Europe Anti-Money Laundering Solution Market
No. of Pages: 166 | Report Code: TIPRE00018129 | Category: Technology, Media and Telecommunications
No. of Pages: 166 | Report Code: TIPRE00018129 | 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 Europe. Further, supportive government regulations supplement the growth of the Europe anti-money laundering solution market to a significant extent. The adoption of anti-money laundering solutions across Europe region has increased over the years due to growing concerns for fraudulent activities and rising online transactions across various verticals. Further, growth in technological advancements, emergence of crypto-currencies, and rise in the adoption of cloud-based solutions supplement the demand for anti-money laundering solutions across Europe. A significant number of players are present in the Europe anti-money laundering solution market. Rise in partnerships and increase in product launches are driving the Europe anti-money laundering solution market. Also, other factors such as growing focus on limiting risks related to digital payment methods is also expected to drive the Europe anti-money laundering solution market.
Furthermore, in case of COVID-19, Europe is highly affected specially the UK and Russia. Businesses in the region are facing severe economic difficulties as they had either to suspend their operations or reduce their activities in a substantial manner. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit coronavirus spread among its citizens. European countries represent a major market for anti-money laundering solutions due to the adoption of cloud technologies in the BFSI sector. The region has also witnessed a growth in the number of fintech. Reporting from Financial Action Task Force (FATF) members indicates that online criminals have attempted to profit from the global pandemic through rising fraudulent activities. MONEYVAL, a permanent monitoring body of the Council of Europe, has identified challenges and policy responses to prevent money laundering. In Europe, the COVID-19 pandemic is impacting government and private sectors’ abilities to execute AML obligations.
Strategic insights for the Europe 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$ 435.15 Million |
| Market Size by 2027 | US$ 1,713.02 Million |
| Global CAGR (2020 - 2027) | 16.3 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe 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 Europe anti-money laundering solution market is expected to grow from US$ 435.15 million in 2019 to US$ 1,713.02 million by 2027; it is estimated to grow at a CAGR of 16.3 % from 2020 to 2027. Rising focus of FinTech on implementing automated anti-money laundering systems is expected to accelerate the Europe anti-money laundering solution market. The growth in technological advancements across Europe is increasing the number of cyber criminals. However, FinTech firms have the potential to help banks around the Europe to stay competitive in the market. Whether tracking digital currency, machine learning, or connecting data, more robust systems combined with advances in technology has opened up possibilities in the fight against money laundering. With increasing consumer adoption and subsequent transaction volumes in competitive FinTech firms in 2019, many firms shifted to automated anti-money laundering practices. The automated anti-money laundering system provides a negligible amount of false positives compared to those generated by traditional data and technology. This reduces the adverse effects of false positives and higher operational costs. In 2020, due to the growing connection between FinTech and AML solutions, the Association of Certified Anti-Money Laundering Specialists across Europe has announced the launch of a new certification program for FinTech firms who are seeking to meet regulatory standards in a growing market. The association has developed the Certified AML FinTech Compliance Associate program. The program is built to increase the compliance toolkit of FinTech personnel working in financial crime prevention at the entry-level. Thus, increasing focus of FinTech on implementing AML solutions is propelling the Europe anti-money laundering solution market growth.
In terms of component, the software segment accounted for the largest share of the Europe anti-money laundering solution market in 2019. In terms of deployment type, the on-premises segment held a larger market share of the Europe anti-money laundering solution market in 2019. Similarly, in terms of product, the transaction monitoring segment held a larger market share of the Europe anti-money laundering solution market in 2019. Further, the BFSI segment held a larger share of the Europe 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 Europe 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; LexisNexis Risk Solutions Group; Nasdaq Inc.; NICE Ltd.; Open Text Corporation; Oracle Corporation; SAS Institute Inc.
Some of the leading companies are:
The Europe Anti-Money Laundering Solution Market is valued at US$ 435.15 Million in 2019, it is projected to reach US$ 1,713.02 Million by 2027.
As per our report Europe Anti-Money Laundering Solution Market, the market size is valued at US$ 435.15 Million in 2019, projecting it to reach US$ 1,713.02 Million by 2027. This translates to a CAGR of approximately 16.3 % during the forecast period.
The Europe 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 Europe Anti-Money Laundering Solution Market report:
The Europe 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 Europe Anti-Money Laundering Solution Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Anti-Money Laundering Solution Market value chain can benefit from the information contained in a comprehensive market report.
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