Anti-Money Laundering Market Size To Hit $6014.7 Million By 2028 | Global Anti-Money Laundering Industry To Record A 15.7% CAGR (2022-2028)

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NEW YORK, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Anti-Money Laundering Market Size, Share, Growth Analysis Report By Type (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (SMEs, Large enterprises), By End-User (Banks and Financials, Insurance Providers, Gaming & Gambling), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Anti-Money Laundering Market size & share in terms of revenue was valued at USD 2,582.5 million in 2021 and it is expected to reach around USD 6,014.7 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 15.7% during the forecast period 2022 to 2028.”

What is Anti-Money Laundering? How big is the Anti-Money Laundering Industry?

Market Overview:

The market's optimistic growth prospects might be ascribed to an increase in money laundering incidents around the world. The increased number of worldwide transactions has fuelled the implementation of anti-money laundering (AML) solutions in banks and other financial institutions. The industry is likely to increase as rules and compliance requirements for businesses become strict. Various government entities around the world have established legislation and laws to combat terrorism funding and money laundering. AML rules vary by nation, making it critical for financial institutions to ensure that their operations are in accordance with policies particular to the country of operation. These policies are driving up demand for AML solutions in the industry.

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Global Anti-Money Laundering Market Dynamics

During the projected period, growing artificial intelligence technology in AML solutions and increased acceptance of cloud-based solutions are expected to give attractive prospects for AML software market advancement. Adopting compliance management systems like AML in the coming years is expected to provide a large potential due to the increased demand to analyze risk indicators across numerous industrial verticals. However, a shortage of AML expertise is expected to stymie the expansion of the anti-money laundering software market. Various legislation in different nations requires financial institutions to detect and report customers who engage in fraudulent behavior. Even after implementing AML solutions, it is difficult to identify frauds owing to the increasing frequency of sophisticated assaults such as phishing, card fraud, skimming, identity fraud, money laundering, investment fraud, terrorism funding, and sanction breaches.

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Anti-Money Laundering Market: COVID-19 Impact Analysis

COVID-19 has accelerated the advancement of digital technologies. Due to political restrictions around the world, everyone is now reliant on digital platforms to meet their everyday needs. The primary application is digital payments. The use of digital wallets, often known as eWallets, has grown. As a result of this transition, the likelihood of unlawful money transactions has grown. The FATF has issued a warning to banks regarding unlawful money transactions. As a result, the need for AML solutions has increased, and this factor has a significant impact on market growth. Due to the increased use of digital platforms, the amount of data on networks is increasing, putting a strain on the infrastructure security of banks and financial institutions. Despite several safeguards, banks are being attacked by hackers, resulting in massive losses.

As a result, the need for improved AML solutions is increasing, influencing the market growth. Cybercrime, such as financial fraud, is on the rise as data on networks grows. Banks and financial institutions are increasingly using data analytics tools to improve their security procedures. This is projected to have a significant impact on market growth.

Anti-Money Laundering Market: Segmentation Analysis

In terms of Deployment Mode, the on-premise segment led the market, accounting for more than 50.0 percent of worldwide revenue. Anti-money laundering solutions deployed on-premise give enterprises complete control over applications, platforms, data, and systems, which can be easily managed by the organization's in-house IT personnel. At the same time, the segment is in high demand in enterprises where user credentials are crucial for business operations. To protect themselves from unwanted attacks, the firms deploy on-premise anti-money laundering.

On the basis of end-user, banks and other financial institutions had the greatest market share in the forecast period. This can be attributed to the growing global acceptance of banking and financial services such as commercial banking, pension funds, and retail banking, as well as developments in digital banking technology. The increased usage of banking and financial services has increased the frequency of fraud and money laundering, which is propelling the global anti-money laundering industry forward.

Browse the full “Anti-Money Laundering Market Size, Share, Growth Analysis Report By Type (Solution, Services), By Deployment Mode (On-premises, Cloud), By Organization Size (SMEs, Large enterprises), By End-User (Banks and Financials, Insurance Providers, Gaming & Gambling), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at 

Competitive Landscape

Some of the main competitors dominating the global Anti-Money Laundering market include - 

  • ACI Worldwide (US)
  • BAE Systems (UK)
  • Nice Actimize (US)
  • FICO (US)
  • SAS Institute (US)
  • Oracle Corporation (US)
  • Experian (Ireland)
  • LexisNexis Risk Solution (US)
  • Fiserv (US)
  • FIS (US)
  • Dixtior (Portugal)
  • TransUnion (US)
  • Wolter's Kluwer (The Netherlands)
  • Temenos (Switzerland)
  • Nelito Systems (India)
  • TCS (India)
  • Workfusion (US) and others.

Key Insights from Primary Research :

  • According to the analysis shared by our research forecaster, the Anti-Money Laundering market is likely to expand at a CAGR of around 15.7% during the forecast period (2022-2028).
  • In terms of revenue, the Anti-Money Laundering market size was valued at around US$ 2,582.5 million in 2021 and is projected to reach US$ 6,014.7 million by 2028.
  • Based on Organization Size, the large enterprise category is expected to account for the largest share of the market in the forecast period.
  • By Deployment Mode, the cloud segment is expected to increase the most during the projection period.
  • North American regional market dominated the anti-money laundering industry, accounting for the largest share of worldwide sales during the forecast period.

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Key Offerings:

  • Market Size & Forecast by Revenue | 2022−2028
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis by Type, Deployment Mode, Organization Size, End User, and By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Dominance:

North America is predicted to contribute the greatest market share in terms of revenues throughout the projection period because it is a technologically advanced region with a high number of early adopters and the presence of key market players. Factors such as the proliferation of inorganic growth methods among key AML vendors, advances in the deployment of AI, ML in AML solutions, and rising demand for cloud-based AML solutions are projected to fuel the demand for anti-money laundering solutions.

Europe is predicted to contribute to the fastest-growing region with the greatest CAGR throughout the projection period due to its technological advancements and early acceptance of new technologies. Continuous regulatory landscape developments, such as new stringent data privacy laws such as AMLD5, GDPR, and PCI DSS, as well as emerging trends related to trade-based money laundering and virtual currencies, such as a shift towards the non-bank financial sector and non-financial profession, are expected to fuel the demand for AML solutions in the European region.

The global anti-money laundering market is segmented as follows:

By Type

  • Solution
  • Services

By Deployment Mode

  • On-premises
  • Cloud

By Organization Size

  • SMEs
  • Large enterprises

By End-User

  • Banks and Financials
  • Insurance Providers
  • Gaming & Gambling

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Report Scope

Report Attribute Details
Market Size in 2021 USD 2,582.5 Million
Projected Market Size in 2028 USD 6,014.7 Million
CAGR Growth Rate 15.7% CAGR
Base Year 2021
Forecast Years 2022-2028
Key Market Players ACI Worldwide (US), BAE Systems (UK), Nice Actimize (US), FICO (US), SAS Institute (US), Oracle Corporation (US), Experian (Ireland), LexisNexis Risk Solution (US), Fiserv (US),FIS (US), Dixtior (Portugal), TransUnion (US), Wolter's Kluwer (The Netherlands), Temenos (Switzerland), Nelito Systems (India), TCS (India), Workfusion (US), Napier (UK), Quantaverse (US), Complyadvantage (UK), Acuant (US), FeatureSpace (UK), Feedzai (US), Finacus Solutions (India), CaseWare RCM (Canada), Comarch SA (Poland), and Others
Key Segment By Type, Deployment Mode, Organization Size, End User, and By Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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