Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Anti-money Laundering Market Size, Share & Trends Analysis Report, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
the global anti-money laundering market is expected to reach a market value of USD 4.24 billion by 2030, growing at an impressive CAGR of 15.9% from 2023 to 2030. The market's expansion is driven by the increasing adoption of digital and mobile payments, which has opened new avenues for cybercriminals to launder money and finance terrorism.
The rise of e-commerce and mobile payments has resulted in the development of new anti-money laundering solutions specifically designed for digital and mobile payments. These solutions play a crucial role in monitoring and detecting suspicious activity in these channels, mitigating the risks associated with financial crimes in the digital realm.
The need for collaboration and information sharing between financial institutions and regulators is another driving factor for the anti-money laundering market growth. Financial crime is a global issue, and cybercriminals often operate across borders. Effective AML solutions require cooperation between financial institutions and regulators across jurisdictions. This has led to the development of new information-sharing platforms and the adoption of common standards for AML compliance.
Governments worldwide have also implemented laws and regulations to combat money laundering and terrorism funding. The Financial Action Task Force, an inter-governmental organization, supports countries in updating and establishing anti-money laundering laws. Financial institutions must comply with country-specific policies to prevent legal issues and establish structured procedures to prevent unlawful funds from infiltrating their financial systems.
The COVID-19 pandemic has had a positive impact on the anti-money laundering market. With an increase in online transactions during the pandemic, new opportunities for fraud and financial crime have emerged. AML solutions have played a vital role in monitoring and detecting fraudulent transactions in real-time, reducing the risk of financial crime during these uncertain times.
Key Highlights from the Report:
- The software segment dominated the market in 2022, witnessing significant growth due to the increasing adoption of cloud-based AML solutions that offer greater scalability and flexibility.
- The transaction monitoring segment dominated the market in 2022, driven by increasing regulatory requirements for financial institutions to implement transaction monitoring programs.
- The cloud segment is expected to witness significant growth over the projected period, offering better security with dedicated security teams and the latest security measures to protect against cyber threats.
- Large enterprises accounted for the highest market share in 2022, as anti-money laundering solutions are critical for mitigating risks and protecting the reputation of large enterprises due to high regulatory burden and potential legal consequences for non-compliance.
- The BFSI sector dominated the market in 2022 and is expected to continue its dominance in the coming years due to increasing partnerships and collaborations with market players to develop enhanced solutions.
The North American region held the largest market share in 2022, facilitated by a well-established technological infrastructure that makes it easier for financial institutions to adopt anti-money laundering solutions.
Key Companies Covered:
- NICE Actimize
- Tata Consultancy Services Limited
- Cognizant Technology Solutions Corporation
- ACI Worldwide, Inc.
- SAS Institute, Inc.
- Fiserv, Inc.
- Oracle Corporation
- BAE Systems
- Accenture
- Open Text Corporation
- Experian Information Solutions, Inc.
The anti-money laundering market report offers comprehensive insights into market dynamics, trends, challenges, and growth opportunities. It also provides detailed market segmentation based on components, product types, deployment, enterprise size, end-use, and region. The report includes financial performance, product benchmarking, market positioning, and company market share analysis.
Market Dynamics
Market Driver Impact Analysis
- Rising adoption of digital payments
- Increasing globalization of financial transactions
Market Challenge Impact Analysis
- Cost of implementation and maintenance of AML solutions
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.32 Billion |
| Forecasted Market Value (USD) by 2030 | $4.24 Billion |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/rdxjnj
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