The anti-money laundering solution market size is projected to reach US$ 11.46 billion by 2031 from US$ 3.46 billion in 2023. The market is expected to register a CAGR of 16.2 % in 2023–2031. The Growing Demand For Know Your Customer (KYC) Systems is likely to remain a key anti-money laundering solution market trend.
Anti-Money Laundering Solution Market Analysis
The market for anti-money laundering products is also being driven by the growing internationalization of financial operations. Financial transaction tracking and monitoring are harder as more businesses operate internationally. Furthermore, there are now more obstacles to AML compliance due to the growing usage of digital currencies. Because digital currencies are decentralized and hard to track down, fraudsters find it simpler to launder money with them. Financial institutions can monitor digital currency transactions and identify suspicious activity with the aid of AML solutions.
The market for anti-money laundering products is also driven by growing regulatory pressure. Financial institutions are coming under more and more pressure to abide by the tighter anti-money laundering (AML) legislation that governments across the globe are implementing. Financial institutions can avoid fines for non-compliance by using AML solutions to assist them in fulfilling their compliance requirements.
Anti-Money Laundering Solution Market Overview
Money laundering is a tool used by criminals to cover up their misdeeds. Between 2% and 5% of the global GDP is made up by money laundering. As a result, businesses may find it challenging to adhere to money laundering regulations. Consequently, a number of businesses employ anti-money laundering software or services to identify questionable activities and client information. Compliance specialists utilize services or software to adhere to government regulations and business standards, such as the US Bank Secrecy Act, which aims to stop crimes connected to money laundering.
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Anti-Money Laundering Solution Market: Strategic Insights
Market Size Value in US$ 1,764.39 Million in 2020 Market Size Value by US$ 5,866.51 Million by 2027 Growth rate CAGR of 16.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Anti-Money Laundering Solution Market: Strategic Insights
| Market Size Value in | US$ 1,764.39 Million in 2020 |
| Market Size Value by | US$ 5,866.51 Million by 2027 |
| Growth rate | CAGR of 16.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Anti-Money Laundering Solution Market Drivers and Opportunities
Growth in focus on Internet banking and digital payments
Over the past ten years, online banking and digital payment services have expanded dramatically. Because of these platforms' evolving user demands and technological advancements, financial transactions are being conducted in a completely different way. Because digital payment methods and Internet banking are so accessible and convenient, the economic landscape has shifted. Digital payments have accelerated due to the rise in e-commerce and the increasing number of online buyers opting for cashless transactions. The advent of contactless payments and security measures such as biometric authentication has also resulted in a rise in user confidence. The growing trend of digital payments gives thieves more opportunities to perpetrate financial crimes such as password theft, identity theft, and e-commerce identity fraud. As a result, financial institutions are widely implementing AML solutions to combat this.
Increased use of AML in the real estate sector
Large sums of money are involved in real estate transactions, and the industry's perceived secrecy makes it a desirable target for money launderers. The real estate industry is, therefore, more susceptible to money laundering, with criminals taking advantage of it to fund terrorists, launder illicit funds, and evade paying taxes. Tracking financial transactions and identifying possible money laundering can be difficult when purchasing and selling real estate across borders. Recently, new laws and regulations have been implemented by governments and authorities around the world to combat the growing threat of anti-money laundering (AML) in the real estate sector. Recently, new laws and regulations have been implemented by governments and authorities around the world to combat the growing threat of anti-money laundering (AML) in the real estate sector. A few governments are thinking about creating public registries or registers that make information about benefits and property ownership easily available. This openness will deter people from using real estate as a means of money laundering. A step in the right direction is the government's publication of beneficial ownership data by real estate organizations. It hinders the use of shell corporations to conceal the owners of real property and aids law enforcement in identifying the source of funds. Thus, the increased use of AML in the real estate sector is anticipated to present new opportunities for the anti-money laundering solution market players during the forecast period.
Anti-Money Laundering Solution Market Report Segmentation Analysis
Key segments that contributed to the derivation of the anti-money laundering solution market analysis are offering, technology, and application.
- Based on the component, the anti-money laundering solution market is segmented into software and services. The software segment held a larger market share in 2023.
- By deployment type, the market is segmented into on-premises cloud. The cloud segment held the largest share of the market in 2023.
- By product, the market is segmented into transaction monitoring, compliance management, currency transaction reporting, and customer identity management.
- By industry vertical, the market is segmented into healthcare, BFSI, Retail, IT and telecom, government, and others.
Anti-Money Laundering Solution Market Share Analysis by Geography
The geographic scope of the anti-money laundering solution market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, APAC accounted for the largest anti-money laundering solution market share. Due to numerous innovations made by regional players and government initiatives to increase the security of the financial landscape in the region, China is expected to register significant growth in the Anti-Money Laundering Solutions Market during the projected period.
Anti-Money Laundering Solution Market Report Scope
Anti-Money Laundering Solution Market News and Recent Developments
The anti-money laundering solution market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- January 2023: US-based FICO Corporation's Siron anti-money laundering and compliance technologies were acquired by IMTF, a pioneer in regulatory technology and process automation for financial institutions. Through this transaction, all of Siron's anti-financial crime solutions were transferred to IMTF for global operations.
(Source: FICO Corporation, Press Release)
- February of 2023 - The RiskAvert solution was successfully implemented at the Cooperative Bank of Epirus by Profile Software, a provider of financial solutions, to enable effective risk management, complete coverage of capital requirements calculations, and the production of the significant supervisory reports mandated by the EU Capital Requirements Regulation/Directive (CRR/CRD) framework, also known as the Basel framework. The anti-money-laundering-solutions-market industry study from Moldor Intelligence, Inc.
(Source: Profile Software, Press Release)
Anti-Money Laundering Solution Market Report Coverage and Deliverables
The “Anti-Money Laundering Solution Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Deployment Type , Product , Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The growth in focus toward internet banking and digital payments, and increased use of AML in the real estate sector are the major factors that propel the global anti-money laundering solution market.
The global anti-money laundering solution market was estimated to be US$ 3.46 billion in 2023 and is expected to grow at a CAGR of 16.2 % during the forecast period 2023 - 2031.
The growing demand For Know Your Customer (KYC) Systems is anticipated to play a significant role in the global anti-money laundering solution market in the coming years.
The key players holding majority shares in the global anti-money laundering solution market are Accenture Plc, Aci Worldwide, Inc., Ascent Technology Consulting, Bae Systems PLC, and EastNets.
The global anti-money laundering solution market is expected to reach US$ 11.46 billion by 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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