The Worldwide Anti-money Laundering Industry is Expected to Reach $7.7 Billion by 2030
The global anti-money laundering market size is expected to reach
The global increase in instances of money laundering may be responsible for the market's optimistic growth potential. One of the main causes of the rising number of money laundering cases globally is the expanding use of virtual currencies and the increasing accessibility of the internet.
Additionally, Money fines, regulatory punishments, brand damage from non-compliance with rules, and the need to build a 360-degree perspective of data in the financial landscape are some of the causes that are fueling market expansion. However, the absence of highly knowledgeable AML specialists and a lack of awareness of governmental requirements and the use of AML solutions are anticipated to impede market expansion.
Furthermore, numerous banks around the world are reporting instances of money laundering, such as Danske Bank, which is making them subject to hefty fines. The rise in money laundering instances around the world can be attributed to expanding internet traffic, increased use of online banking services, and digital money transfers utilizing unknown payment systems.
As a result, governments have tightened up their anti-money laundering and digital payments regulations. For instance, in order to enhance security, regulate, and enforce compliance by financial institutions, the
The COVID-19 epidemic has had a beneficial impact on the global anti-money laundering market because lockdown measures have been implemented in many nations, which has increased the volume of digital payments and the adoption of digital wallets as more individuals switch to digital platforms. Better AML solutions are consequently required more frequently, which has an effect on market expansion.
As networks gather more data, cybercrime, such as financial fraud, is on the rise. Data analytics technologies are being used increasingly frequently by banks and other financial institutions to enhance their security procedures. On the growth of the market, this is anticipated to have a considerable effect.
Anti-money Laundering Market Report Highlights
- The software industry led the market in 2021, accounting for the largest revenue share. With the use of anti-money laundering software, organization may ensure that the judicial requirements imposed by governmental bodies are upheld.
- In 2021, the transaction monitoring category dominated the market. The advantages that transaction monitoring software solutions offer, such as enhanced automation, simplicity in spotting suspicious conduct, and increased effectiveness, fuel demand for the market.
- The BFSI sector dominated the market in 2021. Other subsectors of the BFSI market include digital banking, retail banking, commercial banking, and wealth management companies.
- North American emerged as the largest regional market in 2021. Presence of key players and their innovative solutions have contributed to this growth.
- The global players include NICE Actimize, Tata Consultancy Services Limited, ACI Worldwide,
SAS Institute , Fiserv, Oracle Corporation Trulioo, andBAE Systems .
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Global Anti-money Laundering Market Insights
4.1. Anti-money Laundering - Industry Snapshot
4.2. Anti-money Laundering Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Increasing efforts to reduce money laundering cases
4.2.1.2. Growing volume of non-cash transactions, coupled with rapid developments in the fintech
4.2.2. Restraints and Challenges
4.2.2.1. Limited availability of data for risk assessment
4.3. Porter's Five Forces Analysis
4.4. PESTEL Analysis
4.5. Anti-money Laundering Market Industry Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Anti-money Laundering Market, by Component
5.1. Key Findings
5.2. Introduction
5.2.1. Global Anti-money Laundering Market, by Component, 2018 - 2030 (USD Billion)
5.3. Software
5.3.1. Global Anti-money Laundering Market, by Software, by Region, 2018 - 2030 (USD Billion)
5.4. Services
5.4.1. Global Anti-money Laundering Market, by Services, by Region, 2018 - 2030 (USD Billion)
6. Global Anti-money Laundering Market, by Product
6.1. Key Findings
6.2. Introduction
6.2.1. Global Anti-money Laundering Market, by Product, 2018 - 2030 (USD Billion)
6.3. Compliance Management
6.3.1. Global Anti-money Laundering Market, by Compliance Management, by Region, 2018 - 2030 (USD Billion)
6.4. Currency Transaction Reporting
6.4.1. Global Anti-money Laundering Market, by Currency Transaction Reporting, by Region, 2018 - 2030 (USD Billion)
6.5. Customer Identity Management
6.5.1. Global Anti-money Laundering Market, by Customer Identity Management, by Region, 2018 - 2030 (USD Billion)
6.6. Transaction Monitoring
6.6.1. Global Anti-money Laundering Market, by Transaction Monitoring, by Region, 2018 - 2030 (USD Billion)
7. Global Anti-money Laundering Market, by End-Use
7.1. Key Findings
7.2. Introduction
7.2.1. Global Anti-money Laundering Market, by End-Use, 2018 - 2030 (USD Billion)
7.3. BFSI
7.3.1. Global Anti-money Laundering Market, by BFSI, by Region, 2018 - 2030 (USD Billion)
7.4. Government
7.4.1. Global Anti-money Laundering Market, by Government, by Region, 2018 - 2030 (USD Billion)
7.5. Healthcare
7.5.1. Global Anti-money Laundering Market, by Healthcare, by Region, 2018 - 2030 (USD Billion)
7.6. IT & Telecom
7.6.1. Global Anti-money Laundering Market, by IT & Telecom, by Region, 2018 - 2030 (USD Billion)
7.7. Others
7.7.1. Global Other Anti-money Laundering Market, by Region, 2018 - 2030 (USD Billion)
8. Global Anti-money Laundering Market, by Geography
9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
9.1.1. Expansion
9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
10.1. NICE Actimize
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4.
10.2. Tata Consultancy Services Limited
10.2.1. Company Overview
10.2.2. Financial Performance
10.2.3. Product Benchmarking
10.2.4.
10.3. Trulioo
10.3.1. Company Overview
10.3.2. Financial Performance
10.3.3. Product Benchmarking
10.3.4.
10.4.
10.4.1. Company Overview
10.4.2. Financial Performance
10.4.3. Product Benchmarking
10.4.4.
10.5. Nice Systems
10.5.1. Company Overview
10.5.2. Financial Performance
10.5.3. Product Benchmarking
10.5.4.
10.6. Fiserv
10.6.1. Company Overview
10.6.2. Financial Performance
10.6.3. Product Benchmarking
10.6.4.
10.7. Cognizant Technology Solutions Corporation
10.7.1. Company Overview
10.7.2. Financial Performance
10.7.3. Product Benchmarking
10.7.4.
10.8. ACI Worldwide
10.8.1. Company Overview
10.8.2. Financial Performance
10.8.3. Product Benchmarking
10.8.4.
10.9.
10.9.1. Company Overview
10.9.2. Financial Performance
10.9.3. Product Benchmarking
10.9.4.
10.10. Fiserv
10.10.1. Company Overview
10.10.2. Financial Performance
10.10.3. Product Benchmarking
10.10.4.
10.11. Oracle Corporation
10.11.1. Company Overview
10.11.2. Financial Performance
10.11.3. Product Benchmarking
10.11.4.
10.12.
10.12.1. Company Overview
10.12.2. Financial Performance
10.12.3. Product Benchmarking
10.12.4.
10.13.
10.13.1. Company Overview
10.13.2. Financial Performance
10.13.3. Product Benchmarking
10.13.4.
10.14. CaseWare RCM
10.14.1. Company Overview
10.14.2. Financial Performance
10.14.3. Product Benchmarking
10.14.4.
10.15. Accenture
10.15.1. Company Overview
10.15.2. Financial Performance
10.15.3. Product Benchmarking
10.15.4.
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