Anti-money Laundering Solution Market Segmentation:
Component (Software, Service)
Software segment is set to dominate majority anti-money laundering solution market share by the end of 2035. The need for sophisticated anti-money laundering systems that can identify and block suspicious transactions in real time has risen due to the rise in sophisticated financial criminal activities such as fraud, cybercrime, and money laundering.
The amount and complexity of financial transactions are growing, as is the use of anti-money laundering software, due to the quick expansion of digital payment channels such as online and mobile banking and cryptocurrencies. NICE Actimize introduced SAM-10, a new anti-laundering program, in April 2023. It uses artificial intelligence (AI) and multilayered analytics to improve the identification of suspicious behavior while lowering false positives.
End Use Industry (BFSI, Defense and Government, Gaming and Gambling)
In anti-money laundering solution market, BFSI segment will account for largest share by 2035. Because the BFSI industry handles so many financial transactions regularly, it is vulnerable to money laundering schemes. Robust AML processes and an increasing volume of transactions help identify and shield consumers from financial crime.
Furthermore, information exchange and coordinated efforts to prevent financial crimes are facilitated by collaboration between BFSI institutions, regulatory bodies, law enforcement, and industry groups. The European Banking Authority introduced EuReCA, the EU's primary database for combating the funding of terrorism and money laundering, in January 2022. This database will function as a reporting mechanism for banks. The EBA will utilize this information to assess ML/TF threats in the EU financial sectors.
Our in-depth analysis of the global anti-money laundering solution market includes the following segments:
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