Anti-Money Laundering Tools Market Size, Growth Analysis, Share, Overview, Trends, and Forecast 2031

"Final Report will add the analysis of the impact of COVID-19 on industry."

A comprehensive market research report has recently analyzed the worldwide "Anti-Money Laundering Tools Market" industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[SAS Institute Inc., AML Partners, Experian PLC, Fiserv Inc., Oracle Corporation, BAE SYSTEMS, Eastnets Holding Ltd., LexisNexis Risk Solutions, Truth Technologies, Wolter Kluber N.V.], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy ha s decreased by 0.2%.

Anti-Money Laundering Tools Market Eyeing Phenomenal Growth: Projected to reach USD 8.8 Billion by 2030

The growing emphasis on leveraging and incorporating anti-money laundering in governmental policies to tackle money laundering and countering the financing of terrorism rules, coupled with the recent rise in the number of money laundering cases across some countries has stricken the growing demand for anti-money laundering tools. Major cloud companies are laying more emphasis on developing cloud infrastructure across some vulnerable countries, which is anticipated to bring about more opportunities for the growth of the global anti-money laundering tools market

A study, recently conducted by the strategic consulting and market research firmReport Ocean, revealed that the global anti-money laundering tools market reached USD 2,133.2 million in 2021. The market is further expected to reach USD 8,844.3 million by 2030 and projected to grow at a CAGR of 17.58% during 2022-2030 (forecast period). The growth of the global anti-money laundering tools market has been positively impacted by the growing number of government initiatives, coupled with the rising number of suspicious transactions that are being reported across the world. Blockchain technology has also become one of the major factors in the growth of the market for anti-money laundering tools.

Growing Number of Money Laundering Cases Across the World Driving the Global Anti-Money Laundering Tools Market

In 2020, Australia was the most penalized country. The country's Westpac bank was fined a record USD 940 million following an investigation into money laundering and the exploitation of children. Investigators found that the Australian bank had violated anti-money laundering (AML) laws after customers transferred money to the Philippines in September 2020 in a way that indicated child exploitation. After Australia, Sweden was the second most popular destination for money laundering after Swedbank was fined USD 386 million for failing to conduct AML checks on its primarily Russian customers at the bank's Estonia branch. To tackle such a growing number of incidences across major financial institutions, government authorities have started adopting AML (anti-money laundering) tools, thus contributing to the growth of the global anti-money laundering tools market.

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AI, Machine Learning, And Big Data Technologies Bolstering the Growth of the Global Anti-Money Laundering Tools Market

With the rapid advancements in data science, Artificial Intelligence, machine learning (ML), and big data are proving to be an incredibly useful technology for Anti Money Laundering tools. ML is changing the way financial ecosystems work by assisting in the development of algorithms for predictive data analysis. It also aids in the detection of money laundering typologies, suspicious transactions, customer behavioral transitions, and customer transactions based on demographics. Moreover, for addressing important risks related to hyperconnected workplaces, vendors are incorporating AI and ML concepts into their solutions with faster risk identification, mitigation, and response capabilities. At the same time, organizations engage in Big Data technologies to identify illegal transactions. Thus, advancements in technology, such as AI, ML, and Big Data, are changing the tide against financial crime and allowing financial institutions to sail their boats with ease.

Transaction Monitoring Segment Dominates the Global Anti-Money Laundering Tools Market

Based on the solutions, the global anti-money laundering tools market has been categorized into transaction monitoring, currency transaction reporting, customer identity management, compliance management segments. Among these, the transaction monitoring segment acquired the largest share in the market in 2021. Anti-money transaction monitoring software enables financial institutions to conduct real-time customer transactions. Additionally, benefits, such as enhanced automation, ease of detecting inappropriate activity, and increased efficacy are driving demand for transaction monitoring software solutions. Blacklist screening, client profiling, and sanctions screening are among the capabilities offered by a variety of transaction monitoring solutions on the market. As a result, there is a growing adoption rate of such technologies in the market, which is positively impacting the growth of the global anti-money laundering tools market.

North America Region Held the Largest Share in the Global Anti-Money Laundering Tools Market

Geographically, the global anti-money laundering tools market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America held the largest share in the global anti-money laundering tools market in 2021. According to the Federal Trade Commissions latest Consumer Sentiment Report, the number of fraudulent activities has been on the rise in North America. The commission recorded a jump of about 3.09% from 3.10 million to 3.20 million reports registered against fraudulent activities across the United States. According to the report, money laundering is on the rise in various parts of the country, which is bolstering the demand for financial transaction monitoring, thereby boosting the growth of the anti-money laundering tools market. Over 2.1 million consumer fraud reports were received by the Federal Trade Commission in 2020. In 2020, consumers lost over $3.3 billion to fraud, up from $1.8 billion in 2019. Moreover, about $1.2 billion in losses were attributed to imposter Fraud in 2020, with consumers losing around $246 million through online shopping.

COVID-19 Impact Analysis - Global Anti-Money Laundering Tools Market

The COVID-19 pandemic positively impacted the growth of the global anti-money laundering tools market. During the period April to November 2020, the Brazilian Federal Police conducted more than 56 police operations in more than 17 different states, demonstrating acts of corruption and misuse of public resources combined with money laundering. The operations carried out by the Federal Police led to more than 133 arrests, 986 searches, and seizure orders. According to Federal Police, the seized orders represent a variety of public contract money laundering cases, amounting to around USD 360 million. Some of the major frauds that took place were corrected with help from anti-money laundering tools. Other probes were also undertaken based on suspicious activities identified in the transaction records. Money laundering and fraud associated with public funds allocated toward COVID-19 stimulus have become a major concern across the governmental agencies. This has led to the incorporation of more robust AML tools, positively impacting the market.

The leading players in the global anti-money laundering tools market are SAS Institute Inc., AML Partners, Experian PLC, Fiserv Inc., Oracle Corporation, BAE SYSTEMS, Eastnets Holding Ltd., LexisNexis Risk Solutions, Truth Technologies, Wolter Kluber N.V., and other prominent players. The global anti-money laundering tools market is highly fragmented in nature, with numerous players working on developing different software specializing in varied transactional fraud and other capabilities to curb the fraud possibilities. This is projected to bring about a lot of fragmentation in the market in the coming years for the global anti-money laundering tools market.

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Market Segment-

By Component (Software, Services)

By Organization Size (Small And Medium Enterprises (Smes), Large Enterprises)

By Deployment (Cloud, On-Premise)

By Solution (Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management)

By End-User Industry (It And Telecommunications, Healthcare, Bfsi, Transportation & Logistics, Manufacturing, Government Bodies, Retail, Energy & Utilities, And Others)

By Region (North America, Europe, The Asia-Pacific, The Middle East & Africa, And Latin America)

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

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