New York, NY, Jan. 21, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Anti-Money Laundering Market By Component (Software, Services), By Product Type (Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring), By Deployment (Cloud, On-Premise), and By End-Use (BFSI, Government, Healthcare, IT & Telecom, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
“According to the research study, the global Anti-Money Laundering Market was estimated at USD 974.2 Million in 2019 and is expected to reach USD 2385.8 Million by 2026. The global Anti-Money Laundering Market is expected to grow at a compound annual growth rate (CAGR) of 13.6% from 2019 to 2027”.
Anti-money laundering refers to a series of rules, legislation, and procedures aimed at stopping criminals from disguising illegally owned funds as legitimate revenues. Although anti-money laundering laws cover a comparatively small range of transactions and criminal activities, they have far-reaching consequences. AML regulations require financial institutions that offer credit or encourage customers to open bank deposit accounts to ensure they don’t support money laundering.
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• 2020 Updated Report Introduction, Overview, and In-depth industry analysis
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• Includes Updated List of table & figures
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
• Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Anti-Money Laundering Market?
2) What is the market size, share of the Anti-Money Laundering Market?
3) Who are the top market players in Anti-Money Laundering Market?
4) What will be the future market of the Anti-Money Laundering Market?
- Market Size & Forecast by Revenue | 2020−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Governments across every nation are actively pursuing activities aimed at fighting money laundering to ensure national security and reduce the risk of law enforcement. In addition, the emphasis is also growing on enforcing stringent regulations. Moreover, developments in financial technology and regulatory technology will also offer new methods to curb money laundering through digital currency. Thereby, certain factors are rapidly accelerating the growth of the anti-money laundering market.
Top Market Players
Some of the essential players operating in the anti-money laundering market includes are Accenture, Tata Consultancy Services Limited, NICE Actimize, ACI Worldwide, Inc., SAS Institute Inc., Trulioo, Cognizant, Fiserv, Inc., Oracle, Experian Information Solutions, Inc., Open Text Corporation, and BAE Systems among others.
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The anti-money laundering market is segmented based on component, product type, deployment, and end-use. On the basis of component segmentation, the market is classified into software, and services. The software segment is dominating the anti-money laundering market presently owing to increasing demand for Customer Due Diligence (CDD), and Know Your Customer (KYC) in financial institutions. Moreover, the implementation of artificial intelligence in anti-money laundering solutions will to help counter money laundering which will raise its demand in the coming years.
The emergence of technology that can easily violate the privacy of an individual, such as mobile devices, big data, and consumer profiling, has led to a significant increase in money laundering and fraud activities. Moreover, governments in various regions have started to take steps to enforce strict data privacy regulations to prevent data abuse and exploitation. Thereby, such factors created a high demand for compliance solutions. The compliance solution includes compliance management, currency transaction reporting, customer identity management, and transaction monitoring. Customer identity management holds the largest market share presently. The transaction monitoring system is anticipated to register a high growth rate over the forecast period as it enables banks and financial institutions to track daily customer transactions in real-time to identify potential risks. It aids in providing insights into trends of money laundering activity. The market provides cloud and on-premise AML solutions. In terms of end-use segmentation, the market is bifurcated into BFSI, government, healthcare, IT & telecom, among others.
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In terms of revenue, the BFSI segment accounted for the major market share owing to the increasing need for AML compliance management solutions across the globe. The IT & telecom segment is projected to be the fastest-growing market over the forecast period. Developing new monitoring roles and growing emphasis on enforcement & risk assessment for anti-money laundering has changed the IT & Telecom industry market landscape over the past couple of years, leading to increased acceptance of a standardized approach to risk management across the IT & Telecom industry. As a result, it prompted consumers to allocate more staff and pushed corporations to pursue anti-money laundering solutions.
Based on geography, the anti-money laundering market has been analyzed into North America, Europe, Latin America, Middle East & Africa, and the Asia Pacific. North America emerged as a dominating region in 2019, and it is expected to continue its dominance over the projected years. The increase of illicit activities such as human trafficking, corruption, and the use of cash for drugs and corruption in the U.S. generated the need for strict enforcement. The implementation of laws such as the Bank Secrecy Act (BSA) and the USA PATRIOT Act required financial institutions to comply with the anti-money laundering requirements. In addition, the presence of leading companies such as NICE Actimize, SAS Institute Inc., Cognizant, and ACI Worldwide, Inc. in this region have the potential to strengthen the regional business in future years too. The Asia Pacific region is expected to register the highest CAGR in the next few years owing to the rise in fraud and money laundering incidents in developing economies like in India and China. The increasing proliferation of drug dealing and the procurement of illicit drugs through exports in China has prompted the Chinese government to ban its citizens from conducting cross-border exchanges of more than 50,000 Chinese Yuan per year. Thereby, organizations in this region are anticipated to adopt anti-money laundering solutions rapidly which will expand its market size in forthcoming years.
Browse the full “Anti-Money Laundering Market By Component (Software, Services), By Product Type (Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring), By Deployment (Cloud, On-Premise) and By End-Use (BFSI, Government, Healthcare, IT & Telecom, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026″ report at https://www.fnfresearch.com/anti-money-laundering-market-by-component-software-services-1129
This report segments the anti-money laundering market as follows:
Global Anti-Money Laundering Market: By Component Segmentation Analysis
Global Anti-Money Laundering Market: By Product Type Segmentation Analysis
- Compliance Management
- Currency Transaction Reporting
- Customer Identity Management
- Transaction Monitoring
Global Anti-Money Laundering Market: By Deployment Segmentation Analysis
Global Anti-Money Laundering Market: By End-Use Segmentation Analysis
- IT & Telecom
Key Insights from Primary Research
- As per our primary respondents, the global anti-money laundering market is set to grow annually at a rate of around 13.6%
- It was established through primary research that the anti-money laundering market was valued at around USD 975 Million in 2019.
- North America is dominating the market in 2019, as it is a digitally advanced region
- On basis of the component segment, ‘software’ dominated the global anti-money laundering market in 2019
- Based on product type, the global anti-money laundering market was led by ‘customer identity management’ in 2019.
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