The global Anti-Money Laundering Market is projected to grow from its current market size of over $2 billion to exceed $13 billion by 2032, as per a recent study by Global Market Insights, Inc.
According to the findings of the most recent study that was carried out by Global Market Insights, Inc., the Anti-Money Laundering Market is expected to expand from its present market size of more than $2 billion to over $13 billion by the year 2032.
Due to the increasing number of financial crimes being reported internationally, the anti-money laundering market is expected to grow until 2032. The need for anti-fraud and anti-money laundering solutions is growing globally as a result of the financial losses that numerous organizations are experiencing due to money laundering, data breaches, cyberattacks, etc. Reliable sources indicate that between 2% and 5% of the world’s GDP, or between USD 800 billion and USD 2 trillion, is laundered annually.
The anti-money laundering market is generally divided into segments based on organization size, application, area, deployment model, component, solution, and service.
Service Segment Predicted to Grow Significantly through 2032
The component expects a large service sector increase through 2032. Cloud-based solutions and AML solution management outsourcing will assist segmental growth in the next years.
Consumer identity management will grow 16.5% by 2032. Solution-focused growth. Customer identity management solutions improve customer experience, data and account security, scalability and dependability, unified customer view, privacy legislation compliance, and sophisticated login options, making them popular.
Professional services would grow at a 17.5% CAGR between 2023 and 2022, according to Service. The growth is being driven by the usage of AML solutions in financial institutions. AML solutions increase productivity, reduce expenses, and enable staff members to address issues immediately.
The market for cloud-based Anti-Money Laundering (AML) is predicted to grow at a CAGR of over 19.5% through 2032. Financial institutions can use cloud-based technologies to adjust their AML procedures and comply with both existing and future AML regulations. Cloud-based deployment offers quick remote configuration, decreased IT personnel requirements, secure remote access, and the newest technologies. These benefits are expected to drive the adoption of cloud-based AML in the coming years.
The major enterprises segment had a revenue share of USD 1.7 billion in 2022. It is expected to increase significantly by 2032. This growth can be attributed to the emphasis on core competencies and the emerging use of AML tools and software. These measures are adopted by major businesses to combat fraud.
IT and telecom held 24.5% of application market share in 2022 and is expected to increase significantly through 2032. Telecom companies utilizing more AML-based tools to thwart illegal transactions will grow the industry.
Through 2032, the Asia Pacific anti-money laundering market is anticipated to grow at a rate of about 20.5% CAGR. Millennials, digitalization, smartphone adoption, and pro-growth government policies are likely to increase regional market outlook.