According to the report titled ‘Anti-Money Laundering (AML) Market Size By Component, By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global anti-money laundering market is expected to grow significantly during the forecast period 2021-2027.

 

Increasing digitalization in financial services industry, in consort with rising occurrences of money laundering cases are catalyzing the growth of anti-money laundering market. These solutions efficiently track suspicious activities to detect & avert potential crimes.

 

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Widespread adoption across government as well as financial institutions to curb financial crimes, alongside focus among major players to incorporate profitable strategies, and technological advancements in fin-tech vertical are stimulating the market outlook.

 

Based on component terrain, worldwide anti-money laundering market is divided into services, and solutions. The services are further segmented into professional, and management. Of these, professional services segment held 60% market share in 2020 and is anticipated to continue growing at a steady rate over the forecast period. Demand for integration, deployment, maintenance, and consultation services is set to rise at a quicker pace, augmenting the segmental share.

 

Moving on, the solutions component is further categorized into currency transaction reporting, compliance management, transaction monitoring, and customer identity management. Due to rising penetration across different sectors, the transaction monitoring segment is anticipated to expand at a CAGR of 10% over the analysis period.

 

Speaking of application gamut, the market is bifurcated into IT & telecom, BFSI, healthcare, transportation & logistics, government & public sector, and retail. The report cites that government & public sector segment accounted for 10% market share in 2020 and is expected to increase significantly over the review period, due to increasing prevalence of digital payments all across the world.

 

From a regional standpoint, Middle East & Africa anti-money laundering market held 5% revenue share in 2020 and is estimated to increase gradually during the projected timeline, owing to extensive usage of Big Data analytics across the region.

 

Meanwhile, Latin America industry is reckoned to register 15% CAGR through 2027, accredited to flourishing e-commerce sector.

 

Companies like BAE Systems PLC, NICE Actimize, Fiserv Inc., Accenture PLC, FIS Inc., Tata Consultancy Services Ltd., Oracle Corporation, OpenText Corporation, Experian PLC, LexisNexis Risk Solutions Inc., SAS Institute, WorkFusion Inc., Trulioo Information Services Inc., Napier Technologies Limited, and ACI Worldwide among others define the competitive landscape of the market.