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Anti-money Laundering Market (AML) Projected to Gain $5.8 billion by 2027

(IT-NEWSWIRE.COM, September 28, 2022 ) MarketsandMarkets forecasts the global AML market size is expected to grow from an estimated value of USD 2.8 billion in 2022 to USD 5.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.9% from 2022 to 2027. Increased monetary penalties, regulatory sanctions, reputational loss due to non-compliance with regulations, focus on digital payments and internet banking, and necessity to create an infrastructure with a 360 - degree view of data in the financial landscape are some of the factors that are driving the market growth.

What is AML?

MarketsandMarkets defines anti-money laundering as a practice by financial institutes such as banks, insurance, or gaming & gambling enterprises to monitor and prevent any illegal activities that support money laundering and terrorist financing. These banks and financial institutes follow a set of policies and regulations during KYC/CDD, transaction screening and monitoring and compliance to avoid fraudulent and illegal activities around the financial systems.

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Competitive overview:

The AML market is led by some of the globally established players such as NICE Actimize (US), SAS Institute Inc. (US), BAE Systems (UK), GB Group PLC (UK), FICO (US), Oracle(US), Experian (Ireland), Fiserv (US), LexisNexis (US), FIS (US), and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.

LexisNexis Risk Solutions is one of the leading providers of fraud detection, identity verification, AML software, and authentication solutions. It is a part of RELX Group, a global provider of information and analytics for professional and business customers across industries. LexisNexis Risk Solutions provides customers with solutions and decision tools, which combine public- and industry-specific content with advanced technologies, especially data and advanced analytics, to assist them in evaluating and predicting risks and enhancing operational efficiency. It enables organizations to manage risks, such as identity theft, fraud, money laundering, and terrorism and prevent financial crimes and insurance and government-benefit scams. For AML, LexisNexis Risk Solutions offers AML Insight, WorldCompliance data and online search tool, compliance management, data management, and investigation solutions to help customers make confident business decisions and protect them from money laundering, fraud, and non-compliance. LexisNexis has a significant global presence and offers solutions in the Americas, Asia Pacific, Europe, and the Middle East. It caters to a wide range of verticals, including financial services, healthcare, and government.

Apart from large vendors, some SME and start-ups such as IDMERIT, Napier AI, IMTF, Innovative Systems, Sedicii, Trulioo, NameScan, DataVisor, and Gurucul are also evolving in the AML market space. Among these, Napier AI is the world’s first end-to-end intelligent compliance platform provider which offers an evolving suite of intelligent compliance products. The suite aims at capturing and sharing best practices across all sectors. For AML, it provides a next-generation intelligent compliance platform. The Napier platform is fast, scalable, and easily configurable. It rapidly strengthens AML defenses and compliance capabilities, while it also meets compliance obligations in any sector. Napier also offers transaction monitoring, payment screening, client screening, and TransWatch 2.0, among others, for AML. Its AML solutions increase efficiency and minimize risks by successfully combining Big Data technologies with AI and ML. These solutions reduce false positives and negatives and enable compliance teams to make validated decisions faster and more accurately.

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According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period of 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide AML solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.

Anti-money Laundering Market (AML) by Component, Solution (KYC/CDD & Sanctions Screening, Transaction Monitoring, and Case Management & Reporting), Organization Size, Deployment Mode (On-Premises, Cloud), End User & Region - Global Forecast to 2027

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441


Mr. Aashish Mehra


Source: EmailWire.Com


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