Home > Pressrelease > Anti-Money Laundering (AML) Market size to exceed $13 Bn by 2032

Anti-Money Laundering (AML) Market size to exceed $13 Bn by 2032

  • Published Date: December 29, 2022

Anti-Money Laundering Market size is projected to reach USD 13 billion by 2032, according to a new research report by Global Market Insights Inc.


Money laundering has raised complications for financial institutions in recent years. The inability of companies to adhere to AML requirements that are set by international governmental bodies has driven the instances of money laundering. Lack of investments in human resources, low investments in systems and processes by financial firms, and reduced senior management commitment are the risks associated with non-compliance with the AML laws.


An increase in the number of financial crimes, such as data breaches, money laundering activities, and cyberattacks accelerates the demand for anti-fraud and anti-money laundering market. However, the high deployment cost of AML systems could hamper their adoption. These solutions require periodic maintenance to ensure that the system runs well and is flexible. The deployment of AML solutions varies based on the size of the firm.


Japan Anti-Money Laundering Market Share, By Organization Size

Get more details on this report - Request Free Sample PDF

Growing need to outsource the management of AML solutions

The services will acquire 34.5% of the AML market revenue share by 2032. The service segment consists of managed services, risk assessment, consultancy, training & education, and support & maintenance. Financial institutions are under pressure to improve monitoring and surveillance systems for detecting and preventing money laundering and terrorist funding. Some of the largest financial institutions worldwide use AML services to detect and mitigate a variety of money laundering and sanctions-related threats. The introduction of cloud-based technologies will complement the AML service segment.


Uptake of CTR reports in the anti-money laundering solutions

The currency transaction reporting solutions accounted for over 28% of anti-money laundering market revenue share in 2022. Currency Transaction Reporting (CTR) is a report made by financial institutions which disclose transactions involving amounts of money equal to or larger than a predetermined value set by the government. The exchange of currencies, withdrawals, deposits, money transfers between accounts, and several other forms of activities are all included in this report. Companies are using automated systems to produce a CTR as soon as a financial transaction exceeding the predetermined limit occurs.


Browse key industry insights spread across 250 pages with 453 market data tables and 39 figures & charts from the report, “Anti-Money Laundering (AML) Market Size By Component (Solution [Customer Identity Management, Compliance Management, Currency Transaction Reporting, Transaction Monitoring], Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Organization Size (Large Enterprises, SMEs), By Application (BFSI, IT & Telecom, Government & Public Sector, Healthcare, Retail, Transportation & Logistics), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:


Need to prevent financial crimes across the government and public sector

The government and public sector are anticipated to witness 18.5% growth rate from 2023 to 2032. Government and public sector organisations are challenged by the problem of unlawful financial activities. These exchanges must be authorised since using money illegally could result in a national security concern like terrorism. To prevent such financial crimes, the government and public sector authorities are employing AML solutions and enhancing their AML compliance framework.


Rising economic crimes to foster North America market

North America anti-money laundering market is expected to grow at a 15.7% CAGR between 2023 and 2032. Economic crimes have expanded dramatically across the region owing to the increased usage of cutting-edge technology like data analytics, AI, machine learning and deep learning. Companies in the region are heavily investing in AML solutions to lower the risk of NPAs, fraud, and subprime loans. The emergence of latest technologies is also assisting firms operating throughout the BFSI sector in adopting a flexible strategy to reduce fraud threats. The regional market will attain lucrative growth due to the presence of major players like FIS, IBM, and Fiserv.

Strategic expansion efforts to boost business expansion

Accenture PLC, Cognizant Technology Solutions Corporation, CaseWare International Inc., Fair Isaac Corporation, Experian PLC, Finacus Solutions Private Limited, Fiserv Inc., FIS, Inc., Lexisnexis Risk Solutions Inc., BAE Systems PLC, Tata Consultancy Services Ltd., ACI Worldwide, Nelito Systems Ltd., Napier Technologies Limited, NICE Actimize, Oracle Corporation, OpenText Corporation, SAS Institute, Inc., Trulioo Information Services Inc and WorkFusion, Inc. are some of the leading companies in the global anti-money laundering market.

Authors: Preeti Wadhwani, Smriti Loomba

Explore More on Related Topics: