According to the report titled ‘Anti-Money Laundering (AML) Market Size By Component (Solution [Customer Identity Management, Compliance Management, Currency Transaction Reporting, Transaction Monitoring], Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (BFSI, IT & Telecom, Government & Public Sector, Healthcare, Retail, Transportation & Logistics), 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 tremendously during the forecast period 2021-2027.
 

Increasing digitalization in financial services industry, in consort with rising occurrences of money laundering cases, and emphasis among government as well as financial institutions to curb financial crimes are catalyzing the growth of anti-money laundering market.
 

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Also, technological advancements in the field which enable fin-tech firms to enhance financial security and surveillance are augmenting the industry outlook.
 

Based on component terrain, the professional services segment held 60% market share in 2020 and is anticipated to continue growing at a steady rate over the forecast period, owing to the rise in demand for integration, deployment, maintenance, and consultation services.
 

Moreover, the transaction monitoring solutions segment is anticipated to expand at a CAGR of 10% over the analysis period, due to surging penetration across different sectors.
 

Speaking of application spectrum, the government & public sector segment accounted for 10% share in worldwide anti-money laundering industry 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, Latin America industry is poised to register 15% CAGR through 2027, attributable to the flourishing e-commerce sector.
 

Meanwhile, Middle East & Africa 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.
 

The competitive landscape of global anti-money laundering market is defined by companies such as BAE Systems plc, WorkFusion Inc., NICE Actimize, Accenture plc, FIS Inc., Tata Consultancy Services Ltd., LexisNexis Risk Solutions Inc., Oracle Corporation, OpenText Corporation, Experian plc, SAS Institute Inc., and Fiserv Inc. among others.