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DUBLIN–(BUSINESS WIRE)–Sep 30, 2020–
The “Global Anti-money Laundering Market by Component, Solution (KYC/CDD & Watchlist, Transaction Screening, Monitoring), Deployment Mode, End User (Banking & Financials, Gaming/Gambling Organizations), and Region – Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global AML solutions market size is projected to grow from USD 2.2 billion in 2020 to USD 4.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during 2020-2025.
The major growth drivers for the market include stringent government regulation and increased focus of financial institutions on digital payment related issues. However, increased complexities of AML solutions limiting ability of early detection of frauds is restraining the market.
Transaction Screening and Monitoring Solutions to grow at the highest rate during the forecast period
The transaction screening and monitoring solution is developed to meet AML and Counter Terrorism Financing (CTF) requirements, file Suspicious Activity Reports (SARs), and fulfill other reporting obligations resulting into providing organizations with an in-depth analysis of customers’ profile and risk levels and predict future activities. Additionally, the solution prepares comprehensive reports and alerts financial organizations about suspicious activities. Hence, transaction Screening and Monitoring Solution to grow at the highest rate during the forecast period
Large enterprises segment to hold a larger market size during the forecast period
Large enterprises are the early adopters of AML solutions, as they use many business applications that are susceptible to fraudulent attacks. As these enterprises are large, with different types of IT infrastructure, they face the difficult task of effectively managing the security of their applications. Unlike SMEs, large enterprises are well-equipped with technical skills, have higher investment capabilities, and are more exposed to incidents of frauds.