The global AML market is anticipated to grow at a significant CAGR of 15.2% during the forecast period. The increased adoption of AI and ML (machine learning) and advanced technologies in developing AML solutions will fuel the AML market. AI & ML help to identify and deactivate the 98% of cases that are false positives, due to which the adoption of AI & ML has increased in AML solutions. The companies are launching new AI & ML based solutions for AML. For instance, in April 2021, ThetaRay launched AI-based AML analytics which is available on public and private clouds. This new platform practices unsupervised ML to observe financial transactions, integrated data, and alerts. Further, its new cloud purposes to upsurge the speed at which cybersecurity company’s clients, banks and fintech firms can discover likely threats.
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Impact of COVID-19 Pandemic on Global AML Market
The COVID-19 has given rise in the demand for AML solutions. Owing to restrictions imposed by lockdown there was a shift from offline to online payment system. The rise in online payment via internet, prepaid cards and mobile payment has increased money laundering activities. The transactions are executed without face-to-face interaction between the person making payment and the service provider due to which there is increased possibility of occurance of money laundering activities. Further FATF has levied various regulations to prevent money laundering activities which has forced banks and financial institutions to adopt AML solutions to avoid the penalties framed by regulatory bodies. In case of non-compliace of such regulations the banks attract strict penalties due to which AML solutions are being adopted globally.
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Global AML Market Segmentation
By Type
- Transaction Monitoring Systems
- Currency Transaction Reporting Systems
- Customer Identity Management Systems
- Compliance Management Software
- Others
By Deployment Type
- Cloud
- On-Premises
By End-Use
- Banking & Financial Institutes
- Insurance Providers
- Government
- Telecom & IT
- Others
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
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