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Middle East and Africa 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)

Code: TIPRE00018133 | Pages: 152 | Industry: Technology, Media and Telecommunications | Date: Jan 2021
Covid

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.   

TABLE OF CONTENTS

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

1.3.1        MEA Anti-Money Laundering Solution Market – By Deployment Type

1.3.2        MEA Anti-Money Laundering Solution Market – By Component

1.3.3        MEA Anti-Money Laundering Solution Market – By Product

1.3.4        MEA Anti-Money Laundering Solution Market – By Industry

1.3.5        MEA Anti-Money Laundering Solution Market- By Country

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           MEA Anti-Money Laundering Solution Market Landscape

4.1         Market Overview

4.2         MEA PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           MEA Anti-Money Laundering Solution Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Escalating Focus of FinTech on Implementing Automated Anti-Money Laundering Systems

5.1.2        Mounting Demand for Sophisticated Transaction Monitoring Solutions

5.1.3        Surging Focus on Limiting Risks Related to Digital Payment Methods

5.2         Market Restraints

5.2.1        Growing Complicating Structure and Technology of Anti-Money Laundering Solutions

5.3         Market Opportunities

5.3.1        Burgeoning Adoption of Cryptocurrency

5.3.2        Acceleration in the Adoption of Advanced Analytics

5.4         Future Trends

5.4.1        Exchange of Information Among Banks and Other Financial Institutions

5.5         Impact Analysis of Drivers & Restraints

6.           Anti-Money Laundering Solution Market – MEA Analysis

6.1         MEA Anti-Money Laundering Solution Market Overview

6.2         MEA Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

6.3         Market Positioning – Five Key Players

7.           MEA Anti-Money Laundering Solution Market Analysis – By Deployment type

7.1         Overview

7.2         MEA Anti-Money Laundering Solution Market, by Deployment Type, (2019 and 2027)

7.3         On-Premise

7.3.1        Overview

7.3.2        On-Premise Market Revenue and Forecast to 2027 (US$ Million)

7.4         Cloud

7.4.1        Overview

7.4.2        Cloud Market Revenue and Forecast to 2027 (US$ Million)

8.           MEA Anti-Money Laundering Solution Market Analysis –By Component

8.1         Overview

8.2         MEA Anti-Money Laundering Solution Market Breakdown, by Component, (2019 and 2027)

8.3         Software

8.3.1        Overview

8.3.2        Software Market Revenue and Forecast to 2027 (US$ Million)

8.4         Services

8.4.1        Overview

8.4.2        Services Market Revenue and Forecast to 2027 (US$ Million)

9.           MEA Anti-Money Laundering Solution Market Analysis –By Product

9.1         Overview

9.2         MEA Anti-Money Laundering Solution Market Breakdown, by Product, (2019 and 2027)

9.3         Transaction Monitoring

9.3.1        Overview

9.3.2        Transaction Monitoring Market Revenue and Forecast to 2027 (US$ Million)

9.4         Compliance Management

9.4.1        Overview

9.4.2        Compliance Management Market Revenue and Forecast to 2027 (US$ Million)

9.5         Currency Transaction Reporting

9.5.1        Overview

9.5.2        Currency Transaction Reporting Market Revenue and Forecast to 2027 (US$ Million)

9.6         Customer Identity Management

9.6.1        Overview

9.6.2        Customer Identity Management Market Revenue and Forecast to 2027 (US$ Million)

10.        MEA Anti-Money Laundering Solution Market Analysis –By Industry

10.1      Overview

10.2      MEA Anti-Money Laundering Solution Market Breakdown, by Industry Vertical, (2019 and 2027)

10.3      Healthcare

10.3.1     Overview

10.3.2     Healthcare Market Revenue and Forecast to 2027 (US$ Million)

10.4      BFSI

10.4.1     Overview

10.4.2     BFSI Market Revenue and Forecast to 2027 (US$ Million)

10.5      Retail

10.5.1     Overview

10.5.2     Retail Market Revenue and Forecast to 2027 (US$ Million)

10.6      IT and Telecom

10.6.1     Overview

10.6.2     IT and Telecom Market Revenue and Forecast to 2027 (US$ Million)

10.7      Government

10.7.1     Overview

10.7.2     Government Market Revenue and Forecast to 2027 (US$ Million)

10.8      Others

10.8.1     Overview

10.8.2     Others Revenue and Forecast to 2027 (US$ Million)

11.        MEA Anti-Money Laundering Solution Market –Country Analysis

11.1      Overview

11.1.1     MEA: Anti-Money Laundering Solution Market, By Country

11.1.1.1       Saudi Arabia: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

11.1.1.1.1       Saudi Arabia: Anti-Money Laundering Solution Market, by Deployment Type

11.1.1.1.2       Saudi Arabia: Anti-Money Laundering Solution Market, by Component

11.1.1.1.3       Saudi Arabia: Anti-Money Laundering Solution Market, by Product

11.1.1.1.4       Saudi Arabia: Anti-Money Laundering Solution Market, by Industry

11.1.1.2       UAE: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

11.1.1.2.1       UAE: Anti-Money Laundering Solution Market, by Deployment Type

11.1.1.2.2       UAE: Anti-Money Laundering Solution Market, by Component

11.1.1.2.3       UAE: Anti-Money Laundering Solution Market, by Product

11.1.1.2.4       UAE: Anti-Money Laundering Solution Market, by Industry

11.1.1.3       South Africa: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

11.1.1.3.1       South Africa: Anti-Money Laundering Solution Market, by Deployment Type

11.1.1.3.2       South Africa: Anti-Money Laundering Solution Market, by Component

11.1.1.3.3       South Africa: Anti-Money Laundering Solution Market, by Product

11.1.1.3.4       South Africa: Anti-Money Laundering Solution Market, by Industry

11.1.1.4       Rest of MEA: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

11.1.1.4.1       Rest of MEA: Anti-Money Laundering Solution Market, by Deployment Type

11.1.1.4.2       Rest of MEA: Anti-Money Laundering Solution Market, by Component

11.1.1.4.3       Rest of MEA: Anti-Money Laundering Solution Market, by Product

11.1.1.4.4       Rest of MEA: Anti-Money Laundering Solution Market, by Industry

12.        Impact of COVID-19 Pandemic on MEA Anti-Money Laundering Solution Market

12.1      MEA

13.        Industry Landscape

13.1      Overview

13.2      Market Initiative

13.3      Merger and Acquisition

13.4      New Development

14.        COMPANY PROFILES

14.1      Accenture

14.1.1     Key Facts

14.1.2     Business Description

14.1.3     Products and Services

14.1.4     Financial Overview

14.1.5     SWOT Analysis

14.1.6     Key Developments

14.2      ACI WORLDWIDE, INC

14.2.1     Key Facts

14.2.2     Business Description

14.2.3     Products and Services

14.2.4     Financial Overview

14.2.5     SWOT Analysis

14.2.6     Key Developments

14.3      BAE Systems plc

14.3.1     Key Facts

14.3.2     Business Description

14.3.3     Products and Services

14.3.4     Financial Overview

14.3.5     SWOT Analysis

14.3.6     Key Developments

14.4      EastNets.com

14.4.1     Key Facts

14.4.2     Business Description

14.4.3     Products and Services

14.4.4     Financial Overview

14.4.5     SWOT Analysis

14.4.6     Key Developments

14.5      Oracle Corporation

14.5.1     Key Facts

14.5.2     Business Description

14.5.3     Products and Services

14.5.4     Financial Overview

14.5.5     SWOT Analysis

14.5.6     Key Developments

14.6      LexisNexis Risk Solutions Group

14.6.1     Key Facts

14.6.2     Business Description

14.6.3     Products and Services

14.6.4     Financial Overview

14.6.5     SWOT Analysis

14.6.6     Key Developments

14.7      Nasdaq Inc.

14.7.1     Key Facts

14.7.2     Business Description

14.7.3     Products and Services

14.7.4     Financial Overview

14.7.5     SWOT Analysis

14.7.6     Key Developments

14.8      SAS Institute Inc.

14.8.1     Key Facts

14.8.2     Business Description

14.8.3     Products and Services

14.8.4     Financial Overview

14.8.5     SWOT Analysis

14.8.6     Key Developments

14.9      NICE Ltd.

14.9.1     Key Facts

14.9.2     Business Description

14.9.3     Products and Services

14.9.4     Financial Overview

14.9.5     SWOT Analysis

14.9.6     Key Developments

15.        Appendix

15.1      About The Insight Partners

15.2      Word Index

LIST OF TABLES

Table 1.             MEA Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

Table 2.             Saudi Arabia Anti-Money Laundering Solution Market, by Deployment Type – Revenue and Forecast To 2027 (US$ Million)

Table 3.             Saudi Arabia Anti-Money Laundering Solution Market, by Component – Revenue and Forecast To 2027  (US$ Million)

Table 4.             Saudi Arabia Anti-Money Laundering Solution Market, by Product – Revenue and Forecast To 2027  (US$ Million)

Table 5.             Saudi Arabia Anti-Money Laundering Solution Market, by Industry – Revenue and Forecast To 2027  (US$ Million)

Table 6.             UAE Anti-Money Laundering Solution Market, by Deployment Type – Revenue and Forecast To 2027  (US$ Million)

Table 7.             UAE Anti-Money Laundering Solution Market, by Component – Revenue and Forecast To 2027 (US$ Million)

Table 8.             UAE Anti-Money Laundering Solution Market, by Product – Revenue and Forecast To 2027 (US$ Million)

Table 9.             UAE Anti-Money Laundering Solution Market, by Industry – Revenue and Forecast To 2027 (US$ Million)

Table 10.          South Africa Anti-Money Laundering Solution Market, by Deployment Type – Revenue and Forecast To 2027 (US$ Million)

Table 11.          South Africa Anti-Money Laundering Solution Market, by Component – Revenue and Forecast To 2027 (US$ Million)

Table 12.          South Africa Anti-Money Laundering Solution Market, by Product – Revenue and Forecast To 2027  (US$ Million)

Table 13.          South Africa Anti-Money Laundering Solution Market, by Industry – Revenue and Forecast To 2027 (US$ Million)

Table 14.          Rest of MEA Anti-Money Laundering Solution Market, by Deployment Type – Revenue and Forecast To 2027 (US$ Million)

Table 15.          Rest of MEA Anti-Money Laundering Solution Market, by Component – Revenue and Forecast To 2027 (US$ Million)

Table 16.          Rest of MEA Anti-Money Laundering Solution Market, by Product – Revenue and Forecast To 2027  (US$ Million)

Table 17.          Rest of MEA Anti-Money Laundering Solution Market, by Industry – Revenue and Forecast To 2027 (US$ Million)

Table 18.          List of Abbreviation

 

LIST OF FIGURES

Figure 1.           MEA Anti-Money Laundering Solution Market Segmentation

Figure 2.           MEA Anti-Money Laundering Solution Market Segmentation – By Country

Figure 3.           MEA Anti-Money Laundering Solution Market Overview

Figure 4.           On-Premise Segment Held the Largest Market Share

Figure 5.           Software Segment Held the Largest Market Share

Figure 6.           Transaction Monitoring Segment Held the Largest Market Share

Figure 7.           BFSI Segment Held the Largest Market Share

Figure 8.           UAE Held the Largest Market Share

Figure 9.           MEA – PEST Analysis

Figure 10.        MEA Anti-Money Laundering Solution Market Ecosystem Analysis

Figure 11.        MEA Anti-Money Laundering Solution Market Expert Opinion

Figure 12.        Impact Analysis of Drivers and Restraints

Figure 13.        MEA Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

Figure 14.        MEA Anti-Money Laundering Solution Market Breakdown, by Deployment Type (2019 and 2027)

Figure 15.        MEA On-Premise Market Revenue and Forecast to 2027(US$ Million)

Figure 16.        MEA Cloud Market Revenue and Forecast to 2027(US$ Million)

Figure 17.        MEA Anti-Money Laundering Solution Market, by Component (2019 and 2027)

Figure 18.        MEA Software Market Revenue and Forecast to 2027(US$ Million)

Figure 19.        MEA Services Market Revenue and Forecast to 2027(US$ Million)

Figure 20.        MEA Anti-Money Laundering Solution Market Breakdown, by Product (2019 and 2027)

Figure 21.        MEA Transaction Market Revenue and Forecast to 2027(US$ Million)

Figure 22.        MEA Compliance Management Market Revenue and Forecast to 2027(US$ Million)

Figure 23.        MEA Currency Transaction Reporting Market Revenue and Forecast to 2027(US$ Million)

Figure 24.        MEA Customer Identity Management Market Revenue and Forecast to 2027(US$ Million)

Figure 25.        MEA Anti-Money Laundering Solution Market Breakdown, by Industry Vertical (2019 and 2027)

Figure 26.        MEA Healthcare Market Revenue and Forecast to 2027(US$ Million)

Figure 27.        MEA BFSI Market Revenue and Forecast to 2027(US$ Million)

Figure 28.        MEA Retail Market Revenue and Forecast to 2027(US$ Million)

Figure 29.        MEA IT and Telecom Market Revenue and Forecast to 2027(US$ Million)

Figure 30.        MEA Government Market Revenue and Forecast to 2027(US$ Million)

Figure 31.        MEA Others Market Revenue and Forecast to 2027(US$ Million)

Figure 32.        MEA Anti-Money Laundering Solution Market Revenue Share, By Country (2019 and 2027)

Figure 33.        Saudi Arabia: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

Figure 34.        UAE: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

Figure 35.        South Africa: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

Figure 36.        Rest of MEA: Anti-Money Laundering Solution Market – Revenue and Forecast to 2027 (US$ Million)

Figure 37.        Impact of COVID-19 Pandemic in MEA Country Markets

Some of the leading companies are:

  1. Accenture
  2. ACI WORLDWIDE, INC.
  3. BAE Systems plc
  4. EastNets.com
  5. LexisNexis Risk Solutions Group
  6. Nasdaq Inc.
  7. NICE Ltd.
  8. Oracle Corporation
  9. SAS Institute Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the MEA anti-money laundering solution market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the MEA anti-money laundering solution market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth MEA market trends and outlook coupled with the factors driving the anti-money laundering solution market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution                                    

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