Author: Himanshu Patni
08 July 2022
Global Anti-Money Laundering Market is expected to register a CAGR of around 16% over the period of 2021-2027. This is mainly due to the increasing cases of money laundering along with the growing use of electronic and digital payment methods. Moreover, the supportive government initiatives toward cashless transactions and curbing unethical activities, such as money laundering, are proliferating the growth of the market. Also, governments across countries are facilitating a cashless economy and building a strong digital payments infrastructure to decrease or completely stop money laundering. Further, according to International Monetary Funds (IMF), the estimated amount of money laundered globally in one year is 2% to 5% of the global GDP, or USD 800 Bn to USD 2 Tn. The 5% is the most conservative figure, the actual number is most likely higher than this.
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On the basis of application, the AML market is segmented into transaction monitoring, customer identity management, currency transaction reporting, and others. The transaction monitoring segment grabbed the prominent market share in 2020. Monitoring for money laundering and payment fraud detection, and monitoring and managing new payment channels are some of the prime factors driving the growth of this segment. Transaction monitoring is the process of monitoring a transaction of customers. A transaction monitoring system identifies suspicious behavior which could indicate money laundering or other financial crime occurring. It is one of the most important parts of preventing money laundering and terror financing.
On the basis of industry, the AML market is segmented into banking and financial services, information and communication technology, healthcare, government, and others. The banking and financial services segment grabbed a significant amount of market share. One of the major reasons for the growth of banking and financial services is the supportive policies introduced by the governments. Banks are facing a consecutive increasing risk of fraud and financial crimes deriving from the digitization and automation of financial systems and an increase in online transactions. AML regulations define protocols that banks must follow to prevent and detect financial crimes, which creates the demand for AML solutions across the banking and financial services segment.
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For a better understanding of the market adoption of AML the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea Rest of APAC), Rest of the World. North America acquired an extensive market share in the AML market and is expected to grow at an influential rate mainly owing to the presence of major market players in the region coupled with the growing use of electronic and digital payment methods, which is further contributing to the AML market in the region.
Some of the major players operating in the AML are Oracle Corporation, Napier Technologies Limited, NICE Limited, SAS Institute, BAE Systems, Featurespace Limited, Fiserv Inc., Tata Consultancy Services, Accenture PLC, and Cognizant Technology Solutions Corporation.
Global AML Market Segmentation
Market Insight, by Type
Market Insight, by Deployment
Market Insight, by Application
Market Insight, by Industry
Market Insight, by Region
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