According to a new report Global Anti-money Laundering Market, published by KBV research, The Global Anti-money Laundering Market size is expected to reach $3.7 billion by 2026, rising at a market growth of 18.3% CAGR during the forecast period.
The software segment led the market for anti-money laundering in the year 2019. The increased adoption of anti-money laundering software in the enterprises in order to reduce the cost of compliance, respond to market changes quickly, and achieve consistent regulatory coverage is boosting the growth of this segment. The rising need for Customer Due Diligence (CDD), and Know Your Customer (KYC) in financial and legal institutions has led to the demand for anti-money laundering solutions.
The customer identity management segment led the market with a huge share in the year 2019. The growth of technologies that are able to easily occupy an individual’s privacy, like big data, mobile apps, and customer profiling, has managed to have a notable increase in money laundering activities and frauds. The transaction monitoring segment is expected to record the highest CAGR in the market. Transaction monitoring solutions allow banks and other financial institutions to frequently monitor transactions of the customers in real-time for impending risks.
The on-premise deployment segment led the anti-money laundering market in the year 2019. The increased adoption of on-premise solutions has confirmed to ensure the safety of the data. On-premise deployment helps the enterprise information at rest as well as in transit. The cloud deployment segment is expected to record the highest CAGR in the coming years. The digital transformation is becoming the standard for the enterprise sector. Many enterprises are estimated to adopt a SaaS-based anti-money laundering solution.
The North American market has accounted for the largest share of revenue in 2019. Increased illicit activities that allow the use of human smuggling/trafficking, cash for drugs, and corruption in the U.S. have generated the need for strict compliance. The Asia Pacific market is expected to index the highest CAGR for anti-money laundering. Frauds and money laundering activities in developing countries like India and China are growing. In the Asia Pacific, Enterprises are expected to progressively adopt anti-money laundering solutions.
Structural Insights: https://www.kbvresearch.com/anti-money-laundering-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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