Rising Money Laundering Cases To Boost Anti-Money Laundering Market Growth

Factors such as the surging number of money laundering cases and mounting information technology (IT) expenditure will facilitate the anti-money laundering (AML) market growth during the forecast period (2021-2030). According to P&S Intelligence, the market generated a revenue of $2.4 billion revenue in 2020. Moreover, the surging volume of digital payments, rising technological advancements, and mounting internet traffic will also accelerate the market growth in the foreseeable future. Financial institutions across the world are deploying AML solutions and services to mitigate money laundering incidents arising due to the increasing use of digital payments.

Another primary factor catalyzing the market growth is the soaring number of money laundering cases worldwide. The rising incidents of such financial frauds can be attributed to the growing penetration of the internet and surging use of virtual currencies globally. Additionally, the rising preference for online banking services will also augment the demand for AML solutions in the foreseeable future. Cybercriminals across the world are using internet banking platforms to facilitate money generation through drug trafficking and terrorist funding and make it appear to have come from a legitimate source.

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Moreover, the escalating focus of governments on mitigating cyberattacks and online financial frauds will also support the anti-money laundering market growth in the foreseeable future. The burgeoning use of online banking services and rising internet traffic, and the booming number of unidentified payment services for digital transfer of funds, is encouraging governments to draft and implement stringent AML legislations and digital payment security norms to enhance control and security and ensure compliance by financial organizations.

In recent years, the players operating in the anti-money laundering market have been focusing on product launches to strengthen their market position. For instance, in May 2019, Tata Consultancy Services Limited (TCS) introduced a banking software suite named TCS BaNCS to aid retail banks in Canada in dealing with payment related issues. This software suite helps banks by supporting real-time data processing. Similarly, in September 2019, NICE Actimize launched SURVEIL-X, an AI-powered surveillance solution, to identify all types of potential risks and help financial service organizations in dealing with operational risks and meeting regulatory compliance.

The end user segment of the anti-money laundering market is categorized into insurance providers, banks and other financial institutions, and gaming sector. Among these, the banks and other financial institutions category accounted for the largest share in 2020, due to the increasing adoption of banking and financial services, such as retail banking, commercial banking, and pension funds, worldwide. Besides, the rising advancements being made in the digital banking technology will also escalate the growth of the category in the forthcoming years.

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Globally, the North American anti-money laundering market generated the highest revenue in 2020, due to the high internet penetration in Canada and the U.S. and the integration of artificial intelligence (AI) and machine learning (ML) technologies in AML solutions in these countries. Besides, the presence of leading market players will also augment the market growth in the region. Moreover, the rising cases of money laundering across financial institutions will also facilitate the market growth in the region during the forecast years.

Thus, the mounting cases of money laundering, escalating use of digital payments, and rising implementation of government laws regarding digital payments and money laundering will supplement the market growth in the future.

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