![]() ![]() This can be attributed to the high internet penetration in the U.S. In 2020, North America held the largest share in the anti-money laundering industry. North America Is Largest Market for Anti-Money Laundering Solutions It would, additionally, show significant growth in the upcoming years owing to the many benefits provided by solutions deployed on the premises, such as full control over the applications, data, platforms, and systems. The on-premises category, on the basis of deployment mode, held the larger share in the global anti-money laundering market in 2020. On-Premises Category To Grow during Forecast Period Due to a rise in the usage of banking and financial services, the incidence of fraud and money laundering has increased, which is driving the growth of the global anti-money laundering market. This can be credited to the increasing adoption of banking and financial services worldwide, such as commercial banking, pension funds, and retail banking, and advancements in the digital banking technology. The banks and other financial institutions category held the largest share in the market in 2020, on the basis of end-user. Thus, the demand for AML solutions is increasing.īanks and Other Financial Institutions Hold Largest Share The COVID-19 pandemic has positively affected the global anti-money laundering market, as due to the implementation of lockdown in many countries, the volume of digital payments and use of digital wallets has increased, with people shifting to digital platforms. Further, the growth in information technology (IT) spending is boosting the demand for AML solutions. The key factors behind the growth of the market are the rise in the number of money laundering cases and increase in the requirement for monitoring money laundering activities. The global anti-money laundering market generated ~$3 billion revenue in 2020, and it is predicted to show a substantial growth rate during the forecast period (2021–2030). ![]()
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