The anti-money laundering market is set to witness substantial growth by 2027 owing to the increasing digitization of the global financial services sector and rising incidences of money laundering as a consequence.
Financial institutions as well as governments around the world are actively employing anti-money laundering solutions to curb financial crimes. The advent of sophisticated anti-money laundering software to accurately track suspicious activities to detect any potential crime, has facilitated market adoption. Moreover, technological advancements by various global Fin-tech companies to enhance surveillance and financial security have boosted product demand in recent years.
Key industry players have been engaging in various lucrative strategies to tap into the rapidly evolving market trends, which has positively impacted the overall business landscape. For instance, in April 2021, NICE Actimize, a leading software company specializing in financial surveillance, crime, and risk solutions, inked a partnership with Refinitiv, a London Stock Exchange Group business, in order to expand market distribution of its cloud-native surveillance solution dubbed, SURVEIL-X. The partnership has enabled NICE Actimize to extend its services across new regions.
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The anti-money laundering market has been bifurcated based on deployment model, organization size, component, application, and region.
Based on component, the market has been divided into solutions (compliance management, customer identity management, transaction monitoring, and currency transaction reporting) and services (professional services and managed services). The transaction monitoring solution segment is anticipated to expand at a CAGR of more than 10% over the analysis period on account of growing penetration across multiple industries.
Under service, the professional services segment held a significant market share of over 60% in 2020 and is expected to progress at a steady pace through the forecast period. Surging demand for deployment, consultation, integration, and maintenance services is likely to boost segmental growth.
Meanwhile, the managed services segment is slated to see optimistic growth by 2027, expanding at a CAGR of more than 15% over the assessment timeline, owing to increasing adoption of Platform-as-a-Service (PaaS) or Software-as-a-service (SaaS).
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With respect to application, the market has further been segmented into healthcare, IT & telecom, retail, government & public sector, BFSI, and transportation & logistics. The government & public sector sub segment accounted for more than 10% market share in 2020 and is speculated to observe considerable growth during the review period due to rising prevalence of digital payments around the world.
The retail sub segment is slated to amass substantial gains, progressing at a CAGR of about 15% over the stipulated timeline. Growing number of online transactions for goods and services worldwide is estimated to fuel segmental growth.
The transportation & logistics sub segment held a sizable market share of almost 5% in 2020 and projected to garner notable gains by 2027, due to soaring demand for analysis, data collection, and demand forecasting.
From the regional perspective, the Latin America anti-money laundering market is foreseen to grow at a CAGR of approximately 15% through the study timeline, owing to the burgeoning e-commerce market.
The Middle East & Africa market recorded a market share of almost 5% of the overall revenue in 2020 and is set to expand steadily throughout the projected period. Rising penetration of big data analytics in the region is predicted to augment market adoption in the coming years.