Anti-money laundering market size is expected to grow from 2.2 billion to 4.5 billion at a CAGR of 15.6% during the forecast period.
Stringent government regulations and compliances regarding AML, the increasing focus of financial institutions on digital payment-related issues and need for a holistic view of data to curb financial crimes are major growth factors for the market.
The report released by MarketsandMarkets also acknowledged that increasing adoption of advanced analytics in AML and integration of AI, ML, and big data technologies in development of AML solutions would provide lucrative opportunities for vendors in the AML Solution market.
Some of the prominent key players are:
ACI Worldwide (US)
BAE Systems (UK)
NICE Actimize (US)
SAS Institute (US)
By component, Solutions segment to hold the largest market size during the forecast period
Although revenue loss is driving the growth of the AML solution market, the increasing rate of frauds is also significant.
The AML solution can work simultaneously to provide fraud-proof enterprise environments.
Various regulations around the world are making this solution a specific regulatory requirement, resulting in the increased adoption of AML solution to protect payment networks from money laundering and fraudulent attacks.
In deployment mode, cloud deployment to grow at a higher CAGR during the forecast period
The cloud deployment mode involves the storage of applications and software on remote servers, providing access through the internet.
It is growing at a faster pace in the AML solution market. SMEs have implemented cloud deployment, as it enables them to focus on their core competencies, rather than invest their limited capital in security infrastructure.
Organizations can avoid costs related to hardware, software, storage, and technical staff by using the cloud-based AML solution. Cloud-based solutions offer SaaS-based AML solution and services to secure business applications.
This benefits organizations with strict budgets for security investments. The cloud-based AML solution is easy to maintain and upgrade. All these factors drive the growth of the cloud deployment mode in the AML solution market.