Anti-Money Laundering Solutions Market Size is Driven by Growing Demand for Sophisticated Transaction Monitoring Solutions by 2027
NEW YORK, USA, April 4, 2022 /EINPresswire.com/ — According to a new study by The Insight Partners on “the anti-money laundering solutions market was valued at US$1,503.99 million in 2019 and is expected to reach US$5,866.51 million by 2027; The growing focus of FinTech companies on implementing automated anti-money laundering systems is driving the growth of the market. However, the growing emphasis on risk control of digital payment methods is hampering the growth of the market.
Market size value in – 1,764.39 million US$ in 2020
Market size value of – US$5,866.51 million by 2027
Growth rate – CAGR of 16.2% from 2020 to 2027
Forecast Period – 2020-2027
Base year – 2020
Number of pages – 214
Tables number – 110
Number of graphs and figures – 94
Historical data available – Yes
Segments Covered – Component, Deployment Type, Product, Industry
Regional scope – North America; Europe; Asia Pacific; Latin America; AEM
National reach – United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage – Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors and Trends
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Due to the growing connection between FinTech and AML solutions, the Association of Certified Anti-Money Laundering Specialists has announced the launch of a new certification program in December 2020, for FinTech companies looking to meet regulatory standards. The association has developed the Certified AML FinTech Compliance Associate program in collaboration with FINTRAIL. The program is designed to augment the compliance toolkit of FinTech personnel working in financial crime prevention at the entry level. Thus, the growing focus of FinTech companies on implementing AML solutions is propelling the growth of the market.
Technological advancements lead to an increase in the number of cybercriminals. FinTech companies have the potential to help banks around the world stay competitive in the global marketplace. Whether it’s digital currency tracking, machine learning, or data logging, more robust systems, combined with advances in technology, have been proactive in the fight against money laundering. Due to the growing adoption of digital transactions by consumers and subsequent transaction volumes in competitive FinTech companies in 2019, many companies have moved to automated anti-money laundering practices. Automated anti-money laundering systems provide a negligible amount of false positives compared to those generated by traditional data and technology.
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Sharing information between banks and other financial institutions
While information sharing has seen success among regulators and banks, the market is expected to see it become more prevalent among smaller financial institutions in the coming years. In order to ensure the success of this trend, the anti-money laundering market landscape could also see a culture of collaboration. Additionally, the market is expected to encounter various obstacles in sharing information, which could include inconsistency of territorial regulation and privacy legislation. During the period, information sharing has become critically important to effectively combat financial crime. Companies around the world have faced challenges over the traditional tendency not to share information due to the threat of whistleblowing and privacy concerns. For years to come, FinTech and technologies are expected to have a significant influence in structuring the information sharing process.
Anti-Money Laundering Solutions Market: Segmental Overview
Among common deployment types, on-premises deployment offers a huge advantage to enterprises by allowing them to keep all of their current business processes and internal systems, such as authentication and access privileges, within their physical boundaries. Additionally, companies can implement their own data security standards and control all processes hosted within their restriction. They also have the ability to easily leverage existing hardware investments while providing their employees with a cloud-like experience. On the other hand, cloud deployment type is a model where the data is stored in the third-party cloud provider. Customers have no control over the location of the infrastructure; this implies that if a provider’s data center is breached, the company will have no control over how long the outage lasts or what data may be breached. All customers across clouds share the same infrastructure pool with tight security protections, configuration, and accessibility gaps.
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The players operating in the anti-money laundering solutions market are majorly focused on developing advanced and effective products.
In 2020, BAE Systems Applied Intelligence announced a new offering made on Amazon Web Services (AWS) to deliver comprehensive anti-money laundering regulatory compliance solutions.
In 2020, OpenText declared a new partnership with Amazon Web Services (AWS). With this agreement, OpenText will provide customers with greater choice in deploying their business-critical information management solutions.
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The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
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Press release: https://www.theinsightpartners.com/pr/anti-money-laundering-solution-market