Selbyville, Delaware, Sept. 07, 2021 (GLOBE NEWSWIRE) --
The anti-money laundering market value is anticipated to record a valuation of USD 5 billion by 2027, according to the most recent study by Global Market Insights Inc. Supportive government initiatives to increase cashless transactions and curb unethical activities, such as money laundering, are proliferating the market growth. Stringent government regulations and international business compliances have driven the need for compliance management solutions. The solution helps enterprises to reduce occupational dishonesty, promote integrity, and achieve defined objectives within the regulatory compliance frameworks. The increasing demand to analyze risk indicators across multiple industry verticals is anticipated to create a huge opportunity, adopting compliance management solutions in the coming years.
The cloud deployment model is anticipated to grow at a CAGR of above 15% till 2027, owing to cost benefits by eliminating the additional component integrations. The cloud deployment model enables enhanced security & privacy of resources shared across a limited network area. The growing digital transformation and increasing demand for online payments across enterprises have resulted in an increase in cloud-based deployments.
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The large organizations segment is poised to capture a market share of over 60% by 2027. Fraudsters are increasingly attacking large enterprises with multiple verticals since the chances of frauds being noticed are very low and the financial gains are significantly higher, creating a huge demand for AML solutions & services to counter the fraudulent activities. AML helps large enterprises to prevent & detect financial crimes and speed up the customer onboarding process.
The healthcare industry held a significant market share during 2021 to 2027 due to severe financial losses and the growing cases of false insurance claims, amplifying the need for AML solutions & services. Healthcare frauds cause losses worth several billion dollars annually, impacting patients in the form of costly insurance premiums and expensive procedures. The vast amounts of government funding in the healthcare sector also make it prone to frauds and scams.
APAC anti-money laundering market size is projected to witness 15% CAGR through 2027 impelled by the increasing online transactions across BFSI and e-commerce sectors. Regional players operating in the market are focusing to develop innovative solutions through strategic partnerships. For instance, in September 2020, ACI Worldwide signed a partnership agreement with the State Bank of India, a public sector bank, to update its payment infrastructure. Under this collaboration, SBI will use ACI’s Retail Payments solution for ATM and Point-of-Sale (POS). This collaboration helped the bank to update & safeguard its payment infrastructure.
Companies operating in the market are focusing on strategic partnerships to develop innovative solutions. For instance, In September 2020, BAE Systems Plc, an intelligence company, signed a partnership agreement with Amazon Web Services (AWS), to launch anti-money laundering regulatory compliance solutions. This partnership helped both the companies to offer integrated financial crime regulatory compliance solutions to banks & financial institutions, strengthening their position in the market.
Some major findings of the anti-money laundering market report include:
- The growing demand for advanced anti-money laundering solutions, such as transaction monitoring and compliance management, to counter fraudulent activities across the globe.
- The growing technology investments and rising digitization across multiple business sectors are anticipated to support the market growth.
- The APAC anti-money laundering market is propelled by the increasing frauds across the BFSI and insurance sectors.
- Companies operating in the market are focusing on integrating emerging technologies, such as AI and big data analytics, to eliminate the financial crimes.
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Partial chapters of report table of contents (TOC):
Chapter 3 Anti-Money Laundering Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 By region
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific
3.3.2.4 Latin America
3.3.2.5 Middle East & Africa
3.3.3 Industry value chain
3.3.3.1 Suppliers
3.3.3.2 AML technology providers
3.3.3.3 Marketing & distribution channels
3.3.4 Competitive landscape
3.3.4.1 Strategy
3.3.4.2 Business growth
3.4 Evolution of AML
3.5 AML industry architecture
3.6 Fraud triangle and fraud cycle
3.7 AML industry ecosystem analysis
3.7.1 AML software providers
3.7.2 AML service providers
3.7.3 Fraud prevention hardware providers
3.7.4 System integrators
3.7.5 End users
3.7.6 Distribution channel
3.7.7 Profit margin analysis
3.7.8 Vendor matrix
3.8 Patent analysis
3.9 Investment portfolio
3.10 Technology & innovation landscape
3.10.1 Rule based fraud detection
3.10.2 Machine learning and deep learning
3.10.3 Fraud analytics
3.10.4 Blockchain technology
3.11 Regulatory landscape
3.11.1 Data protection regulations
3.11.1.1 Federal Information Security Management Act (FISMA)
3.11.1.2 Health Insurance Portability and Accountability Act (HIPAA)
3.11.1.3 Payment Card Industry Data Security Standard (PCI DSS)
3.11.1.4 The General Data Protection Regulation (GDPR)
3.11.1.5 The Gramm-Leach-Bliley Act (GLB) Act of 1999
3.11.1.6 The Sarbanes-Oxley Act of 2002
3.11.2 Banking regulations
3.11.2.1 Alternative Investment Fund Managers Directive (AIFMD)
3.11.2.2 Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.11.2.3 Basel-III Regulations
3.11.2.4 Dodd–Frank Wall Street Reform and Consumer Protection Act
3.11.2.5 European Market Infrastructure Regulation (EMIR)
3.11.2.6 Foreign Account Tax Compliance Act (FATCA)
3.11.2.7 Indian Contract Act 1872
3.11.2.8 Markets in Financial Instruments Directive (MiFID)
3.11.2.9 Prevention of Money Laundering Act
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.1.1 Increasingly stringent penalties on non-compliance with AML regulations
3.12.1.2 Rise in revenue loss due to numerous financial frauds
3.12.1.3 Growing use of electronic and digital payment methods
3.12.1.4 Increase in the frequency of cyberattacks and frauds
3.12.1.5 Rapid surge in deployment of AI and big data analytics
3.12.2 Industry pitfalls & challenges
3.12.2.1 Higher costs involved in deployment of AML solutions
3.12.2.2 Lack of expertise and limited skillsets in AML industry
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
