The global AML market is anticipated to grow at a significant CAGR of 15.2% during the forecast period. The increased adoption of AI and ML (machine learning) and advanced technologies in developing AML solutions will fuel the AML market. AI & ML help to identify and deactivate the 98% of cases that are false positives, due to which the adoption of AI & ML has increased in AML solutions. The companies are launching new AI & ML based solutions for AML. For instance, in April 2021, ThetaRay launched AI-based AML analytics which is available on public and private clouds. This new platform practices unsupervised ML to observe financial transactions, integrated data, and alerts. Further, its new cloud purposes to upsurge the speed at which cybersecurity company’s clients, banks and fintech firms can discover likely threats.
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The COVID-19 has given rise in the demand for AML solutions. Owing to restrictions imposed by lockdown there was a shift from offline to online payment system. The rise in online payment via internet, prepaid cards and mobile payment has increased money laundering activities. The transactions are executed without face-to-face interaction between the person making payment and the service provider due to which there is increased possibility of occurance of money laundering activities. Further FATF has levied various regulations to prevent money laundering activities which has forced banks and financial institutions to adopt AML solutions to avoid the penalties framed by regulatory bodies. In case of non-compliace of such regulations the banks attract strict penalties due to which AML solutions are being adopted globally.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global AML Market by Type
- Transaction Monitoring Systems
- Currency Transaction Reporting Systems
- Customer Identity Management Systems
- Compliance Management Software
- Others
Global AML Market by Deployment Type
- Cloud
- On-Premises
Global AML Market by End-Use
- Banking & Financial Institutes
- Insurance Providers
- Government
- Telecom & IT
- Others
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Aci Worldwide Inc.
- Bae Systems Plc
- Experian Information Solutions, Inc.
- Fair Isaac Corp.
- Fenergo Ltd.
- Fiserv Inc.
- Ibm Corp.
- Larsen & Toubro Infotech Ltd.
- Merlon Intelligence, Inc.
- Ml Verify Ltd.
- Nelito Systems Ltd.
- Nice Ltd.
- Oracle Corp.
- Profile Software S.A
- Quantexa Ltd.
- Sas Institute Inc.
- Tata Consultancy Services Ltd.
- Temenos AG
- Transunion
- Verafin Inc.
- Wolters Kluwer Nv
- Workfusion, Inc.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AML market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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