Anti-Money Laundering Solution Market to Grow at a CAGR of 16.2% to reach US$ 5,866.51 Mn from 2019 to 2027


Posted February 21, 2022 by alandavis1105

Anti-Money Laundering Solution Market Forecast to 2028 Share by Companies: ACI Worldwide,SAS Institute,Oracle Corporation,BAE Systems,Accenture,Verafin Inc.,Safe Banking Systems LLC,Eastnets Holding Ltd.

 
The anti-money laundering solution market expected to grow from US$ 1,764.39 million in 2020 to US$ 5,866.51 million by 2027; it is estimated to grow at a CAGR of 16.2% from 2020 to 2027.

Surging adoption of advanced analytics is attributing to the growth of the market. Lately, the financial ecosystem has been transformed by the swift developments in machine learning, data science, and their ability to produce algorithms for predictive data analytics. In recent times, machine learning has proved to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities. Machine learning facilitates identifying money-laundering typologies, strange and suspicious transactions, behavioral transitions in customers, transactions of customers belonging to the same geography, age, groups, and other identities, and helps reduce false positives. It also helps analyze similar transactions for focal entities and correlate alerts flagged as suspicious in regulatory reports. The advanced capabilities provided by the machine learning and data science in AML solutions are expected to drive the market.

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Anti-Money Laundering Solution Market – Company Profiles

ACI Worldwide
SAS Institute
Oracle Corporation
BAE Systems
Accenture
Verafin Inc.
Safe Banking Systems LLC
Eastnets Holding Ltd.
Ascent Technology Consulting
Opentext Corporation

Furthermore, as money launders continue to explore newer ways to use banks for illicit activities, the timely detection of the laundering activities is the most challenging aspect in implementing an efficient AML. Numerous companies are launching innovative technologies that are capable of detecting, tracking, and preventing money laundering. For instance, in March 2020, Infotech Limited introduced an advanced AML solution—AMLOCK Analytics, which allows banks and financial institutions to recognize complex AML patterns. Powered by AI and machine language, the solution helps enterprises meet the critical challenge of handling a high false positive and deliver a complete view of scrutinizing an alert. Growing use of advanced analytics would control money laundering; thus, it would raise the demand for AML solution.

Impact of COVID-19 Pandemic on Anti-Money Laundering Solution Market

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. However, the BFSI industry is still booming amid the global pandemic due to rise in digital banking solutions. The US for instance, is a prominent market for anti-money laundering solutions. Criminals in the region have been exploiting the disturbance created by the global pandemic to gain profits from numerous crimes such as fraud via electronic means, the sale of counterfeit products, and cybercrime. In order to prevent such threats, communities engaged in action against money laundering are taking measures to identify challenges. International cooperation against terrorist financing and money laundering does not appear to be negatively impacted by the global pandemic.

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Players operating in the anti-money laundering solution market are mainly focused on the development of advanced and efficient products.

In 2020, BAE Systems Applied Intelligence declared a new offering made on Amazon Web Services (AWS) to offer complete anti-money laundering regulatory compliance solutions.
In 2020, OpenText declared a new partnership with Amazon Web Services (AWS). Through this agreement OpenText will provide customers greater choice in deploying their business-critical information management solutions.

The anti-money laundering solution market has been segmented as follows:

Global Anti-Money Laundering Software Market – By Deployment Type

On-premises
Cloud

Global Anti-Money Laundering Software Market – By Component

Software
Services

Global Anti-Money Laundering Software Market – By Product

Transaction Monitoring
Compliance Management
Currency Transaction Reporting
Customer Identity Management

Global Anti-Money Laundering Software Market – By Industry Vertical

Healthcare
BFSI
Retail
IT & Telecom
Government
Others

Anti-Money Laundering Solution Market – by Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
Russia
U.K
Rest of Europe
Asia Pacific (APAC)
Japan
China
Australia
India
South Korea
Rest of APAC
Middle East and Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM

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Last Updated February 21, 2022