PUNE, India, Sept. 20, 2022 /PRNewswire/ — ReportsnReports added a Global Anti-money Laundering Market (AML) In-Depth Analysis and Forecast to 2027 research report to its online research database. The global AML market size is expected to grow from an estimated value of USD 2.8 billion in 2022 USD 5.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.9% from 2022 to 2027.
Some of the factors that are driving the market growth include monetary penalties, regulatory sanctions, and reputational loss due to non-compliance with regulations, growing focus towards digital payments, and the necessity to create a 360-degree view of data in the financial landscape. However, lack of skilled AML professionals with in-depth knowledge and lack of awareness related to government regulations and deployment of AML solutions are expected to hinder the market growth.
Download a Free Sample Report at https://www.reportsnreports.com/contacts/requestsample.aspx?name=3693493
By Solutions, Insurance to grow at the highest CAGR during the forecasted period
Insurance includes life insurance, health insurance, travel insurance, corporate insurance, and vehicle insurance. Insurance firms offer flexible policies and investment products and services. These products and services allow customers to deposit and withdraw a large amount of money in terms of cash. These flexible offerings and the massive flow of funds in the Life Insurance business have made this industry vulnerable to money laundering and other illegal activities in the insurance industry. Authorities have imposed AML regulations on insurance covering the transaction monitoring and sanction screening obligation. In the US, the Bank Secrecy Act (BSA) has imposed regulations related to transaction monitoring on insurance firms to track cash flows. To keep a track of money coming in and out of the systems, government and financial bodies implement guidelines specific to the insurance industry, which are expected to fuel the adoption of AML solutions. Thus, the Insurance sector is expected to grow at the highest CAGR during the forecasted period.
By Organization, Large enterprises to account for a larger market size during the forecasted period
By organization size, Enterprises are categorized into Large and Small and medium sized enterprises (SMEs). Enterprises with more than 1,000 employees are considered large enterprises. Large enterprises are the early adopters of AML solutions, as they use many business applications susceptible to fraudulent attacks. As these enterprises are large, with different types of IT infrastructure, they face the difficult task of effectively managing the security of their applications. Unlike SMEs, large enterprises are well-equipped with technical skills, have higher investment capabilities, and are more exposed to incidents of fraud. This has led to higher awareness levels among large enterprises. Large enterprises are rich with resources and offer a number of options for money transactions to customers worldwide. Due to this, large banks, casinos, and insurance companies are more vulnerable than SMEs, due to which large enterprises account for a larger market share than SMEs.
For More Details Inquire at https://www.reportsnreports.com/contacts/inquirybeforebuy.aspx?name=3693493
By Region, North America to grow at the highest market size during the forecasted period
Due to the presence of major vendors of AML solutions and services in the North America region and continuous innovations such as the implementation of AI and ML in AML solutions, North America is expected to hold the largest market size during the forecast period. There are two authorities present in the US: BSA and deer Patriot. These authorities create regulations and policies to combat financial crimes in the country. Such regulatory norms are the major foundations for dependence on AML solutions, which in turn, promote market growth. Also, the increasing technological advancements and rising money laundering cases fuel the AML market Canada. AML vendors in this country adopt advanced AI- and ML-based AML solutions to defend their systems against suspicious transactions. Hence, organizations in Canada are taking modern measures against money laundering and applying a risk-based approach to combat financial crimes, thus increasing the market growth.
Breakdown of primaries:
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the SOC as a Service market.
- By company type: Tier 1:35%, Tier 2:40%, and Tier 3:20%
- By designation: C-level: 40%, Managerial and other levels: 60%
- By region: North America:20%, Europe: 35%, APAC: 45%
Major vendors in the global Anti-money Laundering Market include FICO (US), Fiserv (US), BAE systems (UK), LexisNexis (US), SAP (Germany), SAS Institute (US), ACI Worldwide (US), FIS (US)Oracle (US), Experian (Ireland), Jumio Corporation (US), Nice Actimize (US), GB group plc (UK), Nelito systems (India), Wolters Kluwer financial services (The Netherlands), Comarch SA (Poland), Allsec technologies ltd (US), Dixtior (Portugal), Temenos (bEhinD), TCS (India), Comply Advantage (UK), Featurespace (UK), Feedzai (US), Napier Al (UK), Tier 1 financial solutions (Canada), Finacus solutions pvt ltd (India), FRISS (Netherlands), IDMERIT (US), IMTF (bEhinD), Innovative systems (US), Sedicii (Ireland), Truelioo (Canada), NameScan (australian), DataVisor, Inc (US), Gurucul (US), Transunion (US).
The study includes an in-depth competitive analysis of the key players in the AML market, with their company profiles, recent developments, and key market strategies.
Direct Purchase of the Global Anti-money Laundering Market Research Report at https://www.reportsnreports.com/purchase.aspx?name=3693493
The report segments the AML market and forecast its size, by component (Solutions and services), organization size (SMEs, large enterprises), deployment mode (On-premises, cloud), end users (Banking & financial institutes, Insurance, Gaming & Gambling) and by region (North America, Europe, Asia PacificMEA, and Latin America).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Another Related Report:
Global Anti-money Laundering Monitoring System Market 2022 by Company, Regions, Type and Application, Forecast to 2028 – The Anti-money Laundering Monitoring System market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization , trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations. Global key companies of Anti-money Laundering Monitoring System include ACI Worldwide (US), BAE Systems (UK), Nice Actimize (US), FICO (US), and SAS Institute (US), etc. Download a Free Sample Copy at https://www.reportsnreports.com/purchase.aspx?name=5764330
ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets.
Tower B5, office 101,
catch up, Pune-411013, India
Connect With Us on: