According to a new market research report "Anti-money Laundering Market by Component, Solution (KYC/CDD and Watchlist, Transaction Screening and Monitoring), Deployment Mode, End User (Banking and Financials, Gaming/Gambling Organizations), and Region - Global Forecast to 2025", published by MarketsandMarkets, size of the AML Solution market is expected to grow from 2.2 billion to 4.5 billion at a CAGR of 15.6% during the forecast period.
Stringent government regulations and compliances regarding AML, the increasing focus of financial institutions on digital payment-related issues and need for a holistic view of data to curb financial crimes are major growth factors for the market. Increasing adoption of advanced analytics in AML and integration of AI, ML, and big data technologies in development of AML solutions would provide lucrative opportunities for vendors in the AML Solution market.
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By component, Solutions segment to hold the largest market size during the forecast period
Although revenue loss is driving the growth of the AML solution market, the increasing rate of frauds is also significant. The AML solution can work simultaneously to provide fraud-proof enterprise environments. Various regulations around the world are making this solution a specific regulatory requirement, resulting in the increased adoption of AML solution to protect payment networks from money laundering and fraudulent attacks.
In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
The cloud deployment mode involves the storage of applications and software on remote servers, providing access through the internet. It is growing at a faster pace in the AML solution market. SMEs have implemented cloud deployment, as it enables them to focus on their core competencies, rather than invest their limited capital in security infrastructure. Organizations can avoid costs related to hardware, software, storage, and technical staff by using the cloud-based AML solution. Cloud-based solutions offer SaaS-based AML solution and services to secure business applications. This benefits organizations with strict budgets for security investments. The cloud-based AML solution is easy to maintain and upgrade. All these factors drive the growth of the cloud deployment mode in the AML solution market.
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North America to hold the largest market size during the forecast period
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as increasing implementation of technologies such as AI, ML, advanced analytics and big data as well as Increasing demand for cloud-based AML solution and services among enterprises, especially SMEs, due to advantages such as scalability and cost effectiveness are expected to fuel the growth of AML Solution in th region
Major vendors in the global Anti-money Laundering Market include ACI Worldwide (US), BAE Systems (UK), NICE Actimize (US), FICO (US), SAS Institute (US), Oracle (US), Experian (US), LexisNexis Risk Solutions (US), Fiserv (US), FIS (US), Dixtior (Portugal), TransUnion (US), Wolters Kluwer (Netherlands), Temenos (Switzerland), Nelito Systems (India), TCS (India), WorkFusion (US), Napier (US), Quantaverse (UK), ComplyAdvantage (US), Acuant (US), FeatureSpace (UK), FeedZai (US), Finacus Solution (India), CaseWire (Canada) and Comarch SA (Poland).
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