Anti-Money Laundering Market: Current Analysis and Forecast (2022-2028)

The global AML market is expected to register a CAGR of around 16% over the period of 2021-2027. The global AML market is growing on account of the increasing cases of money laundering along with the growing use of electronic and digital payment methods. Moreover, the supportive government initiatives toward cashless transactions and curbing unethical activities, such as money laundering, are proliferating the growth of the market. Also, governments across countries are facilitating a cashless economy and building a strong digital payments infrastructure to decrease or completely stop money laundering. Further, according to International Monetary Funds (IMF), the estimated amount of money laundered globally in one year is 2% to 5% of the global GDP, or USD 800 Bn to USD 2 Tn. The 5% is the most conservative figure, the actual number is most likely higher than this. Money laundering often backs crimes like smuggling, illegal arms sales, insider trading, bribery, and many other fraud schemes. In addition, the increasing use of advanced analytics in AML and integration of artificial intelligence, machine learning, and big data analytics in developing AML solutions would provide lucrative opportunities for AML solution providers.

Insights Presented in the Report

"Amongst application, transaction monitoring category held a prominent share in the market in 2020"

On the basis of application, the AML market is segmented into transaction monitoring, customer identity management, currency transaction reporting, and others. The transaction monitoring segment grabbed the prominent market share in 2020. Monitoring for money laundering and payment fraud detection, and monitoring and managing new payment channels are some of the prime factors driving the growth of this segment. Transaction monitoring is the process of monitoring a transaction of customers. A transaction monitoring system identifies suspicious behavior which could indicate money laundering or other financial crime occurring. It is one of the most important parts of preventing money laundering and terror financing.

"Amongst industry, banking and financial services category held a prominent share in the market in 2020"

On the basis of industry, the AML market is segmented into banking and financial services, information and communication technology, healthcare, government, and others. The banking and financial services segment grabbed a significant amount of market share. One of the major reasons for the growth of banking and financial services is the supportive policies introduced by the governments. Banks are facing a consecutive increasing risk of fraud and financial crimes deriving from the digitization and automation of financial systems and an increase in online transactions. AML regulations define protocols that banks must follow to prevent and detect financial crimes, which creates the demand for AML solutions across the banking and financial services segment.

"North America to witness significant growth during the forecast period"

North America AML market is expected to witness a prominent CAGR during the forecast period. The growth of this market can be attributed to the presence of major AML solution providers and the induction of rigid government regulations to deploy AML solutions in financial institutes in the region. AML regulations define measures that banks must take into consideration to prevent and detect financial crimes, which creates the demand for anti-money laundering solutions across the banking and financial services segment. The presence of a large number of banks is also expected to drive the adoption of anti-money laundering solutions in the region in the near future.

Also, government AML regulations and supporting government policies regarding money laundering are driving the market to grow in the region. Moreover, an increase in the frequency of cyberattacks and frauds along with the rapid surge in deployment of AI and big data analytics in the banking sector would help the region to maintain its position during the forecast period.

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• Deep dive regional level analysis of the industry.

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