Anti-Money Laundering Global Market Report 2024

The global anti-money laundering market has grown rapidly in recent years. It will grow from $2.53 billion in 2023 to $2.94 billion in 2024 at a compound annual growth rate (CAGR) of 16.0%. The growth observed in the historical period can be attributed to several factors, including the globalization of financial transactions, a rise in financial crimes, an increase in digital transactions, government initiatives, and enhanced enforcement measures, along with the growing necessity for regulatory compliance within the financial sector.

The global anti-money laundering market is expected to see rapid growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period can be attributed to several factors, including real-time transaction monitoring, the improvement of Know Your Customer (KYC) processes, automated regulatory reporting, an increasing focus on trade-based money laundering, and enhanced customer monitoring. Key trends expected in the forecast period include a heightened emphasis on transaction monitoring and analysis, the emergence of cryptocurrency and virtual asset AML solutions, the deployment of regulatory technology (RegTech), the integration of biometric authentication in AML processes, and the automation of suspicious activity reporting (SAR). These trends are anticipated to significantly influence and shape the landscape of anti-money laundering practices in the coming years.

The surge in digital payments and internet banking activities is projected to drive the expansion of the anti-money laundering market. Digital payments involve the electronic transfer of funds between accounts using devices like computers, mobile phones, or other digital platforms. Anti-money laundering technologies play a pivotal role in averting online crime and mitigating potential risks associated with money laundering in digital payment ecosystems. For example, in February 2023, India's Ministry of Electronics and Information Technology reported a notable increase in digital payment transactions, recording 8,840 crore transactions in the financial year 2021-22, up from 5,554 crore in the preceding fiscal year. Consequently, the intensified emphasis on digital payment and internet banking is propelling the growth of the anti-money laundering market.

The rise in cyber threats is expected to fuel the expansion of the anti-money laundering market. Cyber threats encompass malicious activities that target digital systems, networks, and devices, posing substantial risks. Anti-money laundering systems serve to identify, prevent, and report financial activities facilitating cybercrimes within financial institutions. Notably, in February 2023, the Australian Cyber Security Centre observed a significant surge in cybercrime reports, tallying 76,000 cases in 2022, marking a 13% increase from the previous year. Moreover, in January 2022, Check Point Research highlighted a 50% upsurge in corporate hacking attacks per week during 2021. As a result, the escalating number of cyber threats is fostering growth within the anti-money laundering market.

Technological advancements stand as a prominent trend driving innovation in the anti-money laundering market. Major market players are actively engaged in developing advanced solutions to effectively combat illegal money laundering and enhance their market positions. For instance, in October 2022, ThetaRay, an Israeli fintech and big data analytics company, introduced an upgraded version of its flagship SONAR advanced SaaS anti-money laundering (AML) platform. This enhanced software version features substantial capability enhancements, empowering FinTechs and banks to swiftly detect and prevent financial crimes through accelerated investigations and the identification of new typologies.

Major players in the anti-money laundering (AML) market are embracing novel technological solutions, such as AI-powered AML products, to fortify their market presence. These AI-based AML solutions leverage sophisticated algorithms and machine learning techniques to sift through extensive financial datasets, streamlining the identification of suspicious transactions and augmenting AML compliance endeavors. For instance, in June 2023, Google LLC's Google Cloud Platform introduced an AI-powered AML product. This innovation harnesses machine learning capabilities to generate risk scores, effectively pinpointing high-risk customers. Moreover, this product delivers real-time alerts concerning the most critical money laundering risks and identifies shifts in transactional data and illicit activities.

In May 2023, Verified, a prominent US-based provider specializing in anti-money laundering (AML) and Know Your Customer (KYC) digital solutions, finalized the acquisition of Pliance for an undisclosed sum. This strategic acquisition by Verified aims to streamline and automate crucial business procedures using digital signatures while integrating advanced AML automation functionalities. Pliance, a Swedish regtech company, specializes in offering automated financial crime compliance solutions, particularly in the domain of anti-money laundering (AML) automation.

Major companies operating in the anti-money laundering market report are NICE Actimize Ltd., Tata Consultancy Services Limited, Trulioo Inc., ACI Worldwide Inc., SAS Institute Inc., Fiserv Inc., Oracle Corporation, Bae Systems India Private Limited, Accenture Solutions Pvt. Ltd., CaseWare RCM Inc., TransUnion Holding Company Inc., Cognizant Technology Solutions Corporation, SAP AG, Jumio Corporation, Comarch SA, Feedzai Inc., Napier Technologies Limited, IBM Corporation., Experian Information Solutions Inc., Truth Technologies Inc., Cs&s Computer Systems Inc., Accuity Inc., ComplyAdvantage Ltd., Refinitiv Holdings Limited, Quantexa Limited, Fenergo Limited, RELX Inc., KPMG International Ltd., Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers LLP, Ernst & Young Global Limited, Thomson Reuters Corporation, FICO TONBELLER AG, Association of Certified Anti-Money Laundering Specialists LLC, Fidelity Information Services LLC

North America was the largest region in the anti-money laundering market in 2023. The regions covered in the anti-money laundering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the anti-money laundering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types within the domain of anti-money laundering include compliance management, currency transaction reporting, customer identity management, and transaction monitoring. Compliance management is utilized to deter and prevent potential offenders from participating in fraud or criminal activities, specifically money laundering. It involves continuous monitoring and evaluation of systems to ensure alignment with business and regulatory policies, industry standards, and security requirements. Components of compliance management encompass software and services, deployed through both cloud and on-premise solutions. The market caters to various organization sizes, including small and medium enterprises, as well as large enterprises, with diverse end-users such as those in the BFSI (Banking, Financial Services, and Insurance), government, healthcare, IT & telecom, and other sectors.

This report provides anti-money laundering market statistics, including anti-money laundering industry global market size, regional shares, competitors with an anti-money laundering market share, detailed anti-money laundering market segments, market trends and opportunities, and any further data you may need to thrive in the anti-money laundering industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The anti-money laundering market includes revenues earned by entities by providing risk rating methodology consulting services, outsourced risk rating, advisory services, forensic analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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