Global Anti-Money Laundering Market Size, Trends, and Growth Opportunity, By Offering (Solution, Services), Deployment (Cloud, On-Premise), Enterprise Size (Large Enterprises, Small and Medium Enterprises), Function (Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring), End Use (Banks and Financial Institutions, Insurance Providers, Gaming and Gambling, Government, Others) By Region and forecast till 2030.
Global Anti-Money Laundering Market
Global Anti-Money Laundering Market was valued at USD 1.44 Billion in 2022 and is slated to reach USD 4.32 Billion by 2030 at a CAGR of 14.72 % from 2023-2030.
The network of rules, processes, and laws known as anti-money laundering aims to expose attempts to pass off criminal payments as legitimate income. Small-time tax evasion and the funding of organizations classified as terrorist organizations are just two examples of the crimes that money laundering tries to cover up. Know-your-customer systems, transaction monitoring, auditing and reporting, compliance management, and financial fraud detection and protection are just a few of the solutions offered by an anti-money laundering solution.
Market Drivers
The majority of the market during the predicted period is controlled by the banks and other financial sectors. This can be ascribed to advancements in digital banking technology as well as the increasing global acceptance of banking and financial services such as pension funds, commercial banking, and retail banking. The market is anticipated to develop as a result of the rise in money laundering and fraud due to the rising use of banking and financial services. The increasing prevalence of the internet and the soaring use of virtual currencies are two of the key causes of the rising number of cases of money laundering around the world. Also, the prevalence of Internet banking services like digital payments has raised the risk of money laundering. The need for anti-money laundering software and related services grows as a result of all of these issues, which is anticipated to further boost the market growth.
Market Restraints
Detecting odd financial activity is made easier with the aid of anti-money laundering, and necessary legislation is put in place to stop unlawful transactions. Currency transaction reporting and transaction monitoring are all parts of the anti-money laundering Know Your Customer process. Moreover, it is sometimes difficult to spot fraud in some circumstances, even with anti-money laundering technology. Financial companies aggregate KYC data in these situations utilizing a variety of technologies and techniques to improve data quality. In addition, banking institutions pay outside companies much more than authorities do to watch client data more carefully. It is projected that during the forecast period, these issues may hinder the market growth. The primary goal of anti-money laundering (AML) compliance processes is to establish the standards and rules that deter potential offenders from committing financial fraud and money laundering. Criminals are unable to conceal the illicit origin of money in any transaction in this manner. Changes to the regulations and guidelines for anti-money laundering (AML) solutions would therefore impede market expansion. Impact of COVID-19 Due to a fast rise in online sales and the rising use of online payment services, the COVID-19 pandemic has had a favorable effect on the expansion of the anti-money laundering sector. Money laundering has been easier in recent years due to the increase in non-cash payments made via prepaid cards, the Internet, and mobile devices. The importance of new payment methods to money laundering operations has increased due to the great speed at which transactions may be completed and the little face-to-face connection between the user and the service provider. To avoid the penalties set by regulatory organizations and reduce money laundering operations, financial services institutions are forced to rigorously monitor all of their transactions.
Recent Developments
Oracle announced the introduction of the "Arachnys" cloud-based platform in 2022. This could be used to improve and integrate Oracle's Financial Services Financial Crime and the "Compliance Management" solution package. With this rollout, Oracle will give its customers more tools to speed up the due diligence process, including a cloud-based material library specifically designed for finishing KYC profile records.
The relationship between Fiserv, Inc. and Equifax was announced in 2022 to enhance digital commerce through information or data. With this collaboration, businesses advance the digital economy. The businesses would be able to expand their solution range and target new clients.
Market Segmentation
Global Anti-Money Laundering Market is segmented By Offering, Deployment, Enterprise Size, Function, and End Use. By Offering such Solutions, Services. By Deployment such as Cloud, On-Premise. By Enterprise Sizes such as Large Enterprises, Small and Medium Enterprises. By Functions such as Compliance Management, Currency Transaction Reporting, Customer Identity Management, and Transaction Monitoring. By End Use such as Banks and Financial Institutions, Insurance Providers, Gaming and Gambling, Government, and Others.
Regional Analysis
Global Anti-Money Laundering Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. Europe currently controls a large portion of the anti-money laundering business due to its consistently improving regulatory standards. The US military and government are the main consumers of this region. The Payment Card Industry Data Security Standard, the General Data Protection Regulation, and AMLD5, the Fifth Money Laundering Directive, are the trade-based money laundering regulations that have been adopted in Europe. Due to the existence of significant key companies, North America will continue to foresee the highest compound annual growth rate during the projected period of 2023–2030. It is also anticipated that the region's abundance of banks will accelerate the implementation of anti-money laundering measures.
Key Players
This report includes a list of numerous Key Players, namely Acuant, Inc. (U.S.), Caseware International Inc. (Canada), Sanction Scanner (U.K.), Microsoft (U.S.), IBM (U.S.), SAP (Germany), SAS Institute Inc. (U.S.), Accenture (Ireland), Tata Consultancy Services Limited (India), Open Text Corporation (Canada)
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Market Taxonomy
By Offering
• Solution
• Services
By Function
• Compliance Management
• Currency Transaction Reporting
• Customer Identity Management
• Transaction Monitoring
By Deployment
• Cloud
• On-Premise
By Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
By End Use
• Banks and Financial Institutions
• Insurance Providers
• Gaming and Gambling
• Government
• Others
By Region
• North America Latin America
• Europe
• Asia Pacific
• Middle East & Africa.
Global Anti-Money Laundering Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Anti-Money Laundering Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply& Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Anti-Money Laundering Market, By Offering
5.1 Y-o-Y Growth Comparison, By Offering
5.2 Global Anti-Money Laundering Market Share Analysis, By Offering
5.3 Global Anti-Money Laundering Market Size and Forecast, By Offering
5.3.1 Solution
5.3.2 Services
6 Global Anti-Money Laundering Market, By Function
6.1 Y-o-Y Growth Comparison, By Function
6.2 Global Anti-Money Laundering Market Share Analysis, By Function
6.3 Global Anti-Money Laundering Market Size and Forecast, By Function
6.3.1 Compliance Management
6.3.2 Currency Transaction Reporting
6.3.3 Customer Identity Management
6.3.4 Transaction Monitoring
7 Global Anti-Money Laundering Market, By Deployment
7.1 Y-o-Y Growth Comparison, By Deployment
7.2 Global Anti-Money Laundering Market Share Analysis, By Deployment
7.3 Global Anti-Money Laundering Market Size and Forecast, By Deployment
7.3.1 Cloud
7.3.2 On-Premise
8 Global Anti-Money Laundering Market, By Enterprise Size
8.1 Y-o-Y Growth Comparison, By Enterprise Size
8.2 Global Anti-Money Laundering Market Share Analysis, By Enterprise Size
8.3 Global Anti-Money Laundering Market Size and Forecast, By Enterprise Size
8.3.1 Large Enterprises
8.3.2 Small and Medium Enterprises
9 Global Anti-Money Laundering Market, By End Use
9.1 Y-o-Y Growth Comparison, By End Use
9.2 Global Anti-Money Laundering Market Share Analysis, By End Use
9.3 Global Anti-Money Laundering Market Size and Forecast, By End Use
9.3.1 • Banks and Financial Institutions
• Insurance Providers
• Gaming and Gambling
• Government
• Others
10 Global Anti-Money Laundering Market, By Region
10.1 Global Anti-Money Laundering Market Share Analysis, By Region
10.2 Global Anti-Money Laundering Market Share Analysis, By Region
10.3 Global Anti-Money Laundering Market Size and Forecast, By Region
11 North America Anti-Money Laundering Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 North America Anti-Money Laundering Market Share Analysis, By Offering
11.3 North America Anti-Money Laundering Market Size and Forecast, By Function
11.4 North America Anti-Money Laundering Market Size and Forecast, By Deployment
11.5 North America Anti-Money Laundering Market Size and Forecast, By Enterprise Size
11.6 North America Anti-Money Laundering Market Size and Forecast, By End Use
11.7 North America Anti-Money Laundering Market Size and Forecast, By Country
10.7.1 U.S.
10.7.2 Canada
10.7.3 Mexico
12 Europe Anti-Money Laundering Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Europe Anti-Money Laundering Market Share Analysis, By Offering
12.3 Europe Anti-Money Laundering Market Size and Forecast, By Function
12.4 Europe Anti-Money Laundering Market Size and Forecast, By Deployment
12.5 Europe Anti-Money Laundering Market Size and Forecast, By Enterprise Size
12.6 Europe Anti-Money Laundering Market Size and Forecast, By End Use
12.7 Europe Anti-Money Laundering Market Size and Forecast, By Country
12.7.1 Germany
12.7.2 France
12.7.3 UK
12.7.4 Rest of Europe
13 Asia Pacific Anti-Money Laundering Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Asia Pacific Anti-Money Laundering Market Share Analysis, By Offering
13.3 Asia Pacific Anti-Money Laundering Market Size and Forecast, By Function
13.4 Asia Pacific Anti-Money Laundering Market Size and Forecast, By Deployment
13.5 Asia Pacific Anti-Money Laundering Market Size and Forecast, By Enterprise Size
13.6 Asia Pacific Anti-Money Laundering Market Size and Forecast, By End Use
13.7 Asia Pacific Anti-Money Laundering Market Size and Forecast, By Country
13.7.1 China
13.7.2 Japan
13.7.3 India
13.7.4 Rest of Asia Pacific
14 Latin America Anti-Money Laundering Market Analysis and Forecast (2023-2030)
14.1 Introduction
14.2 Latin America Anti-Money Laundering Market Share Analysis, By Offering
14.3 Latin America Anti-Money Laundering Market Size and Forecast, By Function
14.4 Latin America Anti-Money Laundering Market Size and Forecast, By Deployment
14.5 Latin America Anti-Money Laundering Market Size and Forecast, By Enterprise Size
14.6 Latin America Anti-Money Laundering Market Size and Forecast Application
14.7 Latin America Anti-Money Laundering Market Size and Forecast, By Country
14.7.1 Brazil
14.7.2 Rest of Latin America
15 Middle East Anti-Money Laundering Market Analysis and Forecast (2023-2030)
15.1 Introduction
15.2 Middle East Anti-Money Laundering Market Share Analysis, By Offering
15.3 Middle East Anti-Money Laundering Market Size and Forecast, By Function
15.4 Middle East Anti-Money Laundering Market Size and Forecast, By Deployment
15.5 Middle East Anti-Money Laundering Market Size and Forecast, By Enterprise Size
15.6 Middle East Anti-Money Laundering Market Size and Forecast, By End Use
15.7 Middle East Anti-Money Laundering Market Size and Forecast, By Country
15.7.1 Saudi Arabia
15.7.2 UAE
15.7.3 Egypt
15.7.4 Kuwait
15.7.5 South Africa
16 Competitive Analysis
16.1 Competition Dashboard
16.2 Market share Analysis of Top Vendors
16.3 Key Development Strategies
17 Company Profiles
17.1 Acuant, Inc. (U.S.)
17.1.1 Overview
17.1.2 Offerings
17.1.3 Key Financials
17.1.4 Business Segment & Geographic Overview
17.1.5 Key Market Developments
17.1.6 Key Strategies
17.2 Caseware International Inc. (Canada)
17.2.1 Overview
17.2.2 Offerings
17.2.3 Key Financials
17.2.4 Business Segment & Geographic Overview
17.2.5 Key Market Developments
17.2.6 Key Strategies
17.3 Sanction Scanner (U.K.)
17.3.1 Overview
17.3.2 Offerings
17.3.3 Key Financials
17.3.4 Business Segment & Geographic Overview
17.3.5 Key Market Developments
17.3.6 Key Strategies
17.4 Microsoft (U.S.)
17.4.1 Overview
17.4.2 Offerings
17.4.3 Key Financials
17.4.4 Business Segment & Geographic Overview
17.4.5 Key Market Developments
17.4.6 Key Strategies
17.5 IBM (U.S.)
17.5.1 Overview
17.5.2 Offerings
17.5.3 Key Financials
17.5.4 Business Segment & Geographic Overview
17.5.5 Key Market Developments
17.5.6 Key Strategies
17.6 SAP (Germany)
17.6.1 Overview
17.6.2 Offerings
17.6.3 Key Financials
17.6.4 Business Segment & Geographic Overview
17.6.5 Key Market Developments
17.6.6 Key Strategies
17.7 SAS Institute Inc. (U.S.)
17.7.1 Overview
17.7.2 Offerings
17.7.3 Key Financials
17.7.4 Business Segment & Geographic Overview
17.7.5 Key Market Developments
17.7.6 Key Strategies
17.8 Accenture (Ireland)
17.8.1 Overview
17.8.2 Offerings
17.8.3 Key Financials
17.8.4 Business Segment & Geographic Overview
17.8.5 Key Market Developments
17.8.6 Key Strategies
17.9 Tata Consultancy Services Limited (India)
17.9.1 Overview
17.9.2 Offerings
17.9.3 Key Financials
17.9.4 Business Segment & Geographic Overview
17.9.5 Key Market Developments
17.9.6 Key Strategies
17.10 Open Text Corporation (Canada)
17.10.1 Overview
17.10.2 Offerings
17.10.3 Key Financials
17.10.4 Business Segment & Geographic Overview
17.10.5 Key Market Developments
17.10.6 Key Strategies
