Anti-Money Laundering Solution Market By Business Top Key Players, Growth, Trend, Segmentation, Revenue and Industry Expansion Forecast Report, The Insight Partners

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.

Anti-Money Laundering Solution Market 2020 Global Industry Market research report provides key analysis on the market status of the Anti-Money Laundering Solution manufacturers with market size, growth, share, trends as well as industry cost structure. Granular market information gathered in this Anti-Money Laundering Solution report will be helpful to Anti-Money Laundering Solution industry to take competent business decisions. This global market research report is a window for the complete overview of the market where it covers various aspects such as product definition, segmentation based on various parameters, and the prevailing vendor landscape. The research study carried out in Anti-Money Laundering Solution report also helps to recognize the various drivers and restraints impacting the market during the forecast period. By applying consistent knowledge throughout the report, research, analysis and estimations are drawn in this Anti-Money Laundering Solution market report.

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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.

The Key Players In The Global Anti-Money Laundering Solution Market Are:

•ACI Worldwide
•SAS Institute
•Oracle Corporation
•BAE Systems
•Verafin Inc.
•Safe Banking Systems LLC
•Eastnets Holding Ltd.
•Ascent Technology Consulting
•Opentext Corporation

Impact of COVID-19 Pandemic on Anti-Money Laundering Solution Market

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. However, the BFSI industry is still booming amid the global pandemic due to rise in digital banking solutions. The US for instance, 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. In order 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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The Segments and Sub-Section of Anti-Money Laundering Solution Market are shown below:

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)

While information sharing has witnessed success among regulators and banks, the market is expected to see it become more prevalent among smaller financial institutions in the coming years. In order to make sure that this trend is a success, the anti-money laundering market landscape might also see a culture of collaboration. Furthermore, the market is projected to experience various obstacles in information sharing, which might include inconsistency of territorial regulation and privacy legislation. Over the period, information sharing has evolved to be of crucial importance to effectively fight financial crimes. Companies worldwide have had experienced challenges regarding the traditional trend of not sharing information due to the threat of tipping off and privacy-related problems. For the coming years, the FinTech and technologies are anticipated to have a significant influence in structuring the information sharing process.

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.

According to the Regional Segmentation the Events Market provides the Information covers following regions:

•North America
•South America
•Asia & Pacific
•Europe
•MEA (Middle East and Africa)

Answers that the report acknowledges:

•Market size and growth rate during forecast period.
•Key factors driving the Anti-Money Laundering Solution Market.
•Key market trends cracking up the growth of the Anti-Money Laundering Solution Market.
•Challenges to market growth.
•Key vendors of Anti-Money Laundering Solution Market.
•Detailed SWOT analysis.
•Opportunities and threats faces by the existing vendors in Global Anti-Money Laundering Solution Market.
•Trending factors influencing the market in the geographical regions.
•Strategic initiatives focusing the leading vendors.
•PEST analysis of the market in the five major regions.

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