Software Segment to Dominate North America Anti-Money Laundering Solution Market during 2019–2027

According to a new market research study on “North America 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$ 1,897.82 million by 2027 from US$ 550.25 million in 2019. The market is estimated to grow at a CAGR of 14.6 % from 2020 to 2027. The report provides trends prevailing in the North America anti-money laundering solution market along with the drivers and restraints pertaining to the market growth. Growing focus of finTech on implementing automated anti-money laundering systems, increasing demand for sophisticated transaction monitoring solutions, and rising focus on limiting risks related to digital payment methods are the major factor driving the growth of the North America anti-money laundering solution market. However, complex structure and technology of anti-money laundering solutions hinder the growth of North America anti-money laundering solution market.

In case of COVID-19, North America is highly affected specially the US. North America is one of the most important regions for adopting and developing new technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region negatively. The US is a prominent market for anti-money laundering solutions. Criminals in the region have been exploiting the disturbance created by the global pandemic to gain profits from numerous crimes such as fraud via electronic means, the sale of counterfeit products, and cybercrime. In order to prevent such threats, communities engaged in action against money laundering are taking measures to identify challenges. International cooperation against terrorist financing and money laundering does not appear to be negatively impacted by the global pandemic.

The North America 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 North America 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, BAE Systems Applied Intelligence declared a new offering made on Amazon Web Services (AWS) to offer complete anti-money laundering regulatory compliance solutions. 

The report segments the North America Anti-Money Laundering Solution Market as follows:

North America Anti-Money Laundering Solution Market – By Component

• Software
• Services

North America Anti-Money Laundering Solution Market – By Deployment Type

• On-Premises
• Cloud

North America Anti-Money Laundering Solution Market – By Product

• Transaction Monitoring
• Compliance management
• Currency transaction reporting
• Customer identity management

North America Anti-Money Laundering Solution Market – By Industry

• Healthcare
• BFSI
• Retail
• IT and Telecom
• Government
• Others

North America Anti-Money Laundering Solution Market – By Country

• US
• Canada
• Mexico