NEW YORK, July 19, 2021 /PRNewswire/ — The increasing requirement for money laundering monitoring and soaring adoption of anti-money laundering (AML) solutions in both public and private sectors are driving the expansion of the global anti-money laundering market. Furthermore, the surging incidence of money laundering and other illegal activities such as sanction violation and skimming, and the enactment of strict rules and regulations by the governments of several countries are fueling the progress of the market. Due to these factors, the market attained $2.4 billion revenue in 2020, and it is predicted to exhibit huge expansion during 2021–2030, according to P&S Intelligence.
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The COVID-19 pandemic has positively impacted the growth of the anti-money laundering market. Due to the imposition of lockdowns in several countries, the use of digital banking services, e-wallets, and digital payments has increased massively. As it is necessary to make these platforms and services secure, their rising adoption is fueling the demand for AML software and solutions.
The global anti-money laundering market is categorized into banks and other financial institutions, gaming & gambling, and insurance providers, depending on end user. Out of these, the banks and other financial institutions category dominated the market in 2020. This is ascribed to the burgeoning requirement for AML solutions among banks and other financial institutions, on account of the increasing prevalence of illegal activities such as frauds, money laundering, and phishing.
Browse detailed report with COVID-19 impact analysis on Anti-Money Laundering Market Research Report: By Type (Solutions, Services), Deployment Mode (Cloud, On-Premise), Organization Size (Large Enterprises, SMEs), End User (Banks and Other Financial Institutions, Insurance Providers, Gaming & Gambling Sector) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/anti-money-laundering-aml-market
Geographically, North America dominated the anti-money laundering market in 2020. This is credited to the existence of several industry players, surging prevalence of money laundering cases, and large-scale adoption of advanced technologies such as artificial intelligence (AI) in the region.
The players in the anti-money laundering market are focusing on developing new products to reach out to more customers and expand their presence. For example, Tata Consultancy Services Limited (TCS) developed the TCS BaNCS, which is a banking software suite that assists in the processing of real-time data, in May 2019 in order to help retail banks in Canada better deal with issues pertaining to payments.
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Likewise, NICE Actimize, which is a subsidiary of NICE Systems Ltd., launched an AI-powered surveillance solution named SURVEIL-X in September 2019. This solution detects various types of risky behavior and assists financial service providing organizations in quickly creating and testing risk detection models in order to manage operational risks and meeting regulatory compliance.
ACI Worldwide Inc., Nice Systems Ltd., BAE Systems plc, Fair Isaac Corporation (FICO), LexisNexis Risk Solutions, SAS Institute Inc., Dixtior, Fiserv Inc., TransUnion LLC, Temenos AG, Wolter’s Kluwer Limited, Nelito Systems Ltd., Featurespace Limited, Tata Consultancy Services Ltd. (TCS), Finacus Solutions Private Limited, Feedzai Inc., Comarch SA, and CaseWare RCM are some of the major anti-money laundering market players.
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