According to the MarkNtel Advisors’ research report, “Global Anti Money Laundering Solution Market Analysis, 2020”, the global anti-money laundering solution market is set to grow at a CAGR of around 18.22% from 2021-25. In 2019, North America acquired the major market on account of increasing non-cash transaction and proliferating e-commerce sector. The growing smartphone penetration coupled with the introduction of IoT and IoE boosted the number of transactions happening regularly, which are further promulgating the growth of anti-money laundering solutions.
The Global Anti-Laundering Solution market is experiencing astronomical growth in the forecast period. This is due to surging internet penetration rate coupled with the adoption of digital payment mode to reduce the money laundering incidences across the globe, which are propelling the demand for the anti-money laundering solution market. Moreover, the increasing m-wallet companies such as Paytm, PayPal, Google Pay are generating the need for a safe and secure payment system is strongly contributing to the growth of the market. Also, the stringent regulations and mandates by the governments in various countries in accordance to reduce the extent of money laundering cases and terrorist funding activities as well as expansion in banking and financial sector are the key contributors to the demand for the anti-money laundering solutions market.
“Global Anti Money Laundering Solution Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and growth opportunities available for anti-money laundering solution providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
KYC system acquired the major market share in 2019, as the KYC system helps the enterprise to keep the credibility of information of the accounts and blocks the unauthorized person to access the information. Moreover, due to the increasing money laundering and fraud cases across the globe, the major organizations especially in the banking sector are deploying KYC systems.
In 2019, Solution segment dominated the market on account of the increasing demand of the same from the banking and financial institutions where numerous transactions take place on a regular basis. To maintain these records there is a need for banking and financial services institution to prevent the miss happenings and frauds.
Moreover, on-premise deployment dominated the Global Anti-Laundering Solution market in 2019 on account of factors such as integration with existing infrastructure. Moreover, the deployment of on-premise anti-money laundering solutions by the small and medium enterprises in propelling the growth. However, the cloud-based solution would dominate in the forthcoming years on account of the factors such as accessibility of information at all points of time and location, and being more economical in comparison to on-premise solutions, as stated in MarkNtel in its research report Global Anti Money Laundering Market Analysis, 2020.
Introduction of New Software by Major Companies to Create Stiff Competition
According to MarkNtel Advisors, with the rise in the money laundering cases and frauds, the companies are launching new software’s and solutions to gain a competitive edge in the industry. The key players with considerable share in the industry include Oracle, FICO, NICE, BAE Systems, SAS Institute, Experian, LexisNexis, FIS Global etc.
Key questions answered in the study: