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Global Anti-Money Laundering Market Report 2024: Impact of Digital Payments on AML DynamicsDUBLIN, Feb. 9, 2024 /PRNewswire/ -- The "Anti-Money Laundering Global Market Report 2024" has been added to ResearchAndMarkets.com's offering. The global financial landscape is witnessing significant trends as the anti-money laundering (AML) market experiences substantial growth, reflecting a proactive stance against financial crime. The market is valued at $2.53 billion in 2023 and is expected to climb to $2.94 billion in 2024, demonstrating a robust compound annual growth rate (CAGR) of 16.0%. A full-scale analysis reveals North America as the leading region in this upsurge, emphasizing the area's pivotal role in shaping AML strategies across the financial sector. Key Growth Factors and Upcoming Trends in AML Market The expanding AML market forecasts continuous advancement, with estimates showing a rise to $5.18 billion by 2028, at a CAGR of 15.2%. The momentum is driven by diverse factors including the enhancement of real-time transaction monitoring, the evolution of Know Your Customer (KYC) processes, and increasing sophistication in automated regulatory reporting. Technology Innovations Spearheading Market Dynamics Technology stands at the forefront, promoting transformative solutions against illegal monetary activities. Innovations like ThetaRay's upgraded anti-money laundering SaaS platform exemplify the industry's commitment to combating financial crime through enhanced detection capabilities and advanced algorithmic interventions. AI at the Core of AML Evolution Artificial intelligence (AI) is revolutionizing anti-money laundering efforts. AI-powered AML products are pivotal, providing financial institutions with sophisticated tools to identify risks and streamline compliance processes. The integration of real-time alerts and machine learning capabilities marks a significant leap forward, and Google Cloud Platform's launch of an AI-infused AML product in June 2023 underscores this trend. Strategic Acquisitions Bolstering Market Position Strategic maneuvers among major industry players, such as the acquisition of Pliance by Verified, are set to redefine automated AML functionalities. These collaborations reflect a broader trend towards the consoidation of AML solutions, enhancing efficiency within the regulatory tech landscape. Impact of Digital Payments on AML Dynamics With a steep surge in digital payment transactions globally, the demand for efficient anti-money laundering solutions is correspondingly high. Increased internet banking activities necessitate robust AML systems to monitor transactions and mitigate associated risks, propelling the market's growth trajectory. Market Components and End-User Application The AML market encompasses critical components like compliance management, currency transaction reporting, and customer identity management. Compliance management underscores the need for ongoing monitoring against non-compliance with regulatory norms, while other components play vital roles in maintaining the integrity of financial transactions. The market services a diverse range of organization sizes and end-users, predominantly within the BFSI sector, underscoring the universal significance of AML systems. This distinct report provides a comprehensive analysis of the anti-money laundering market, encompassing global market sizes, regional shares, competitors, and detailed market segments. It offers insights into market trends, opportunities, and projections, enabling stakeholders to navigate the complexities of AML implementations effectively. Report Coverage The market value represents the revenues earned from AML-related services, including advisory and forensic analytics offerings. It encapsulates consumption values, equating to the revenues generated within the defined market and geographical sphere. This market research report delivers a view of the anti-money laundering landscape, enabling industry players to align with current trends and future projections, thereby fostering informed decision-making processes for strategic market positioning.
Explore the complete report to understand the trajectory of the anti-money laundering market and its far-reaching implications for global financial stability and regulation. A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/gtuds5 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Media Contact: Research and Markets For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1904 Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-anti-money-laundering-market-report-2024-impact-of-digital-payments-on-aml-dynamics-302058463.html SOURCE Research and Markets |