Anti-Money Laundering Solutions Market Overview: 2023-28
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-28
The Anti-Money Laundering Solutions Market is projected to grow at a CAGR of around 18.2% during the forecast period, i.e., 2023-28. The key drivers propelling the market growth are rising awareness of financial crime and payments, improving customer engagement, and expanding enforcement activities by the government and regulatory bodies. In addition, there is a need for greater collaboration and integration among entities that engage in this space. Thus, the AML market is a unique area to grow with a particular focus on the North American markets.
Markntel Advisor’s Anti-Money Laundering Solutions Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Anti-Money Laundering Solutions Market drivers, barriers, Anti-Money Laundering Solutions Market Trends, and Key Players in Anti-Money Laundering Solutions Market.
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Anti-Money Laundering Solutions Market Dynamics: 2023-28
Anti-Money Laundering Solutions Market Driver:
Stringent Regulations Imposed by Regulatory Organizations
Creating efficient AML control systems and compliance programs is a top priority for governments in both developed and developing countries to reduce illicit money activity. For instance, in order to reduce the risk of financial crimes, all transactions covered by anti-money laundering regulations in the UK and Ireland are regulated by a body. Compliance with the nation's anti-money laundering laws has been monitored by the Cayman Islands Monetary Authority (CIMA).
Additionally, automation and AML solutions are projected to be crucial in eradicating manual CDD and KYC processes in several industries to downsize the rate of human errors and compliance failures. Thus, strict rules set by regulatory organizations to address money laundering activities emerge as one key variable influencing the market in the forecast period.
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Anti-Money Laundering Solutions Market (2023-28): Segmentation Outlook
The market report has segmented the market into the following categories:
· By Product Type
o KYC Systems – Market Size & Forecast 2019-2030, USD Million
o Transaction Monitoring – Market Size & Forecast 2019-2030, USD Million
o Case Management – Market Size & Forecast 2019-2030, USD Million
o Compliance Management – Market Size & Forecast 2019-2030, USD Million
o Auditing & Reporting – Market Size & Forecast 2019-2030, USD Million
· By Deployment Mode
o Cloud – Market Size & Forecast 2019-2030, USD Million
o On-Premise – Market Size & Forecast 2019-2030, USD Million
According to report, Here, it is anticipated that the Cloud segment would grow at the fastest rate during the projected time frame.
· By Components
o Solution – Market Size & Forecast 2019-2030, USD Million
o Services – Market Size & Forecast 2019-2030, USD Million
According to report, In the historical period, the Solution category witnessed dominance over the service segment with a significant market share.
· By Organization Size
o Small & Medium Enterprise – Market Size & Forecast 2019-2030, USD Million
o Large Enterprise – Market Size & Forecast 2019-2030, USD Million
· By End Users
o Banks & Financial Institutions – Market Size & Forecast 2019-2030, USD Million
o Insurance Providers – Market Size & Forecast 2019-2030, USD Million
o Gambling & Gaming Industry – Market Size & Forecast 2019-2030, USD Million
o Others – Market Size & Forecast 2019-2030, USD Million
· By Region
o North America
o South America
o Europe
o Asia-Pacific
o Middle East & Africa
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Top Companies Operating in the Anti-Money Laundering Solutions Market:
- SAS Institute
- FICO
- ACI Worldwide
- BAE Systems
- Oracle
- Experian
- Lexisnexis Risk Solutions
- FIS
- Jumio
- Fiserv
- Nelito Systems
- GB Group
- Temenos
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