Anti-Money Laundering Market - Exploration Trends, Analysis, Growth Prospects And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Anti-Money Laundering Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The anti-money laundering market size has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.94 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to globalization of financial transactions, rise in financial crimes, increased digital transactions, government initiatives and enforcement, regulatory compliance requirements.

The anti-money laundering market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to real-time transaction monitoring, enhancing know your customer (kyc) processes, automated regulatory reporting, increasing focus on trade-based money laundering, enhanced customer monitoring. Major trends in the forecast period include emphasis on transaction monitoring and analysis, cryptocurrency and virtual asset aml solutions, deployment of regulatory technology (regtech), biometric authentication in aml processes, automated suspicious activity reporting (sar).

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Market Drivers and Trends:

The increase in the number of cyber threats is anticipated to drive the growth of the anti-money laundering market going forward. Cyber threats refer to malicious activities or potential dangers in the digital world that target computer systems, networks, and digital devices. Anti-money laundering systems are used for identifying, preventing, and reporting financial activities that fund or facilitate cybercrimes for financial institutions. In February 2023, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, in 2022, cybercrime reports received were 76,000, up from 13% from the previous year. Additionally, in instance, in January 2022, according to check point research, an Israel-based cybersecurity threat intelligence team in 2021, there was a 50% rise in overall corporate hacking attacks per week. Therefore, the increase in the number of cyber threats is driving the growth of the anti-money laundering market.

Technological advancements are the key trend gaining popularity in the anti-money laundering market. Major companies operating in the anti-money laundering market are focused on advanced products that could provide better solutions in preventing illegal money laundering and strengthen their position in the market. For instance, in October 2022, ThetaRay, an Israel-based fintech software and big data analytics company, launched an advance software version of its flagship SONAR advanced SaaS anti-money laundering (AML) platform. This version contains significant capability enhancements enabling FinTechs and banks to detect and prevent financial crime through speedier investigations and the discovery of new typologies.

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Major Key Players of the Market:

NICE Actimize Ltd., Tata Consultancy Services Limited, Trulioo Inc., ACI Worldwide Inc., SAS Institute Inc., Fiserv Inc., Oracle Corporation, Bae Systems India Private Limited, Acce*nture Solutions Pvt. Ltd., CaseWare RCM Inc., TransUnion Holding Company Inc., Cognizant Technology Solutions Corporation, SAP AG, Jumio Corporation, Comarch SA, Feedzai Inc., Napier Technologies Limited, IBM Corporation., Experian Information Solutions Inc., Truth Technologies Inc., Cs&s Computer Systems Inc., Accuity Inc., ComplyAdvantage Ltd., Refinitiv Holdings Limited, Quantexa Limited, Fenergo Limited, RELX Inc., KPMG International Ltd., Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, Thomson Reuters Corporation, FICO TONBELLER AG, Association of Certified Anti-Money Laundering Specialists LLC, Fidelity Information Services LLC

Anti-Money Laundering Market 2024 Key Insights:

• The anti-money laundering market size is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• Rising Emphasis On Digital Payments And Internet Banking Fuels Anti-Money Laundering Market
• Saas Anti-Money Laundering (AML) Platform Leading The Way In The Anti-Money Laundering Market
• North America was the largest region in the anti-money laundering market in 2023

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