DUBLIN–(BUSINESS WIRE)–Jan 29, 2021–
The "Anti-Money Laundering Solution Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Component, Deployment Type, Product, Industry" report has been added to ResearchAndMarkets.com’s offering.
The market was valued at US$ 1,503.99 million in 2019 and is projected to reach US$ 5,866.51 million by 2027; it is expected to grow at a CAGR of 16.2% from 2020 to 2027.
Several regions across the world are witnessing high growth in digitalization in the banking sector. Government initiatives for digitalization have increased the importance of digital payments among consumers. This factor has resulted in the emergence of several digital payment wallets giving tough competition to the banks.
Presently, financial technology enables consumers to make transactions through various platforms, such as laptops and mobile devices. The ability to perform financial transactions on laptops and mobile devices is so unified that consumers take it for granted.
Recent surveys specify that ~75% of people have used digital payment at least once; however, the growing digital payments services is surging new risks in the financial system. In the past years, banks traditionally performed financial assessing of their direct customers and their transactions and payments. With the emergence of digital payments, intermediaries are the link between the bank and the end client, leaving banks vulnerable to customer malfeasance.
At present, the regulatory focus is centered on limiting money-laundering risks related to digital payment methods, such as e-payments and mobile wallets. Further, the top priority is being given to combat cybercrime and limit potential money-laundering risks. Regulators are focused on financial crime and cybersecurity risks in digital payments.
Singapore, for instance, passed legislation, which ranks the intermediaries by risk level and allocates tiered capital needs and AML responsibilities. Thus, the huge focus of financial institutions on limiting the digital payment issues is anticipated to propel the market growth.
Impact of COVID-19 on Anti-Money Laundering Solution Market
North America is one of the most important regions for adopting and developing new technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region negatively. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 17,515,091 confirmed cases and 313,748 deaths as per WHO.
US is a prominent market for anti-money laundering solutions. Criminals in the region have been exploiting the disturbance created by the global pandemic to gain profits from numerous crimes such as fraud via electronic means, the sale of counterfeit products, and cybercrime.
To prevent such threats, communities engaged in action against money laundering are taking measures to identify challenges. International cooperation against terrorist financing and money laundering does not appear to be negatively impacted by the global pandemic.
Key Topics Covered:
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Anti-Money Laundering Solution Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Anti-Money Laundering Solution Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Focus of FinTech on Implementing Automated Anti-Money Laundering Systems
5.1.2 Rising Demand for Sophisticated Transaction Monitoring Solutions
5.1.3 Increasing Focus on Limiting Risks Related to Digital Payment Methods
5.2 Market Restraints
5.2.1 Increasingly Complicating Structure and Technology of Anti-Money Laundering Solutions
5.3 Market Opportunities
5.3.1 Rising Adoption of Cryptocurrency
5.3.2 Surging Adoption of Advanced Analytics
5.4 Future Trends
5.4.1 Information Sharing Among Banks and Other Financial Institutions
5.5 Impact Analysis of Drivers & Restraints
6. Anti-Money Laundering Solution Market – Global Analysis
6.1 Anti-Money Laundering Solution Market Global Overview
6.2 Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)
6.3 Global Market Positioning – Five Key Players
7. Anti-Money Laundering Solution Market Analysis – By Deployment type
7.2 Anti-Money Laundering Solution Market, by Deployment Type, (2019 and 2027)
8. Anti-Money Laundering Solution Market Analysis – By Component
8.2 Anti-Money Laundering Solution Market Breakdown, by Component, (2019 and 2027)
9. Anti-Money Laundering Solution Market Analysis – By Product
9.2 Anti-Money Laundering Solution Market Breakdown, by Product, (2019 and 2027)
9.3 Transaction Monitoring
9.4 Compliance Management
9.5 Currency Transaction Reporting
9.6 Customer Identity Management
10. Anti-Money Laundering Solution Market Analysis – By Industry
10.2 Anti-Money Laundering Solution Market Breakdown, by Industry Vertical, (2019 and 2027)
10.6 IT and Telecom
11. Anti-Money Laundering Solution Market – Geographic Analysis
12. Impact of COVID-19 Pandemic on Anti-Money Laundering Solution Market
13. Global Anti-Money Laundering Solution Market-Industry Landscape
13.2 Market Initiative
13.3 Merger and Acquisition
13.4 New Development
14. Company Profiles
- ACI WORLDWIDE, INC
- BAE Systems plc
- LexisNexis Risk Solutions Group
- Nasdaq Inc
- NICE Ltd.
- Open Text Corporation
- Oracle Corporation
- SAS Institute Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wmco1x
View source version on businesswire.com:https://www.businesswire.com/news/home/20210129005189/en/
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INDUSTRY KEYWORD: TECHNOLOGY OTHER TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 01/29/2021 05:03 AM/DISC: 01/29/2021 05:03 AM