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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Market Segments Covered in AI-based AML Solutions 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
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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.
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.
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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 why?
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