The global anti money laundering market size is expected to reach USD 1.99 billion by 2025, registering a CAGR of 13.6% over the forecast period according to a new report by Grand View Research, Inc. As the detection and prevention of money laundering threats increase with improvements in law enforcement activities, criminals and corrupt individuals are taking substantial care to conceal the sources of their illicit wealth.
Global
concerns about the growing incidences of sophisticated organized crimes,
terrorism, and corruption and their negative impact on peace, security, and
development of countries globally have signaled a need for concerted action by
governments. To meet the various compliance requirements set by governments,
organizations are increasingly adopting solutions such as fraud detection and
anti-money laundering. These solutions are anticipated to establish procedures
to curb practices facilitated by cyber-criminals and corrupt individuals,
reducing the concerns of converting or disguising illegally obtained funds as
legitimate income.
AML
solutions are expected to aid governments in mitigating the risk of anonymity
in transaction and fund transfers that facilitate money laundering activities.
This would help reduce the use of cash-based activities involved in activities
such as drug trafficking, human smuggling and trafficking, and illicit retail
transactions. Moreover, AML is expected to help enterprises to decrease the
risk associated with cross-border transactions and the exploitation of virtual
currency due to threats. AML solutions would subsequently curb activities such
as ransomware, Distributed Denial-Of-Service (DDoS), and malware attacks
conducted for money laundering or fraud.
The
use of advanced technologies such as anonymous online payment portals, online
banking platform, and Peer-to-Peer (P2P) money transfer applications for mobile
phones have led to a notable rise in the number of e-transactions taking place
across the globe in the past few years. While these developments have eased the
way funds can be transferred between two nodes, they have also created
vulnerabilities and several new ways for illegally transferring money that are
more difficult to detect. Moreover, hackers are potentially transferring or
withdrawing money, leaving a minute or no trace of an IP address with the use
of anonymizing software and proxy servers. Thus, it is becoming increasingly
difficult to detect or trace money laundering activities.
To
protect citizens, financial organizations, and businesses from such threats,
major nations worldwide are making continuous efforts to ensure that financial
and other institutions comply with AML requirements. Moreover, several
government regulators have started focusing on advanced FinTech solutions to
detect and report financial crimes. Owing to the rising intensity, frequency,
and sophistication of money laundering and illicit trading activities,
organizations are adopting advanced technologies as legacy solutions fail to
provide sufficient security and soon become obsolete.
Moreover,
the deployment of advanced technology could boost data security and
transparency in financial operations. Regulatory agencies and FinTech companies
are also increasingly collaborating to improve Know Your Customer (KYC) and
Customer Due Diligence (CDD) platforms. Thus, technologies such as
authentication, smartphone-based context-aware authentication, and behavior
analysis, as well as biometrics are anticipated witness increased traction,
subsequently fueling the growth for anti money laundering market.
Full Research Report On Anti Money Laundering Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/anti-money-laundering-market
Anti Money
Laundering Market Report Highlights
- The global market for
anti-money laundering was valued at USD 857.2 million in 2018 and is
expected to register a CAGR of 13.6% from 2019 to 2025
- The software component
segment accounted for the largest revenue share of over 62% in 2018
- The customer identity
management product type segment accounted for the largest revenue share of
over 32% in 2018
- The cloud deployment segment
is anticipated to register the highest CAGR of 16.0% over the forecast
period
- The North American market
accounted for the largest revenue share of over 48% in 2018
- The market for anti-money
laundering is currently dominated by key industry players including
Accenture, ACI Worldwide, Inc.; NICE Actimize, Tata Consultancy Services
Limited, and SAS Institute Inc.
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Anti Money
Laundering Market Segmentation
Grand View Research has segmented
the global anti money laundering market on the basis of component, product
type, deployment, end use, and region:
Anti Money
Laundering Component Outlook (Revenue, USD Million, 2015 - 2025)
- Software
- Services
Anti Money
Laundering Product Type Outlook (Revenue, USD Million, 2015 - 2025)
- Transaction Monitoring
- Customer Identity Management
- Currency Transaction
Reporting
- Compliance Management
Anti Money
Laundering Deployment Outlook (Revenue, USD Million, 2015 - 2025)
- Cloud
- On-Premise
Anti Money
Laundering End-Use Outlook (Revenue, USD Million, 2015 - 2025)
- IT & Telecom
- Healthcare
- Government
- BFSI
- Others
Anti-Money
Laundering Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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