Middle East and Africa Anti-Money Laundering Solution Market
No. of Pages: 152 | Report Code: TIPRE00018133 | Category: Technology, Media and Telecommunications
No. of Pages: 152 | Report Code: TIPRE00018133 | 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 MEA. Further, supportive government regulations supplement the growth of the MEA anti-money laundering solution market to a significant extent. The factors, including increasing developments in the FinTech sector and rising government initiatives, fuel the demand for anti-money laundering solutions for MEA region. Further, rising adoption of crypto-currency is expected to supplement the need for anti-money laundering solutions across the MEA. Majority of the firms in the MEA are still facing several challenges while installing AML systems, whereas those who are currently using the AML system have noticed to generate false positive alerts. Such situations in the region provide the AML service providers with an opportunity to provide consultation and training services to increase the sales of AML software.
Furthermore, in case of COVID-19, MEA is highly affected specially the Iran. The region comprises many growing economies such as UAE and Saudi Arabia, which are prospective markets for anti-money laundering solution providers due to the huge presence of a diverse customer base for the BFSI industry. Fintech in the region contributes to the growth of digital payments, with several million raised during 2019. Additionally, Africa is contributed to the development of digital payment transactions during the COVID-19 epidemic. Consumers have shifted to digital banking methods to make payments during the health crisis. Further, the use of contactless payments has greatly increased in the UAE. The COVID-19 crisis is affecting the industries across MEA, and the MEA economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. However, the BFSI industry is still booming amid the pandemic due to rise in digital banking solutions. The impact of COVID-19 outbreak on the MEA anti-money laundering solution market growth in various countries across MEA is expected to be moderate.
Strategic insights for the Middle East and Africa 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$ 95.54 Million |
| Market Size by 2027 | US$ 398.34 Million |
| Global CAGR (2020 - 2027) | 17.1 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa 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 MEA anti-money laundering solution market is expected to grow from US$ 95.54 million in 2019 to US$ 398.34 million by 2027; it is estimated to grow at a CAGR of 17.1 % from 2020 to 2027. Acceleration in the adoption of advanced analytics is expected to upsurge the MEA anti-money laundering solution market. Lately, the financial ecosystem has been transformed by the swift developments in machine learning, data science, and their ability to produce algorithms for predictive data analytics. In recent times, machine learning has proved to be holding great promise for the banking system, particularly in the area of detecting hidden patterns and suspicious money-laundering activities. Machine learning facilitates identifying money-laundering typologies, strange and suspicious transactions, behavioral transitions in customers, transactions of customers belonging to the same country, age, groups, and other identities, and helps reduce false positives. It also helps analyze similar transactions for focal entities and correlate alerts flagged as suspicious in regulatory reports. The advanced capabilities provided by the machine learning and data science in AML solutions are expected to drive the MEA market. Furthermore, as money launders continue to explore newer ways to use banks for illicit activities, the timely detection of the laundering activities is the most challenging aspect in implementing an efficient AML. Numerous companies across MEA region are launching innovative technologies that are capable of detecting, tracking, and preventing money laundering. Growing use of advanced analytics would control money laundering; thus, it would raise the demand for AML solution for MEA region.
In terms of component, the software segment accounted for the largest share of the MEA anti-money laundering solution market in 2019. In terms of deployment type, the on-premises segment held a larger market share of the MEA anti-money laundering solution market in 2019. Similarly, in terms of product, the transaction monitoring segment held a larger market share of the MEA anti-money laundering solution market in 2019. Further, the BFSI segment held a larger share of the MEA 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 MEA 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.; Oracle Corporation; SAS Institute Inc.
Some of the leading companies are:
The Middle East and Africa Anti-Money Laundering Solution Market is valued at US$ 95.54 Million in 2019, it is projected to reach US$ 398.34 Million by 2027.
As per our report Middle East and Africa Anti-Money Laundering Solution Market, the market size is valued at US$ 95.54 Million in 2019, projecting it to reach US$ 398.34 Million by 2027. This translates to a CAGR of approximately 17.1 % during the forecast period.
The Middle East and Africa 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 Middle East and Africa Anti-Money Laundering Solution Market report:
The Middle East and Africa 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 Middle East and Africa Anti-Money Laundering Solution Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa Anti-Money Laundering Solution Market value chain can benefit from the information contained in a comprehensive market report.
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