Report : Asia Pacific Anti-Money Laundering Solution Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Component (Software and Services), Deployment Type (On-premises and Cloud), Product (Transaction Monitoring, Compliance Management, Currency Transaction Reporting, and Customer Identity Management), and Industry (Healthcare, BFSI, Retail, IT and Telecom, Government, and Others)
Transaction Monitoring Segment to Dominate APAC Anti-Money Laundering Solution Market during 2019–2027
According to a new market research study on “APAC Anti-Money Laundering Solution Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment Type, Product, and Industry,” is expected to reach US$ 1,681.34 million by 2027 from US$ 376.59 million in 2019. The market is estimated to grow at a CAGR of 17.9 % from 2020 to 2027. The report provides trends prevailing in the APAC anti-money laundering solution market along with the drivers and restraints pertaining to the market growth. Mounting focus on limiting risks related to digital payment methods, surging focus of FinTech on implementing automated anti-money laundering systems, and escalating demand for sophisticated transaction monitoring solutions are the major factor driving the growth of the APAC anti-money laundering solution market. However, difficulties related to structure and technology of anti-money laundering solutions hinder the growth of APAC anti-money laundering solution market.
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.
The APAC anti-money laundering solution market is segmented into component, deployment type, product, industry, and country. Based on component, market is segmented into the software and services. The software segment dominated the market in 2019 and service segment is expected to be fastest growing during forecast period. Based on deployment type, market is segmented into the on-premises and cloud. The on-premises segment dominated the market in 2019 and cloud segment is expected to fastest growing during forecast period. Further, based on product, the market is segmented into the transaction monitoring, compliance management, currency transaction reporting, and customer identity management. The transaction monitoring segment dominated the market in 2019. Similarly, based on industry, market is segmented into the healthcare, BFSI, retail, IT and telecom, government, and others. The BFSI segment dominated the market in 2019.
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. are among the leading companies in the APAC anti-money laundering solution market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, OpenText declared a new partnership with Amazon Web Services (AWS). Through this agreement OpenText will provide customers greater choice in deploying their business-critical information management solutions.
The report segments the APAC Anti-Money Laundering Solution Market as follows:
APAC Anti-Money Laundering Solution Market – By Component
APAC Anti-Money Laundering Solution Market – By Deployment Type
APAC Anti-Money Laundering Solution Market – By Product
- Transaction Monitoring
- Compliance management
- Currency transaction reporting
- Customer identity management
APAC Anti-Money Laundering Solution Market – By Industry
- IT and Telecom
APAC Anti-Money Laundering Solution Market – By Country
- South Korea
- Rest of APAC
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