The Anti-Money Laundering Market is set to grow from its current market value of more than $2 billion to over $13 billion by 2032; as reported in the latest study by Global Market Insights, Inc.
Anti-Money Laundering Market is anticipated to expand through 2032, due to the rising cases of financial crimes being recorded globally. Various organizations are as well facing financial losses such as money laundering, data breaches, cyberattacks, etc., thus fostering the demand for anti-fraud and anti-money laundering solutions across the globe. According to reliable reports, the approximate amount of money laundered per year is 2% to 5% of the global GDP worldwide, or USD 800 billion to USD 2 trillion.
Overall, the anti-money laundering industry is segmented in terms of component, solution, service, deployment model, organization size, application, and region.
Based on the component, the service segment is anticipated to demonstrate notable growth through 2032. The rising adoption of cloud-based solutions and increasing demand for outsourcing AML solution management services will support the segmental growth in the coming years.
Considering the solution, the customer identity management segment is expected to exhibit over 16.5% CAGR by 2032. Streamlined customer experience, security for data and accounts, scalability and uptime, unified customer view, compliance with privacy regulations, and advanced login options are some of the key benefits projected to escalate the customer identity management solution adoption.
By service, the professional service segment is projected to depict more than 17.5% CAGR during 2023-2022. The growth can be attributed to the mounting use of AML solutions in financial institutions. AML solutions assist in solving the issues in real-time, enhance operational efficiency, and decreases operational costs across professional business.
Based on the deployment model, the cloud-based AML industry is poised to depict over 19.5% CAGR through 2032. Cloud-based solutions enable financial institutions to modify their AML procedures to avoid the consequence and comply with present and future AML regulations. Moreover, speedy remote configuration, leaner IT teams, secure remote access, and the ability to leverage innovative technology are some of the key advantages of the cloud-based deployment model that are anticipated to spur its adoption in the coming years.
Considering the organization size, the large enterprises segment registered over USD 1.7 billion revenue share in 2022 and is slated to grow considerably by 2032 end. The growth can be attributed to budding use of AML tools and software in large enterprises for avoiding fraud and growing emphasis on core competencies.
By application, the IT and telecom segment held over 24.5% revenue share in 2022 and is expected to expand substantially through 2032. The increased deployment of AML-based tools and solutions by telecom companies to avert any illegal transaction will drive the market growth.
Regionally, the Asia Pacific anti-money laundering market is estimated to clock over 20.5% CAGR through 2032. Increasing penetration of smartphones, rising adoption of digitalization, the millennial population, and supportive government initiatives are key factors anticipated to escalate the regional market outlook.
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