South America 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 SAM region. Further, supportive government regulations supplement the growth of the SAM anti-money laundering solution market to a significant extent. In 2017, the banks in SAM were seen becoming intransitive to strengthen their anti-money laundering solution and KYC processes as a corruption outrage in Brazil added up to the reasons US lenders were catering correspondent lined across the region. The reason banks and other financial enterprises are wanting to make their anti-money laundering solution processes robust is because the countries across the region have attained noteworthy progress in the implementation of the FTAF recommendations. This in response has resulted in increased demand for AML software among the banks. The adoption of anti-money laundering solutions across SAM region has increased over the years due to growing concerns for fraudulent activities and rising online transactions across various verticals. Further, growth in technological advancements, emergence of crypto-currencies, and rise in the adoption of cloud-based solutions supplement the demand for anti-money laundering solutions throughout SAM region.

Furthermore, in case of COVID-19, SAM is highly affected specially the Brazil. The government in SAM is taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. These measures are expected to directly impact the region’s economic growth as the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to major trading partners such as China, Europe, and North America. The total number of cases in Brazil accounted for 7,213,155, out of which 186,356 total deaths are recorded. Due to the coronavirus epidemic, online transactions received a lift in several countries of the region. The online card payment transactions are witnessing an increase, more than doubling in Brazil and Chile. Furthermore, in Brazil, fintech is allocating financial aid to those affected by the coronavirus. Moreover, digital banking penetration in SAM has bolstered as consumers and merchants attempt to evade handling cash.

Market Overview and Dynamics

The SAM anti-money laundering solution market is expected to grow from US$ 46.45 million in 2019 to US$ 176.00 million by 2027; it is estimated to grow at a CAGR of 15.8 % from 2020 to 2027. Acceleration in the adoption of cryptocurrency is expected to accelerate the SAM anti-money laundering solution market. The adoption of cryptocurrency across SAM region is expected to continue its course. However, this is expected to raise concern among the firms regarding anti-money laundering compliance. The local as well as countries authorities across SAM region have combatted with the AML risk, several economies have adopted a considered approach allowed for trade and investment. The changes introduced by the adoption of cryptocurrency are anticipated to provide the AML software developers with an opportunity to diversify their offerings to new applications and end users. Companies across SAM region are offering anti-money laundering solutions to address the growing challenges of cryptocurrency businesses.  So rise in the use of cryptocurrency is expected to increase the demand of anti-money laundering solution, which will drive the SAM anti-money laundering solution market during forecast period.

Key Market Segments

In terms of component, the software segment accounted for the largest share of the SAM anti-money laundering solution market in 2019. In terms of deployment type, the on-premises segment held a larger market share of the SAM anti-money laundering solution market in 2019. Similarly, in terms of product, the transaction monitoring segment held a larger market share of the SAM anti-money laundering solution market in 2019. Further, the BFSI segment held a larger share of the SAM 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 SAM 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 SAM anti-money laundering solution market landscape and identify market segments that are most likely to guarantee a strong return
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form SAM anti-money laundering solution market
• Obtain market revenue forecast for market by various segments from 2020-2027 in SAM region.

SAM Anti-Money Laundering Solution Market Segmentation 

SAM Anti-Money Laundering Solution Market - By Component

• Software
• Services

SAM Anti-Money Laundering Solution Market - By Deployment Type

• On-Premises
• Cloud

SAM Anti-Money Laundering Solution Market - By Product

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

SAM Anti-Money Laundering Solution Market - By Industry

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

SAM Anti-Money Laundering Solution Market - By Country

• Brazil
• Argentina
• Rest of SAM                   

SAM 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. 

South America Anti-Money Laundering Solution Market Strategic Insights

South America Anti-Money Laundering Solution Market Segmentation Analysis

South America Anti-Money Laundering Solution Market Report Highlights

South America Anti-Money Laundering Solution Report Scope

South America Anti-Money Laundering Solution Market Country and Regional Insights