AML Market worth $6.8 billion by 2028
According to a research report "AML Market by Offering (Solutions (KYC/CDD & Sanctions Screening, Transaction Monitoring, Case Management & Reporting), Services), Deployment Mode, Organization Size, End User (Banks & Financial Institutes, Insurance) and Region - Global Forecast to 2028" published by MarketsandMarkets, the global AML market size is projected to grow from USD 3.1 billion in 2023 to USD 6.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period. Growth in focus on digital payments and Internet banking drives the growth of the AML market. Moreover, a lack of skilled AML professionals with in-depth knowledge may hinder market growth.
Browse 367 market data Tables and 49 Figures spread through 278 Pages and in-depth TOC on "AML Market by Offering (Solutions (KYC/CDD & Sanctions Screening, Transaction Monitoring, Case Management & Reporting), Services), Deployment Mode, Organization Size, End User (Banks & Financial Institutes, Insurance) and Region - Global Forecast to 2028"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/anti-money-laundering-solutions-market-95490454.html
Based on deployment mode, the cloud segment is expected to grow at a higher CAGR during the forecasted period.
The cloud deployment category is anticipated to experience a higher Compound Annual Growth Rate (CAGR) due to the swift adoption of cloud solutions by Small and Medium Enterprises (SMEs), owing to their cost-effectiveness. Cloud deployment involves hosting applications and software on external servers and granting access via the Internet. The approach is gaining momentum within the AML market, especially among SMEs, as it allows them to concentrate on core competencies instead of investing limited capital in security infrastructure. By opting for cloud-based AML solutions, organizations can avoid expenses related to hardware, software, storage, and technical personnel. Such solutions, including Software-as-a-Service (SaaS) based AML offerings, provide security solutions and services for business applications. Additionally, cloud-based AML systems are user-friendly when it comes to maintenance and upgrades. Collectively, these factors are propelling the expansion of cloud deployment within the AML market.
By organization size, the large enterprise segment is expected to hold a larger market size during the forecast period.
Large enterprises encompass those with over 1,000 employees, and they stand as frontrunners in embracing AML solutions. It is driven by their utilization of numerous business applications vulnerable to fraudulent attacks. Due to their substantial size and diverse IT infrastructures, these enterprises face the intricate challenge of efficiently safeguarding their application security. In contrast to Small and Medium Enterprises (SMEs), larger counterparts possess ample technical prowess, greater financial capabilities, and heightened exposure to fraud incidents, contributing to heightened awareness levels. Cyber attackers target enterprise networks and systems to pursue financial gains or unauthorized access to data. These dynamics prompt large enterprises to adopt AML solutions at an early juncture, recognizing the importance of fortified security measures.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
Asia Pacific includes big developing economies, such as China, Japan, India, Singapore, and South Korea. Money laundering cases have increased alarmingly in the Asia-Pacific region, highlighting the urgent need for stronger measures to combat the complex and developing financial crime. Criminal groups looking to take advantage of legislative inconsistencies and weak enforcement procedures have been drawn to the area because of its fast economic growth, various economies, and sophisticated trade networks. The problem has been made more difficult with the rise of cryptocurrencies, as they allow illegal funds to move freely across borders while dodging conventional detection techniques. The Asia Pacific region's expanding digital economy opens up new opportunities for money laundering. AML initiatives must adjust to these changing dynamics since the emergence of online platforms and digital payment systems allows criminals to pass over illicit transactions as legal company operations.
LexisNexis (US), Oracle (US), FIS (US), Fiserv (US), Jumio (US), NICE Actimize (US), SAS Institute (US), GB Group (UK), FICO (US), ACI Worldwide (US), Experian (Ireland), Nelito Systems (India), Wolter Kluwer (Netherlands), Comarch (Poland), Allsec Technologies (india), Dixtior (Portugal), Temenos (Switzerland), TCS (India), ComplyAdvantage (UK), Featurespace (UK), Feedzai (Portugal), Tier1 Financial Solutions (Canada), Finacus Solutions (india), FRISS ( Netherlands), TransUnion (US), SymphonyAI (US), Napier (UK), IDMERIT (US), IMTF (Switzerlands), Innovative Systems (US), Sedicii (Ireland), Trulioo (Canada), NameScan (Australia), DataVisor (US), Gurucul (US) are the key players and other players in the AML market.
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