Market Overview

$3.6 Bn Anti-Money Laundering Solution Market by Component, Technology, Deployment, Organization Size - Global Forecast to 2024

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DUBLIN, Sept. 12, 2019 /PRNewswire/ -- The "Anti-Money Laundering Solution Market by Component, Technology Type (KYC Systems, Transaction Monitoring, Case Management, Compliance Management, Auditing and Reporting), Deployment Mode, Organization Size, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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The Global Anti-Money Laundering (AML) Solution Market Size is Projected to Grow from USD 1.5 Billion in 2019 to USD 3.6 Billion by 2024, at a CAGR of 19.5%

The exponential rise in money laundering and terrorist financing activities in the BFSI sector and increased adoption of digital payment modes to drive the overall AML solution market

Various factors such as the exponential rise in money laundering and terrorist financing activities and huge monetary losses owing to these activities in the Banking, Financial Services, and Insurance (BFSI) sector, are expected to drive the market. However, a lack of awareness among organizations about the importance of AML solutions and lack of skilled AML professionals may restrain market growth.

Solution segment to hold a larger market size during the forecast period

The solution segment is expected to hold a larger market size in the AML solution market during the forecast period. AML solution vendors help financial institutions to tackle money laundering activities and the threats they pose, owing to increased online transactions and eBanking facilities in their organizations for enhancing the customer experience.

Transaction monitoring technology is a discipline of monitoring of customer transactions including assessing historical/current customer information related to transactions. Transaction monitoring provides a complete picture of customer activity. This can include transfers, deposits, and withdrawals. The technology provides a control mechanism to prevent AML activities in real-time.

Know Your Customer (KYC) systems help enterprises in validating the identity of the transactions between the individuals as well as restricting any unauthorized access across organizations networks, servers, and other infrastructure. Furthermore, the KYC solution is implemented across enterprises to manage business risks and abide with regulatory compliance environment.

By deployment mode, cloud segment to grow at a higher CAGR during the forecast period

Under deployment mode, the AML solution market is segmented by cloud and on-premises. The cloud deployment type is set to grow at a higher CAGR during the forecast period. The deployment of cloud-based AML solutions is done over the internet, where software, infrastructure, platforms, devices, and other resources are provided as services on a pay-per-use basis by consumers.

The cloud-based platform offers a unified way in the form of Software as a Solution (SaaS)-based AML services to secure business applications. Cloud-based systems are comparatively less expensive than the on-premises deployment mode, thus permitting businesses to reduce Information Technology (IT) expenses, including hardware and support staff. Owing to these factors, organizations are adopting the cloud-based deployment type for deploying AML solutions on a large scale.

North America to account for the largest market size

North America is projected to hold the largest market size in the overall AML solution market during the forecast period, owing to the early adoption of the AML solutions in the region. Protecting enterprise-critical infrastructures and transactional data has become one of the major challenges, as the world is moving toward interconnections and digitalization. Growing trends, such as the Internet of Things (IoT), Internet of Everything (IoE), and penetration of smartphones, have increased the volume of data and transactions performed by online users.

Moreover, mobile users are frequently targeted by fraudsters, as online mobile banking has become a popular method of performing financial transactions. The rise in Money Laundering and Terrorist Financing (ML/TF) activities and government compliances has made North America the most lucrative industry for different categories of vendors.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Anti-Money Laundering Solution Market
4.2 Market Share of Top 3 Technology Types and Regions, 2019
4.3 Market By Component, 2019-2024
4.4 Market By Deployment Mode, 2019
4.5 Market By Organization Size, 2019
4.6 Market Investment Scenario

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Stringent Compliance Requirements and Mandates
5.2.1.2 Increased Adoption of Digital Payment Modes
5.2.1.3 use of Advanced Analytics to Provide Proactive Risk Alerts
5.2.2 Restraints
5.2.2.1 Lack of Skilled AML Professionals
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Advanced AML Solutions in the Financial Sector
5.2.3.2 Rising Revenue Losses Due to Increasing Fraudulent Activities
5.2.3.3 Integration of AI, Ml, and Big Data Analytics
5.2.4 Challenges
5.2.4.1 Increasing Difficulty in Detecting Fraudulent Activities at an Early Stage
5.3 Regulatory Landscape
5.3.1 Financial Industry Regulatory Authority
5.3.2 Financial Action Task Force
5.3.3 International Monetary Fund
5.3.4 General Data Protection Regulation
5.3.5 Gramm-Leach-Bliley Act
5.3.6 Sarbanes-Oxley Act

6 Anti-Money Laundering Solution Market By Component
6.1 Introduction
6.2 Solution
6.2.1 Increasing Instances of Money Laundering to Drive the Adoption of AML Solution
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting Services
6.3.1.1.1 Demand for Highly-Qualified and Experienced Industry Experts, and Domain Experts to Drive Growth of Consulting Services Segment
6.3.1.2 Training and Education
6.3.1.2.1 Lack of Skilled Security Professionals to Drive the Adoption of Training and Education Services
6.3.1.3 Risk Assessment
6.3.1.3.1 Risk Assessment Service Providers Help Enterprises in Risk Identification, Risk Analysis, Risk Evaluation, and Risk Control
6.3.1.4 Forensic and Investigation
6.3.1.4.1 Forensic and Investigation Services Provide Reports and Analysis of Past Threats to Prevent Fraudulent Activities in Future
6.4 Managed Services
6.4.1 Need to Meet Compliance Needs to Drive Adoption of Managed Services

7 Anti-Money Laundering Solution Market By Technology Type
7.1 Introduction
7.2 Know Your Customer Systems
7.2.1 Increasing Identity Thefts in Financial Sector to Drive Adoption of KYC Systems
7.3 Transaction Monitoring
7.3.1 Need to Minimize Electronic Payment Frauds to Drive the Adoption of Transaction Monitoring Technology
7.4 Case Management
7.4.1 Need to Prevent Money Laundering Across the World to Fuel the Adoption of Case Management
7.5 Compliance Management
7.5.1 Need to Comply With Continuously Evolving Regulations to Fuel the Adoption of Compliance Management Technology
7.6 Auditing and Reporting
7.6.1 Rising Instances of Fraudulent Authentication, Money Laundering, and Account Takeovers to Drive the Adoption of Auditing and Reporting Technology Type

8 Anti-Money Laundering Solution Market By Deployment Mode
8.1 Introduction
8.2 Cloud
8.2.1 Low Cost of Installation, Upgrade, and Maintenance to Increase the Adoption of Cloud-Based AML Solutions
8.3 On-Premises
8.3.1 Need to Secure In-House Applications, Platforms, and Systems Against Increasing Fraudulent Activities to Fuel the Demand for On-Premises Deployment Mode

9 Anti-Money Laundering Solution Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Growing Fraudulent Activities to Drive the Adoption of AML Solution Among Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Rise in Financial Losses and Hefty Fines for Regulatory Non-Compliance to Boost the Adoption of AML Solution Among Large Enterprises

10 Anti-Money Laundering Solution Market By Region

Company Profiles

  • ACI Worldwide
  • BAE Systems
  • CaseWare
  • Experian
  • FICO
  • Finacus Solutions
  • FIS
  • Fiserv
  • LexisNexis Risk Solutions
  • Napier
  • Nelito Systems
  • NICE
  • Oracle
  • SAS Institute
  • Transunion
  • WorkFusion

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