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North America 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: TIPRE00018131 | Pages: 156 | 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 North America. Further, supportive government regulations supplement the growth of the North America anti-money laundering solution market to a significant extent. North America comprises some of the significant associations responsible for designing and implementing the anti-money laundering regulations. For instance, the Financial Action Task Force (FTAF) is an intergovernmental organization in the region that creates international policies for battling money laundering. The US, Canada, and Mexico are members of the FTAF. In addition, SAS Institute is a significant AML provider in the region. The factors, including increasing developments in the FinTech sector and rising government initiatives, fuel the demand for anti-money laundering solutions for North America. Further, rising adoption of crypto-currency is expected to supplement the need for anti-money laundering solutions across the North America.

Furthermore, 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.      

Market Overview and Dynamics

The North America anti-money laundering solution market is expected to grow from US$ 550.25 million in 2019 to US$ 1,897.82 million by 2027; it is estimated to grow at a CAGR of 14.6 % from 2020 to 2027.  Rising focus on limiting risks related to digital payment methods is expected to upsurge the North America anti-money laundering solution market. Several countries in North America are witnessing high growth in digitalization in the banking sector. Government initiatives for digitalization have increased the importance of digital payments among consumers. This factor has resulted in the emergence of several digital payment wallets giving tough competition to the banks. Presently, financial technology enables consumers to make transactions through various platforms, such as laptops and mobile devices. The ability to perform financial transactions on laptops and mobile devices is so unified that consumers take it for granted. However, the growing digital payments services is surging new risks in the financial system. In the past years, banks traditionally performed financial assessing of their direct customers and their transactions and payments. With the emergence of digital payments, intermediaries are the link between the bank and the end client, leaving banks vulnerable to customer malfeasance. At present, in North America, the regulatory focus is centered on limiting money-laundering risks related to digital payment methods, such as e-payments and mobile wallets. Further, the top priority is being given to combat cybercrime and limit potential money-laundering risks. Regulators are focused on financial crime and cybersecurity risks in digital payments. Thus, the huge focus of financial institutions on limiting the digital payment issues is anticipated to propel the North America anti-money laundering solution market.     

Key Market Segments

In terms of component, the software segment accounted for the largest share of the North America anti-money laundering solution market in 2019. In terms of deployment type, the on-premises segment held a larger market share of the North America anti-money laundering solution market in 2019. Similarly, in terms of product, the transaction monitoring segment held a larger market share of the North America anti-money laundering solution market in 2019. Further, the BFSI segment held a larger share of the North America 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 North America 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.; Open Text Corporation; Oracle Corporation; SAS Institute Inc.

Reasons to buy report

  • To understand the North America 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 North America anti-money laundering solution market
  • Efficiently plan M&A and partnership deals in North America 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 North America anti-money laundering solution market
  • Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.

 

North America Anti-Money Laundering Solution Market Segmentation 

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

North America Anti-Money Laundering Solution Market - Company Profiles

  • 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.                                        

TABLE OF CONTENTS

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

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

1.3.2        North America Anti-Money Laundering Solution Market – By Component

1.3.3        North America Anti-Money Laundering Solution Market – By Product

1.3.4        North America Anti-Money Laundering Solution Market – By Industry

1.3.5        North America 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.           North America Anti-Money Laundering Solution Market Landscape

4.1         Market Overview

4.2         North America PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           North America Anti-Money Laundering Solution Market – Key Market Dynamics

5.1         Market Drivers

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

5.1.2        Increasing Demand for Sophisticated Transaction Monitoring Solutions

5.1.3        Rising Focus on Limiting Risks Related to Digital Payment Methods

5.2         Market Restraints

5.2.1        Complex Structure and Technology of Anti-Money Laundering Solutions

5.3         Market Opportunities

5.3.1        Escalation in Adoption of Cryptocurrency

5.3.2        Mounting Adoption of Advanced Analytics

5.4         Future Trends

5.4.1        Data Sharing Among Banks and Other Financial Institutions

5.5         Impact Analysis of Drivers & Restraints

6.           Anti-Money Laundering Solution Market – North America Analysis

6.1         North America Anti-Money Laundering Solution Market Overview

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

6.3         Market Positioning – Five Key Players

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

7.1         Overview

7.2         North America 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.           North America Anti-Money Laundering Solution Market Analysis – By Component

8.1         Overview

8.2         North America 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.           North America Anti-Money Laundering Solution Market Analysis – By Product

9.1         Overview

9.2         North America 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.        North America Anti-Money Laundering Solution Market Analysis – By Industry

10.1      Overview

10.2      North America 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.        North America Anti-Money Laundering Solution Market –Country Analysis

11.1      Overview

11.1.1     North America: Anti-Money Laundering Solution Market, By Country

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

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

11.1.1.1.2       US: Anti-Money Laundering Solution Market, by Component

11.1.1.1.3       US: Anti-Money Laundering Solution Market, by Product

11.1.1.1.4       US: Anti-Money Laundering Solution Market, by Industry

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

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

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

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

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

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

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

11.1.1.3.2       Mexico: Anti-Money Laundering Solution Market, by Component

11.1.1.3.3       Mexico: Anti-Money Laundering Solution Market, by Product

11.1.1.3.4       Mexico: Anti-Money Laundering Solution Market, by Industry

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

12.1      North America

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      Open Text 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      Oracle Corporation

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      LexisNexis Risk Solutions Group

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      Nasdaq 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      SAS Institute Inc.

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

14.10   NICE Ltd.

14.10.1  Key Facts

14.10.2  Business Description

14.10.3  Products and Services

14.10.4  Financial Overview

14.10.5  SWOT Analysis

14.10.6  Key Developments

15.        Appendix

15.1      About The Insight Partners

15.2      Word Index

LIST OF TABLES

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 14.          List of Abbreviation

LIST OF FIGURES

Figure 1.           North America Anti-Money Laundering Solution Market Segmentation

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

Figure 3.           North America 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.           US Held the Largest Market Share

Figure 9.           North America – PEST Analysis

Figure 10.        North America Anti-Money Laundering Solution Market Ecosystem Analysis

Figure 11.        North America Anti-Money Laundering Solution Market Expert Opinion

Figure 12.        Impact Analysis of Drivers and Restraints

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 36.        Impact of COVID-19 Pandemic in North American 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. Open Text Corporation
  9. Oracle Corporation
  10. SAS Institute Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America anti-money laundering solution market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
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  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America 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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