AI-Based Anti-Money Laundering (AML) Solutions Market By Use Case (Transaction Monitoring, KYC, Crime Pattern Detection), By End User (Banks, Insurance Companies, Asset Management, Money Service Businesses, Securities), By Region
According to a new study by Fact.MR, a market research and competitive intelligence provider, the global AI-based anti-money laundering (AML) solutions market is anticipated to add 8X value by 2031.
To strengthen the financial systems against money laundering, terrorist financing, and other financial crimes, artificial intelligence-based anti-money laundering (AML) compliance has been helping the financial system with its robust capabilities. AI-enabled AML technology compliance has changed dramatically with the addition of regulatory layers in the financial jurisdiction. Large and small banks are expected to spend 0.5% to 1.4% of their operating expenses on AI-based AML solutions.
Increasing anti-money laundering activities and the inability to track them is forcing regulators to fine financial institutions, owing to which, these institutions have increased their investments towards the same. Based on researches, American banks are spending nearly US$ 23.5 Bn, followed by European banks at US$ 20 Bn, every year on AML solutions.
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Key Takeaways from Market Study
- Banks, as end users, capture nearly half of the global market share, and are set to create an absolute $ opportunity of more than US$ 25 Bn over 2021-2031
- Among the use cases, fraud, risk & compliance has been the fastest-growing segment.
- The Europe AI-based AML solutions market set to dominate in 2021, where Germany and France are set to acquire more than one-fourth market share and generate abundant revenue.
- The market in China and Thailand is expected to dominate Asia Pacific with more than one-third and one-sixth market share, respectively.
Competitive Landscape
The AI-based anti-money laundering solutions industry is fragmented in nature, where market leaders are dominating due to their global reach and funds. There are numerous new players who are also acquiring a share in the global market and challenging the big players.
Moreover, companies are dedicatedly focusing on geographical expansion, product up-gradation, and much more. Some of the recent developments of key AI-based AML service providers are:
- On 11th February 2021, Nice Actimize launched WL-X, its breakthrough, next-generation Watch List (WL) screening solution leveraging the power of artificial intelligence for superior data management, advanced screening capabilities, and frictionless customer on-boarding.
- On 29th April 2021, NICE Actimize and Refinitiv partnered to offer the NICE Actimize’s SURVEIL-X Holistic Surveillance Suite to the Asia Pacific market.
- On 22nd June 2021, ComplAdvantage added Know Your Business (KYB) data to create the industry’s first unified and most comprehensive data graph of individuals and business entities. KYB is the process to verify the identity and understand the risk of business customers, either before or during their on-boarding to a service.
- On 9th June 2021, Pega Systems partnered with WithYouWithMe, a tech organisation that is making talent more accessible globally, to provide free training to WithYouWithMe students to train up Pega certified professionals, ready to start work on projects that require the specific Pega qualifications in process automation to help fulfil the digital skills gap.
- On 29th April 2020, Temenos AG launched eight propositions – using innovative Explainable AI (XAI) and cloud technologies – to help banks in their immediate response to the COVID-19 crisis.
- On 24th February 2021, Ayasdi launched Sensa, a pioneering solution for AML and financial crime detection to thwart money laundering activities.
- On 27th April 2021, AI-based big data analytics provider ThetaRay as launched SONAR Solutions, an AML cross-border payments solution as a cloud-based service.
Market Participants
- ACI Worldwide, Inc.
- FICO (Fair, Isaac and Company)
- SAS Institute Inc.
- Brighterion, Inc.
- IBM
- Genpact Limited
- Fenergo
- Compliance AI
- BAE Systems
- Temenos AG
- Pegasystems Inc.
- ComplyAdvantage
- NICE Actimize
- DataVisor Inc.
- Featurespace Limited
- ThetaRay
- Ayasdi AI LLC
- Feeszai Inc.
- Jumio Inc.
- Tookitaki Holding Pte. Ltd
Industry Research
- By End User
- Banks
- Insurance Companies
- Asset Management
- Money Service Businesses
- Securities
- Other FSIs
- By Use Case
- Transaction Monitoring
- KYC (Know Your Customer)
- Fraud, Risk & Compliance
- Trade AML
- Capital Markets AML
- Correspondent Banking AML
- Fraud
- Credit Risk
- Crime Pattern Detection
- Risk Scoring Customers and Accounts
- Watch-List Screening
- Alert Management and Reporting
- Other Solutions
After reading the AI-Based Anti-Money Laundering (AML) Solutions Market report, readers can:
- Understand the drivers, restraints, opportunities and trends affecting the growth of the global .
- Analyze key regions holding significant share of the total AI-Based Anti-Money Laundering (AML) Solutions Market revenue.
- Study the growth outlook of the global AI-Based Anti-Money Laundering (AML) Solutions Market scenario, including production, consumption, history and forecast.
- Learn consumption pattern and impact of each end use on the AI-Based Anti-Money Laundering (AML) Solutions Market growth.
- Investigate the recent R&D projects performed by each AI-Based Anti-Money Laundering (AML) Solutions Market player.
The AI-Based Anti-Money Laundering (AML) Solutions Market report answers important questions which include:
- What does the status of the AI-Based Anti-Money Laundering (AML) Solutions Market look?
- AI-Based Anti-Money Laundering (AML) Solutions Market look like after the forecast period?
- Which region has the highest contribution to AI-Based Anti-Money Laundering (AML) Solutions Market Devices
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