Middle East and Africa Anti-Money Laundering Solution Market

Market Introduction

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.  

Market Overview and Dynamics

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.

Key Market Segments

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.

Major Sources and Companies Listed

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.

Reasons to buy report

• To understand the MEA anti-money laundering solution market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA anti-money laundering solution market
• Efficiently plan M&A and partnership deals in MEA anti-money laundering solution market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA anti-money laundering solution market
• Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region.

MEA Anti-Money Laundering Solution Market Segmentation

MEA Anti-Money Laundering Solution Market - By Component

• Software
• Services

MEA Anti-Money Laundering Solution Market - By Deployment Type

• On-Premises
• Cloud

MEA Anti-Money Laundering Solution Market - By Product

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

MEA Anti-Money Laundering Solution Market - By Industry

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

MEA Anti-Money Laundering Solution Market - By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

MEA Anti-Money Laundering Solution Market - Company Profiles

• Accenture
• ACI WORLDWIDE, INC.
• BAE Systems plc
• EastNets.com
• LexisNexis Risk Solutions Group
• Nasdaq Inc.
• NICE Ltd.
• Oracle Corporation
• SAS Institute Inc.   

Middle East and Africa Anti-Money Laundering Solution Market Strategic Insights

Middle East and Africa Anti-Money Laundering Solution Market Segmentation Analysis

Middle East and Africa Anti-Money Laundering Solution Market Report Highlights

Middle East and Africa Anti-Money Laundering Solution Report Scope

Middle East and Africa Anti-Money Laundering Solution Market Country and Regional Insights