Dublin, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The "Anti-Money Laundering Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The global financial landscape is witnessing significant trends as the anti-money laundering (AML) market experiences substantial growth, reflecting a proactive stance against financial crime. The market is valued at $2.53 billion in 2023 and is expected to climb to $2.94 billion in 2024, demonstrating a robust compound annual growth rate (CAGR) of 16.0%. A full-scale analysis reveals North America as the leading region in this upsurge, emphasizing the area's pivotal role in shaping AML strategies across the financial sector.
Key Growth Factors and Upcoming Trends in AML Market
The expanding AML market forecasts continuous advancement, with estimates showing a rise to $5.18 billion by 2028, at a CAGR of 15.2%. The momentum is driven by diverse factors including the enhancement of real-time transaction monitoring, the evolution of Know Your Customer (KYC) processes, and increasing sophistication in automated regulatory reporting.
Technology Innovations Spearheading Market Dynamics
Technology stands at the forefront, promoting transformative solutions against illegal monetary activities. Innovations like ThetaRay's upgraded anti-money laundering SaaS platform exemplify the industry's commitment to combating financial crime through enhanced detection capabilities and advanced algorithmic interventions.
AI at the Core of AML Evolution
Artificial intelligence (AI) is revolutionizing anti-money laundering efforts. AI-powered AML products are pivotal, providing financial institutions with sophisticated tools to identify risks and streamline compliance processes. The integration of real-time alerts and machine learning capabilities marks a significant leap forward, and Google Cloud Platform’s launch of an AI-infused AML product in June 2023 underscores this trend.
Strategic Acquisitions Bolstering Market Position
Strategic maneuvers among major industry players, such as the acquisition of Pliance by Verified, are set to redefine automated AML functionalities. These collaborations reflect a broader trend towards the consolidation of AML solutions, enhancing efficiency within the regulatory tech landscape.
Impact of Digital Payments on AML Dynamics
With a steep surge in digital payment transactions globally, the demand for efficient anti-money laundering solutions is correspondingly high. Increased internet banking activities necessitate robust AML systems to monitor transactions and mitigate associated risks, propelling the market's growth trajectory.
Market Components and End-User Application
The AML market encompasses critical components like compliance management, currency transaction reporting, and customer identity management. Compliance management underscores the need for ongoing monitoring against non-compliance with regulatory norms, while other components play vital roles in maintaining the integrity of financial transactions.
The market services a diverse range of organization sizes and end-users, predominantly within the BFSI sector, underscoring the universal significance of AML systems. This distinct report provides a comprehensive analysis of the anti-money laundering market, encompassing global market sizes, regional shares, competitors, and detailed market segments. It offers insights into market trends, opportunities, and projections, enabling stakeholders to navigate the complexities of AML implementations effectively.
Report Coverage
The market value represents the revenues earned from AML-related services, including advisory and forensic analytics offerings. It encapsulates consumption values, equating to the revenues generated within the defined market and geographical sphere. This market research report delivers a view of the anti-money laundering landscape, enabling industry players to align with current trends and future projections, thereby fostering informed decision-making processes for strategic market positioning.
- Market Valuation: Comprehensive insights into the AML market value and trends.
- Technological Integration: Analysis of the influence of AI and machine learning on the AML space.
- Strategic Developments: Examination of acquisitions and innovations shaping market course.
- Geographical Analysis: In-depth look at North America's lead and other regional markets.
- End-User Insights: Detailed overview of market applications across varied sectors.
Explore the complete report to understand the trajectory of the anti-money laundering market and its far-reaching implications for global financial stability and regulation.
A selection of companies mentioned in this report includes
- NICE Actimize Ltd.
- Tata Consultancy Services Limited
- Trulioo Inc.
- ACI Worldwide Inc.
- SAS Institute Inc.
- Fiserv Inc.
- Oracle Corporation
- Bae Systems India Private Limited
- Accenture Solutions Pvt. Ltd.
- CaseWare RCM Inc.
- TransUnion Holding Company Inc.
- Cognizant Technology Solutions Corporation
- SAP AG
- Jumio Corporation
- Comarch SA
- Feedzai Inc.
- Napier Technologies Limited
- IBM Corporation.
- Experian Information Solutions Inc.
- Truth Technologies Inc.
- Cs&s Computer Systems Inc.
- Accuity Inc.
- ComplyAdvantage Ltd.
- Refinitiv Holdings Limited
- Quantexa Limited
- Fenergo Limited
- RELX Inc.
- KPMG International Ltd.
- Deloitte Touche Tohmatsu Limited
- PricewaterhouseCoopers LLP
- Ernst & Young Global Limited
- Thomson Reuters Corporation
- FICO TONBELLER AG
- Association of Certified Anti-Money Laundering Specialists LLC
- Fidelity Information Services LLC
For more information about this report visit https://www.researchandmarkets.com/r/zdsl80
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