Anti-Money Laundering Solution Market

Key players adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global Anti-Money Laundering Solution Market

The global Anti-Money Laundering (AML) solution market size is expected to grow from USD 1.5 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period. Various factors such as an exponential rise in money laundering and terrorist financing activities and huge monetary losses, owing to such fraudulent activities are expected to drive the market. However, a lack of awareness among organizations about the importance of AML solutions and a lack of skilled AML professionals could restrain the market growth.

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Major vendors that offer AML solutions and services across the globe are FICO (US), NICE (Israel), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), FIS Global (US), CaseWare (Canada), WorkFusion (US), Fiserv (US), ACI Worldwide (US), TransUnion (US), Oracle (US), Finacus Solutions (India), and Nelito Systems (India). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and collaborations, to enhance their presence in the global AML solution market. Partnerships, acquisitions, and new product launches have been the most widely adopted strategies by major players from 2017 to 2019, which has helped them innovate their offerings and broaden their customer base.

NICE (Israel) is acknowledged as one of the leading vendors in the AML solution market. To maintain its leading position, the company focuses on understanding the fast-changing needs of its clients and has adopted effective growth strategies to enhance its offerings and increase its market reach. For expanding its footprint, NICE Systems partnered with Jumio, a global leader in Artificial Intelligence (AI)-powered identity verification. Jumio joined the X-Sight Marketplace of NICE, to assist financial services organizations evaluate new point solutions and to stay on top of the challenging regulatory and criminal environment. Various organic and inorganic growth strategies are helping AML solution vendors to stay ahead in the global AML market. In January 2019, NICE Actimize unveiled its IFM-X Integrated Fraud Management (IFM) platform that leverages automation and Machine Learning (ML) technologies to minimize fraud and money-laundering attacks and reduces the total cost of system implementation. In October 2018, BAE Systems and Mphasis partnered to protect organizations from evolving fraudulent activities by providing solutions which have capabilities in detecting fraud and money laundering activities.

LexisNexis (US) is one of the leading providers of fraud detection, identity verification, AML software, and authentication solutions. LexisNexis also offers compliance management, data management, and investigation solutions to help customers make confident business decisions and protect their systems against money-laundering, fraud, and non-compliance. The company’s AML solution helps enterprises accelerate customers’ on-boarding process along with Know Your Customer (KYC) requirements by verification of the company’s customers with increased security to prevent frauds while providing a better customer experience. The company has implemented both organic and inorganic growth strategies to stay competitive in the AML solution market. The company is more focused on inorganic growth strategies to strengthen its position in the AML solution market. For instance, LexisNexis acquired ThreatMetrix to strengthen its product portfolio while improving profitability and customer experience. Moreover, the company partnered with various companies, such as QuadraMed, Spear, Epic Systems, Blockbid, Insurance Technologies, and BioCatch to enhance its product portfolio and expand its partner ecosystem. In January 2019, LexisNexis and QuadraMed, entered into a partnership to improve patient matching for QuadraMed’s Enterprise Master Patient Index (EMPI) software.

Related Reports:

Anti-Money Laundering Solution Market by Component, Technology Type (KYC Systems, Transaction Monitoring, Case Management, Compliance Management, Auditing and Reporting), Deployment Mode, Organization Size, and Region - Global Forecast to 2024

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