AML Market worth $6.8 billion by 2028, Growing At a CAGR of 24.0% Report by MarketsandMarkets™

Chicago, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The global AML Market size is projected to grow from USD 3.1 billion in 2023 to USD 6.8 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 17.0% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the AML market is being driven by several factors. These include growth in focus toward digital payments and Internet banking and the necessity to create an infrastructure with a 360-degree view of data in the financial landscape.

Browse in-depth TOC on "AML Market"

367 - Tables
49 - Figures
278 - Pages

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AML Market Dynamics:

Drivers:

1. Increased monetary penalties, regulatory sanctions, and reputational loss due to noncompliance with regulations
2. Rise in focus toward digital payments and Internet banking
3. Necessity to create infrastructure with 360-degree view of data in financial landscape

Restraints:

1. Increased technological complexities and sophistication of attacks
2. Budgetary issues in developing in-house fraud detection solutions

Opportunities:

1. Higher adoption of advanced analytics in AML
2. Integration of AI, ML, and big data technologies in developing AML solutions
3. Adoption of cloud-based AML solutions to combat financial crimes
4. Increased use of AML in real estate sector

List of Key Players in AML Market:

• LexisNexis (US)
• Oracle (US)
• FIS (US)
• Fiserv (US)
• Jumio (US)
• NICE Actimize (US)
• SAS Institute (US)
• GB Group (UK)
• FICO (US)
• ACI Worldwide (US)

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The promising growth of the AML market can be attributed to various factors, including the Integration of AI, ML, and big data technologies in developing AML solutions. AML systems can recognize complex patterns of illegal financial activity that may escape traditional rule-based techniques because of AI and ML's power to analyze enormous volumes of data with incredible speed and precision.

Trend: Artificial Intelligence/Machine Learning

AML is an efficient application for AI/ML and has a record of success in banking and insurance. Using AI to detect fraud has aided businesses in improving internal security and simplifying corporate operations. Artificial Intelligence has, therefore, emerged as a significant tool for avoiding financial crimes due to its increased efficiency. After suspecting fraud, AI models may be used to reject transactions altogether, flag them for further investigation, and gauge the likelihood of fraud, allowing investigators to focus their efforts on the most promising instances. AML uses machine learning (ML) extensively, and one important use is anomaly detection, where computers study past transaction data to find patterns that vary from the norm and signal potentially suspicious activity.

By offerings, the solutions segment accounts for a larger market size.

The AML solutions help reduce digital frauds, illegal transactions, tax evasion attempts, and other payment corruptions by identifying and detecting money laundering activities in the system and reporting them to assigned authorities on time. In today's rapidly evolving financial landscape, the significance of AML solutions is more critical than ever. With the surge in financial transactions and the continual innovation of money laundering methods, AML solutions must stay adaptable to remain effective. These solutions offer a range of benefits, including preventing money laundering and terrorism financing, fortifying the financial system's integrity against illicit activities, enhancing customer due diligence and risk assessment, ensuring regulatory compliance, mitigating the risk of penalties, and bolstering the reputation of financial institutions.

By solution type, the KYC/CDD and Sanction Screening segment account for a larger market size.

KYC (Know Your Customer) and CDD (Customer Due Diligence) are integral processes crucial for verifying customers' identities and assessing their risk profiles in financial transactions. Collecting essential customer information and scrutinizing their backgrounds plays a pivotal role in preventing financial crime, safeguarding the financial system from illicit activities like money laundering and terrorist financing, ensuring compliance with anti-money laundering regulations, and establishing trust with customers. KYC and CDD procedures are indispensable safeguards businesses employ to maintain integrity, security, and regulatory adherence, fostering a resilient and trustworthy financial environment.

Governments and regulators worldwide have recently introduced new rules and policies to address the issue of rising anti-money laundering (AML) threats in the real estate industry. Certain governments are considering the establishment of public registers or registries that provide accessible information about property ownership and beneficial ownership.

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