The global anti-money laundering (AML) system market size was US$ 2.5 billion in 2021. The global anti-money laundering (AML) system market is forecast to grow to US$ 7.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The increasing adoption of next-generation technologies to ensure task efficiency and analyze historical data will offer ample growth opportunities for the global anti-money laundering (AML) system market.
The rising demand for strong and customized AML solutions majorly in the banking industry will offer ample growth opportunities for the global anti-money laundering (AML) system market.
High initial capital investment in AML systems may limit the growth of the market. On the contrary, a growing number of online banking institutions and trending net banking and other online payment services will benefit the overall anti-money laundering (AML) system market.
Stringent government regulations to implement AML solutions are forecast to benefit the market. The USA Patriot Act, Bank Secrecy Act in the U.S., Canada’s Proceeds of Crime (Money Laundering), Europe’s EU Fourth Anti-money Laundering Directive are some of the well-known acts introduced by the governments. As a result, it will benefit the global anti-money laundering (AML) system market.
Growing urban population and awareness related to online transactions will escalate the growth of the global anti-money laundering (AML) system market.
COVID-19 Impact Analysis
The anti-money laundering system market witnessed significant growth due to the COVID-19 pandemic. Due to the pandemic, the demand for online payments increased steeply. People started adopting zero-contact methods in order to prevent themselves from the virus spreading. The e-commerce segment also registered significant growth. Thus, the global anti-money laundering (AML) system market witnessed significant growth.
Regional Analysis
North America is forecast to dominate the global anti-money laundering system market in terms of revenue. The growth of the market is attributed to the stringent government regulations mandating the implementation of anti-money laundering (AML) systems. In addition, the growing use of e-wallets and other online payment platforms is forecast to contribute to the growth of the global anti-money laundering (AML) system market. Asia-Pacific anti-money laundering (AML) system market is forecast to register considerable growth due to the growing adoption of online platforms for money transactions.
Competitors in the Market
Market Segmentation
The global anti-money laundering (AML) system market segmentation focuses on Type, Deployment, Organization, Platform, and Region.
Based on the type, the anti-money laundering system market has been segmented into–
Based on the deployment, the anti-money laundering system market has been segmented into –
Based on the organization, the anti-money laundering system market has been segmented into –
Based on the end-use, the anti-money laundering system market has been segmented into –
Based on the region, the anti-money laundering system market has been segmented into –
