19-Mar-2020: 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.
In
depth research report on Anti Money Laundering Market
Further key
findings from the report suggest:
·
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.
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
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is the
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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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