, as well as emerging trends related to trade-based money laundering and virtual currencies, such as a shift toward the non-bank financial sector and non-financial profession, are expected to drive the demand for anti-money laundering solutions in Europe.
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The Anti-Money Laundering Solution Market is fragmented in nature. The prominent players operating in the Anti-Money Laundering Solution Market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key Anti-Money Laundering Solution Market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players Company Profiles
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According to our analysis, by type, the transaction monitoring system segment is projected to hold a dominating share throughout the forecast period. By deployment type, the on-premises segment is projected to hold a dominating share throughout the forecast period. In 2022, North America is projected to hold the most substantial share of the market. The regional Anti-Money Laundering Solution Market is likely to be driven by the increased adoption of technologically advanced IT infrastructure and solutions along with the presence of various well-established players operating in the market.
|Market size value in 2021||USD 2.19 Billion|
|Market size value in 2028||USD 5.08 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Anti-Money Laundering Solution Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Anti-Money Laundering Solution Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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