The Latin America, Middle East, and Africa Anti-money Laundering Market would witness market growth of 21.9% CAGR during the forecast period (2020-2026). The main factors powering the Anti-money laundering market comprise the growing focus of financial institutions on the issues related to digital payment, increasingly strict regulations and passivity for AML, and the need to get a complete view of data to curb financial crimes. Furthermore, the growing adoption of progressive analytics in AML and incorporation of AI, machine learning, and big data technologies for developing more advanced AML solutions is expected to offer lucrative opportunities for the vendors of AML Solution.
With the swift developments taking place in data science, AI, machine learning, and big data that are being evidenced as very effective technologies for AML solutions. ML is the practice of improving the performance of the task by analyzing historical data. With the capability to help build algorithms for analytical data examination, ML is transforming the way financial ecosystems work. Machine Learning is specifically anticipated to be very beneficial in developing powerful solutions especially for the banking system, to detect suspicious money-laundering activities, and hidden patterns.
The adoption of compliance products is beneficial for the enterprises to diminish money laundering activities, and frauds. This is resulting in increased demand for effective and efficient compliance services from organizations. The service providers of Anti-money laundering guarantee that the business of the consumer that is in acquiescent with the existing policies. They also help the clients by providing experience and solutions to address the requirements of their anti-money laundering. Therefore, enterprises are expected to contract out compliance services, resulting in strengthening the growth of the segment.
Based on Component, the market is segmented into software and servies. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Product, the market is segmented into Customer Identity Management, Compliance Management, Transaction Monitoring, and Currency Transaction Reporting. Based on End User, the market is segmented into BFSI, Healthcare, Telecom & IT, Government, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Anti-money Laundering Market in LAMEA is expected to register a CAGR of 21.9% during the forecast period (2020-2026)
The market research report covers theanalysis of key stake holders of the market. Key companies profiled in the report include ACI Worldwide, Inc., BAE Systems PLC, Fiserv, Inc., NICE Ltd., Oracle Corporation, SAS Institute, Inc., Fidelity Information Services (FIS), Inc., Accenture PLC, Comarch SA and Temenos AG.
Market Segmentation:
By Component
By Deployment Type
By Product
By End User
By Country
Companies Profiled
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