According to the research report titled “Anti-Money Laundering Market Size by Component, By Deployment Model, By Application, Forecast, 2021-2027”, available with MarketStudyReport, the anti-money laundering market is anticipated to witness robust growth over 2021-2027.
 

Increasing digitization of financial services and rising incidences of money laundering are primarily driving global anti-money laundering market growth.
 

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To combat financial crime, banking institutions and governments all around the world are aggressively implementing anti-money laundering solutions. The introduction of advanced software that can properly track suspicious actions has further boosted market acceptance. Besides, technical innovations by fin-tech firms have boosted product demand in recent years. As per the report, the market, based on component, has been segmented into solutions (compliance management, customer identity management, transaction monitoring, and currency transaction reporting) and services (professional services and managed services). The transaction monitoring solution segment is expected to grow at a CAGR of more than 10% during 2021-2027 due to increased penetration across multiple industries. Considering application, the industry is divided into healthcare, IT & telecom, retail, government & public sector, BFSI, and transportation & logistics. The government and public sector accounted for more than 10% of the market in 2020 and is predicted to grow significantly, with increasing prevalence of digital payments worldwide. The retail sector is expected to witness significant gains, exhibiting a CAGR of 15% throughout 2021-2027. Increasing volume of online transactions for products and services around the world is expected to accelerate segmental growth. The transportation and logistics sub-segment held 5% market share in 2020 and is expected to witness notable hike by 2027, owing to rising necessity of analysis, data collection, and demand forecasting in this space. According to the regional analysis, flourishing e-commerce business is anticipated to help expand Latin America anti-money laundering market size at a CAGR of 15%. Meanwhile, the Middle East and Africa market, accounting for over 5% of total revenue in 2020, is expected to grow a steady pace throughout the forecast period, creditable to rising big data analytics penetration in the region. The major contenders in the market are BAE Systems plc, CaseWare International Inc., ACI Worldwide¸ Accenture plc, FIS, Inc., Lexisnexis Risk Solutions Inc., OpenText Corporation, SAS Institute, Inc., and WorkFusion, Inc.