Anti-Money Laundering Solution Market Overview, Growth Challenges Survey & Forecast to 2027

According to our latest study on "Anti-Money Laundering Solution Market Forecast to 2027 - COVID-19 Impact and Analysis - by Component (Software and Services), Deployment Type (On-premises and Cloud), Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management), Industry (Healthcare, BFSI, Retail, IT and Telecom, Government, and Others)," the market was valued at US$ 1,764.39 million in 2020 and is projected to reach US$ 5,866.51 million by 2027; it is expected to grow at a CAGR of 16.2% from 2020 to 2027.

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Leading Anti-Money Laundering Solution market Players: ACI Worldwide, SAS Institute, Oracle Corporation, BAE Systems, Verafin Inc., Safe Banking Systems LLC, Eastnets Holding Ltd., Ascent Technology Consulting, Opentext Corporation

Several regions across the world are witnessing high growth in digitalization in the banking sector. Government initiatives for digitalization have increased the importance of digital payments among consumers. This factor has resulted in the emergence of several digital payment wallets giving tough competition to the banks. Presently, financial technology enables consumers to make transactions through various platforms, such as laptops and mobile devices. The ability to perform financial transactions on laptops and mobile devices is so unified that consumers take it for granted. Recent surveys specify that ~75% of people have used digital payment at least once; however, the growing digital payments services is surging new risks in the financial system. In the past years, banks traditionally performed financial assessing of their direct customers and their transactions and payments. With the emergence of digital payments, intermediaries are the link between the bank and the end client, leaving banks vulnerable to customer malfeasance.

At present, the regulatory focus is centered on limiting money-laundering risks related to digital payment methods, such as e-payments and mobile wallets. Further, the top priority is being given to combat cybercrime and limit potential money-laundering risks. Regulators are focused on financial crime and cybersecurity risks in digital payments. Singapore, for instance, passed legislation, which ranks the intermediaries by risk level and allocates tiered capital needs and AML responsibilities. Thus, the huge focus of financial institutions on limiting the digital payment issues is anticipated to propel the market growth.

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Surging adoption of advanced analytics is attributing to the growth of the market. Lately, the financial ecosystem has been transformed by the swift developments in machine learning, data science, and their ability to produce algorithms for predictive data analytics. In recent times, machine learning has proved to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities. Machine learning facilitates identifying money-laundering typologies, strange and suspicious transactions, behavioral transitions in customers, transactions of customers belonging to the same geography, age, groups, and other identities, and helps reduce false positives. It also helps analyze similar transactions for focal entities and correlate alerts flagged as suspicious in regulatory reports. The advanced capabilities provided by the machine learning and data science in AML solutions are expected to drive the market.

Impact of COVID-19 on Anti-Money Laundering Solution Market
North America is one of the most important regions for adopting and developing new technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region negatively. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak, with 17,515,091 confirmed cases and 313,748 deaths as per WHO. The US is a prominent market for anti-money laundering solutions. Criminals in the region have been exploiting the disturbance created by the global pandemic to gain profits from numerous crimes such as fraud via electronic means, the sale of counterfeit products, and cybercrime. To prevent such threats, communities engaged in action against money laundering are taking measures to identify challenges. International cooperation against terrorist financing and money laundering does not appear to be negatively impacted by the global pandemic.

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