Anti-Money Laundering Market Dynamics: Key Drivers and Restraining Factors Analyzed

Anti-money Laundering Market Growth & Trends

The global anti-money laundering market size is expected to reach USD 4.24 billion by 2030, registering a CAGR of 16.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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.

 

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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 led the market and accounted for 63.1% of the global revenue in 2023. 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 accounted for the largest market revenue share in 2023. 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 significantly from 2024 to 2030. 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 accounted for the largest market revenue share in 2023. 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 accounted for the largest market revenue share in 2023. 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 America market dominated the global market and accounted for 29.2% in 2023. 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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Key Anti-money Laundering Company Insights

Businesses are primarily focusing on offering on-premise software solutions to enterprises owing to security-related benefits. Moreover, the on-premise anti-money laundering solutions help businesses enhance their security level and thereby improve the satisfaction level of their customers.

 

Product launches are the new strategies adopted by the market players to expand their anti-money laundering offerings. This has helped businesses to develop efficient products and expand their sales across different geographies. For instance, in June 2023, Google Cloud launched an AI-powered Anti Money Laundering (AML) product designed to help financial institutions detect money laundering efficiently. The AML AI system utilized machine learning to enhance risk detection, reduce operational costs, and improve compliance by minimizing false positives. HSBC, one of the early adopters, reported detecting 2-4 times more suspicious activities while reducing alert volumes by over 60%. The product was implemented across various global jurisdictions, offering benefits such as increased accuracy and reduced investigation time.

 

Key Anti-money Laundering Companies:

The following are the leading companies in the anti-money laundering market. These companies collectively hold the largest market share and dictate industry trends.

• NICE Actimize
• Cognizant Technology Solutions Corporation
• Tata Consultancy Services Limited
• SAS Institute, Inc.
• ACI Worldwide, Inc.
• Oracle Corporation
• Fiserv, Inc.
• Accenture
• BAE Systems
• Experian Information Solutions, Inc.
• Open Text Corporation

 

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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