Asia Pacific Anti-Money Laundering Solution Market
No. of Pages: 169 | Report Code: TIPRE00017969 | Category: Technology, Media and Telecommunications
No. of Pages: 169 | Report Code: TIPRE00017969 | Category: Technology, Media and Telecommunications
An anti-money laundering (AML) solution is deployed to meet the financial institutions' legal requirements for preventing and reporting the activities of money laundering. Increasing online transactions and rising concerns regarding fraudulent transactions have steered the adoption of anti-money laundering solutions across APAC region. Further, supportive government regulations supplement the growth of the APAC anti-money laundering solution market to a significant extent. The governments and regulators in APAC are strongly focusing on adopting the standards set by the intergovernmental Financial Action Task Force (FATF) to reinforce anti-money laundering. Rise in partnerships and increase in product launches are driving the market. For instance, in September 2017, SAS Institute announced its partnership with Sumitomo Mitsui Financial Group, Inc. According to this partnership, Sumitomo Mitsui Banking Corporation deployed SAS AI to detect and report fraudulent transactions. Other factors such as growing adoption of cryptocurrency and advanced data analytics are expected to drive the APAC anti-money laundering solution market during forecast period.
Furthermore, in case of COVID-19, APAC is highly affected specially the China and India. The governments of APAC countries took all possible steps to reduce the effects of the coronavirus pandemic by announcing lockdown. The temporary shutdown of companies resulted in increased digital channels of communication among the customers and organizations. However, during Q1 and Q2 2020, several companies were temporarily shut, which disrupt the anti-money laundering solution vendors and banks. Thus, the market was slightly impacted. With the release of lockdown, the market again started showing signs of growth. Criminals are taking advantage of the global outbreak to carry out financial fraud, which includes advertising and trafficking in counterfeit products, providing fraudulent investment opportunities. In light of growing threats, businesses in the region are taking necessary steps to identify suspicious behavior, investigating it thoroughly and, where appropriate, reporting it to the relevant authorities. Thus, this surges the demand for an anti-money laundering solution. Since the COVID-19 pandemic outbreak, the banks in the region are now focused on transforming their core operations and are working on AI-based technologies. Further, due to pandemics, the vendors are also focused on offering quality self-service capabilities, which are highly customized as per customer’ requirements.
Strategic insights for the Asia Pacific Anti-Money Laundering Solution provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 376.59 Million |
| Market Size by 2027 | US$ 1,681.34 Million |
| Global CAGR (2020 - 2027) | 17.9 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Anti-Money Laundering Solution refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The APAC anti-money laundering solution market is expected to grow from US$ 376.59 million in 2019 to US$ 1,681.34 million by 2027; it is estimated to grow at a CAGR of 17.9 % from 2020 to 2027. Escalating demand for sophisticated transaction monitoring solutions is expected to accelerate the APAC anti-money laundering solution market. Transaction monitoring is a crucial procedure and key control in AML and countering the financing of terrorism (AML/CFT) policies and procedures of financial institutions. The transaction monitoring solution allowed financial institutions to detect and evaluate whether transactions pose suspicion when considered against customers’ respective profiles. Over the years, the financial regulators have intensified their focus on monitoring AML risk activities, including a thrust for the financial institutes to adopt a suitable transaction monitoring process. Furthermore, regulators expect the firms to prove the capability and efficiency of their systems. The transaction monitoring software platforms allowed the financial institutions to configure a range of monitoring scenarios, perform efficient data analysis, and filter out the genuine suspicious activities from the other false positives; thus, gaining significant traction in the APAC market. This, in response, is accelerating the demand for AML enabled with sophisticated transaction monitoring solutions, thereby driving the APAC anti-money laundering solution market.
In terms of component, the software segment accounted for the largest share of the APAC anti-money laundering solution market in 2019. In terms of deployment type, the on-premises segment held a larger market share of the APAC anti-money laundering solution market in 2019. Similarly, in terms of product, the transaction monitoring segment held a larger market share of the APAC anti-money laundering solution market in 2019. Further, the BFSI segment held a larger share of the APAC anti-money laundering solution market based on industry in 2019.
A few major primary and secondary sources referred to for preparing this report on the APAC anti-money laundering solution market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Accenture; ACI WORLDWIDE, INC.; BAE Systems plc; EastNets.com; LexisNexis Risk Solutions Group; Nasdaq Inc.; NICE Ltd.; Open Text Corporation; Oracle Corporation; SAS Institute Inc.
Some of the leading companies are:
The Asia Pacific Anti-Money Laundering Solution Market is valued at US$ 376.59 Million in 2019, it is projected to reach US$ 1,681.34 Million by 2027.
As per our report Asia Pacific Anti-Money Laundering Solution Market, the market size is valued at US$ 376.59 Million in 2019, projecting it to reach US$ 1,681.34 Million by 2027. This translates to a CAGR of approximately 17.9 % during the forecast period.
The Asia Pacific Anti-Money Laundering Solution Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Anti-Money Laundering Solution Market report:
The Asia Pacific Anti-Money Laundering Solution Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Anti-Money Laundering Solution Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Anti-Money Laundering Solution Market value chain can benefit from the information contained in a comprehensive market report.
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