Report : Europe 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)
On-premises Segment to Dominate Europe Anti-Money Laundering Solution Market during 2019–2027
According to a new market research study on “Europe 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$ 1,713.02 million by 2027 from US$ 435.15 million in 2019. The market is estimated to grow at a CAGR of 16.3 % from 2020 to 2027. The report provides trends prevailing in the Europe anti-money laundering solution market along with the drivers and restraints pertaining to the market growth. Increasing demand for sophisticated transaction monitoring solutions, growing focus on limiting risks related to digital payment methods, and rising focus of FinTech on implementing automated anti-money laundering systems are the major factor driving the growth of the Europe anti-money laundering solution market. However, sophisticated structure and technology of anti-money laundering solutions hinder the growth of Europe anti-money laundering solution market.
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.
The Europe 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; LexisNexis Risk Solutions Group; Nasdaq Inc.; NICE Ltd.; Open Text Corporation; Oracle Corporation; SAS Institute Inc. are among the leading companies in the Europe 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, Oracle, declared the launch of new cloud services to help mid-sized financial institutions (FIs) combat money laundering and outsmart financial crime.
The report segments the Europe Anti-Money Laundering Solution Market as follows:
Europe Anti-Money Laundering Solution Market – By Component
Europe Anti-Money Laundering Solution Market – By Deployment Type
Europe Anti-Money Laundering Solution Market – By Product
- Transaction Monitoring
- Compliance management
- Currency transaction reporting
- Customer identity management
Europe Anti-Money Laundering Solution Market – By Industry
- IT and Telecom
Europe Anti-Money Laundering Solution Market – By Country
- Rest of Europe
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