Market Research Report
Anti-money Laundering Market Size, Share & Trends Analysis Report By Component (Software, Services), By Product Type, By Deployment, By End-use, By Region, And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||989713|
|Published||Content info||150 Pages
Delivery time: 2-3 business days
|Anti-money Laundering Market Size, Share & Trends Analysis Report By Component (Software, Services), By Product Type, By Deployment, By End-use, By Region, And Segment Forecasts, 2021 - 2028|
|Published: February 9, 2021||Content info: 150 Pages||
The global anti-money laundering market size is expected to reach USD 3.19 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 15.6% from 2021 to 2028. The growth can be attributed to the growing volume of non-cash transactions, coupled with a rise in technological developments in the fintech sector. In recent years, banks have increased their IT expenditure toward the adoption of advanced solutions and technologies to improve the security of their services and products.
The rapid developments in artificial intelligence, big data, machine learning, and other technologies are creating new opportunities for the market. The rising risk of financial crimes and fraudulent transactions, arising from factors such as the vulnerabilities inherent to digitization and automation, is compelling financial institutions to employ technologies such as machine learning for identifying suspicious transactions on a real-time basis. As a result, various companies are making efforts to deploy machine learning capabilities in anti money laundering solutions. For instance, in November 2020, Computer Services, Inc., a provider of end-to-end regtech and fintech solutions, announced a partnership with Featurespace, an enterprise financial crime prevention software provider. Through this partnership, the companies launched the WatchDOG AML, which uses machine learning capabilities to identify suspicious activities on a real-time basis.
Government bodies across the world are making efforts to promote awareness about anti money laundering regulations. For instance, in 2019, the New Zealand government spent USD 1.083 million on Keep Our Money Clean, an anti money laundering campaign. Through this campaign, the government tried to create public awareness regarding the legislative changes in anti money laundering acts to enable related businesses to educate their customers about new obligations.
The COVID-19 pandemic is anticipated to impact the market growth favorably in near future. The pandemic has led to an increase in the use of mobile-based payment solutions, remote work, and online sales, which are some of the major factors driving the demand for anti money laundering solutions globally. Financial Action Task Force an intergovernmental organization has encouraged financial institutions to provide risk-based flexibility in the implementation of anti money laundering in response to the effects of the pandemic.