(Wireless-NewsWire.Com, September 09, 2019 ) According to a research report "Anti-Money Laundering Solution Market by Component, Technology Type (KYC Systems, Transaction Monitoring, Case Management, Compliance Management, Auditing and Reporting), Deployment Mode, Organization Size, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Anti-Money Laundering (AML) solution market is expected to grow from USD 1.5 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period.
The major aspects driving the AML solution market include increase in money laundering and terrorist funding activities; increase in stringent compliance requirements and mandates; and an increase in the adoption of digital payment modes. The AML solution market is growing drastically on account of the proliferation of cloud-based services in the Banking, Financial Services and Insurance (BFSI) sector and increasing Money Laundering and Terrorist Financing (ML/TF) activities and frauds in this sector.
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Know Your Customer systems technology segment to grow at the highest CAGR during the forecast period
The Know You Customer (KYC) technology refers to the process of verifying the identity of the users. Authentication plays a crucial role in the AML solution market. Financial institutions hold a high level of responsibility to prevent financial crime. These instituties establish KYC and AML policies, to on-board genuine customers, which helps to keep track of customer transactions. KYC systems help enterprises maintain the credibility of transactions/information by blocking unauthorized access to the information or identifying false inputs from its users. KYC is a fundamental practice to protect an organization from fraud and losses resulting from illegal funds and transactions. Due to increasing money laundering activities, organizations are deploying KYC systems to keep track of all the transactions.
Managed services to grow at a higher CAGR during the forecast period
An increase in the number of customers demanding for managed services across the globe is expected to result in higher growth of AML services. Managed services include managing databases and collecting data. These services are outsourced to Managed Service Providers (MSP). Managed Security Service Providers (MSSPs) offer specialized security services to other companies whereas Managed Security Services (MSS) are available in many forms, such as pure system management, sophisticated fraud investigators, on-premises device monitoring and management services, and cloud services. Since these services require attention regularly, it becomes difficult for BFSI organizations to manage them along with their core business operations. Therefore, these companies are rapidly outsourcing their AML services to specialized service providers known as MSSPs.
Asia Pacific to grow at the highest CAGR in the market during the forecast period
The primary forces driving the APAC market growth are rising eCommerce and non-cash transactions, and the increase in the number of startups in APAC countries, especially India. In recent years, the APAC region has witnessed tremendous economic growth, political transformations, and social changes. The region has a large number of established Small and Medium-sized Enterprises (SMEs) in the BFSI sector, which are growing at an exponential rate to cater to their broad customer base. The financial sector in this region is gaining demand owing to the value of proposition seen by customers. Moreover, the ease of transactions due to the advent of digital transactions, low premiums, and high term amounts are luring customers to invest in this sector.
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Various growth strategies have been adopted by the major players to increase their market presence, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments. Some of the major technology vendors in the AML solution market are FICO (US), NICE (Israel), BAE Systems (UK), SAS Institute (US), Experian (Ireland), LexisNexis (US), FIS Global (US), CaseWare (Canada), WorkFusion (US), Fiserv (US), ACI Worldwide (US), TransUnion (US), Oracle (US), Finacus Solutions (India), and Nelito Systems (India).
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