Anti-Money Laundering market to reach USD 9.35 billion by 2032 through technological advancements
From GlobeNewswire: 2024-11-06 09:00:00
The Anti-Money Laundering market is valued at USD 2.53 billion, projected to reach USD 9.35 billion by 2032, growing at a CAGR of 15.67%. Rising financial crimes drive demand for advanced AML solutions, with AI and ML technologies playing a crucial role in real-time monitoring and threat detection. Cross-border transactions and digital banking further fuel market growth.
Major players in the Anti-Money Laundering market include FICO, Oracle, SAS Institute, and more. The market scope includes historical data from 2020-2022, with key regional coverage in North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Growth drivers include cyber-enabled fraud, AI adoption, and stricter KYC requirements globally.
In 2023, the on-premise segment dominated the market, offering customization and enhanced data security for compliance systems. The cloud deployment model is expected to grow significantly from 2024 to 2032, providing flexibility, scalability, and cost benefits. Cloud-based AML solutions streamline operations and facilitate the integration of next-gen technologies like AI and real-time analytics.
Market segmentation includes components like Compliance Management, Currency Transaction Reporting, and Customer Identity Management. Deployment options cater to large enterprises and SMEs, with end-uses spanning BFSI, Government, Healthcare, IT & Telecom, and others. North America led the market share in 2023, driven by a robust regulatory landscape and strict AML enforcement. The market for advanced AML solutions is growing in North America due to complex regulations on financial institutions. Emergent technologies like AI and machine learning are key. Asia Pacific also sees significant growth in AML solutions due to increasing demand from cross-border transactions. Recent developments include FICO’s enhanced AML solution and LexisNexis Risk Solutions’ new compliance tool. For more information, visit SNS Insider’s website.
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