Home Press Releases Anti-money Laundering Market Size Worth $7.7 Billion By 2030 | CAGR: 15.5%

Anti-money Laundering Market Size Worth $7.7 Billion By 2030 | CAGR: 15.5%

The global anti-money laundering market size is expected to reach USD 7.7 billion by 2030, according to a new study by Polaris Market Research. The report “Anti-money Laundering Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Service; By End-use; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The global increase in instances of money laundering may be responsible for the market’s optimistic growth potential. One of the main causes of the rising number of money laundering cases globally is the expanding use of virtual currencies and the increasing accessibility of the internet. Additionally, Money fines, regulatory punishments, brand damage from non-compliance with rules, and the need to build a 360-degree perspective of data in the financial landscape are some of the causes that are fueling market expansion. However, the absence of highly knowledgeable AML specialists and a lack of awareness of governmental requirements and the use of AML solutions are anticipated to impede market expansion.

 

Furthermore, numerous banks around the world are reporting instances of money laundering, such as Danske Bank, which is making them subject to hefty fines. The rise in money laundering instances around the world can be attributed to expanding internet traffic, increased use of online banking services, and digital money transfers utilizing unknown payment systems.

 

As a result, governments have tightened up their anti-money laundering and digital payments regulations. For instance, in order to enhance security, regulate, and enforce compliance by financial institutions, the Reserve Bank of India strengthened its digital payment security rules in February 2021. These kinds of developments are driving up demand for AML solutions and driving up market revenue. In addition, on April 8, 2022, the Reserve Bank of India suggested recommending payment security controls and cyber resilience to payment system operators.

 

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The COVID-19 epidemic has had a beneficial impact on the global anti-money laundering market because lockdown measures have been implemented in many nations, which has increased the volume of digital payments and the adoption of digital wallets as more individuals switch to digital platforms. Better AML solutions are consequently required more frequently, which has an effect on market expansion. As networks gather more data, cybercrime, such as financial fraud, is on the rise. Data analytics technologies are being used increasingly frequently by banks and other financial institutions to enhance their security procedures. On the growth of the market, this is anticipated to have a considerable effect.

 

Anti-money Laundering Market Report Highlights

  • The software industry led the market in 2021, accounting for the largest revenue share. With the use of anti-money laundering software, organization may ensure that the judicial requirements imposed by governmental bodies are upheld.
  • In 2021, the transaction monitoring category dominated the market. The advantages that transaction monitoring software solutions offer, such as enhanced automation, simplicity in spotting suspicious conduct, and increased effectiveness, fuel demand for the market.
  • The BFSI sector dominated the market in 2021. Other subsectors of the BFSI market include digital banking, retail banking, commercial banking, and wealth management companies.
  • North American emerged as the largest regional market in 2021. Presence of key players and their innovative solutions have contributed to this growth.
  • The global players include NICE Actimize, Tata Consultancy Services Limited, ACI Worldwide, SAS Institute, Fiserv, Oracle Corporation Trulioo, and BAE Systems.

 

Polaris Market Research has segmented the Anti-money Laundering Market report based on component, product type, end-use, and region:

 

Anti-money Laundering, Component Outlook (Revenue – USD Billion, 2018 – 2030)

  • Software
  • Services

Anti-money Laundering, Service Outlook (Revenue – USD Billion, 2018 – 2030)

  • Compliance Management
  • Currency Transaction Reporting
  • Customer Identity Management
  • Transaction Monitoring

Anti-money Laundering, End-use Outlook (Revenue – USD Billion, 2018 – 2030)

  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Others

Anti-money Laundering, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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