The global anti-money laundering market size is expected to reach USD 4.24 billion by 2030, registering a CAGR of 15.9% from 2023 to 2030. The growing adoption of digital and mobile payments is driving the anti-money laundering market. The rise of e-commerce and mobile payments has created new possibilities for cybercriminals to launder money and finance terrorism. AML solutions need to be able to monitor and detect suspicious activity in these channels. This has led to the development of new anti-money laundering market solutions specifically designed for digital and mobile payments.
Moreover, the need for collaboration and information sharing between financial institutions and regulators is driving the anti-money laundering market growth. Financial crime is a global problem, and cybercriminals often operate across borders. Effective AML solutions require the cooperation of financial institutions and regulators across jurisdictions. This has led to the development of new information-sharing platforms and the adoption of common standards for anti-money laundering market compliance.
To combat money laundering and terrorism funding, government bodies worldwide have implemented laws and regulations. The Financial Action Task Force, an inter-governmental organization, supports countries in updating and establishing anti-money laundering laws. Since anti-money laundering laws differ from country to country, financial institutions need to comply with country-specific policies to avoid any legal issues. Adhering to these policies, financial institutions can establish a structured set of procedures to prevent unlawful funds from infiltrating their financial systems.
The COVID-19 pandemic has had a positive impact on anti-money laundering market. The pandemic has led to an increase in online transactions, which has created new opportunities for fraud and financial crime. AML solutions can help financial institutions monitor and detect fraudulent transactions in real-time, reducing the risk of financial crime during these uncertain times.
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Moreover, the need for collaboration and information sharing between financial institutions and regulators is driving the anti-money laundering market growth. Financial crime is a global problem, and cybercriminals often operate across borders. Effective AML solutions require the cooperation of financial institutions and regulators across jurisdictions. This has led to the development of new information-sharing platforms and the adoption of common standards for anti-money laundering market compliance.
To combat money laundering and terrorism funding, government bodies worldwide have implemented laws and regulations. The Financial Action Task Force, an inter-governmental organization, supports countries in updating and establishing anti-money laundering laws. Since anti-money laundering laws differ from country to country, financial institutions need to comply with country-specific policies to avoid any legal issues. Adhering to these policies, financial institutions can establish a structured set of procedures to prevent unlawful funds from infiltrating their financial systems.
The COVID-19 pandemic has had a positive impact on anti-money laundering market. The pandemic has led to an increase in online transactions, which has created new opportunities for fraud and financial crime. AML solutions can help financial institutions monitor and detect fraudulent transactions in real-time, reducing the risk of financial crime during these uncertain times.
Anti-money Laundering Market Report Highlights
- The software segment dominated the market in 2022. The segment has witnessed significant growth due to the increasing adoption of cloud-based AML solutions, which offer greater scalability and flexibility than traditional on-premise solutions
- The transaction monitoring segment dominated the market in 2022. The increasing regulatory requirements for financial institutions to implement transaction monitoring programs are driving the growth of the segment
- The cloud segment is expected to grow at a significant rate over the projected period. The key attribute to the growth is that the cloud-based anti-money laundering solutions offer better security, as providers often have dedicated security teams and employ the latest security measures to protect against cyber threats
- The large enterprises segment dominated the market in 2022. The high regulatory burden and potential legal consequences for non-compliance make anti-money laundering solutions critical for large enterprises to mitigate their risks and protect their reputation
- The BFSI segment dominated the market in 2022. The BFSI sector is expected to continue to dominate the anti-money laundering market in the coming years due to the increasing number of partnerships and collaborations between financial institutions and market players to develop enhance solutions and expand the foothold in the anti-money laundering market
- The North American region dominated the market in 2022. The presence of a well-established technological infrastructure in the region has made it easier for financial institutions to adopt anti-money laundering solutions.
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Anti-money Laundering Market: Component Estimates & Trend Analysis
Chapter 5. Anti-money Laundering Market: Product Type Estimates & Trend Analysis
Chapter 6. Anti-money Laundering Market: Deployment Estimates & Trend Analysis
Chapter 7. Anti-money Laundering Market: Enterprise Size Estimates & Trend Analysis
Chapter 8. Anti-money Laundering Market: End-use Estimates & Trend Analysis
Chapter 9. Anti-money Laundering Market: Regional Estimates & Trend Analysis
Chapter 10. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | May 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 1.32 Billion |
| Forecasted Market Value ( USD | $ 4.24 Billion |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
