A new report from Grand View Research predicts that the market for Anti-Money Laundering (AML) technology will hit $1.99 billion by 2025, growing from $857.2 million in 2018 with a CAGR of 13.6 percent. The market is expected to grow as various organizations look to clamp down on the threat of financial crime and keep up with evolving regulatory standards.
At the moment, AML software makes up the largest portion of the market, accounting for 62 percent of the total revenue. Much of that software is built for customer identification, which was the most in-demand product type and accounted for 32 percent of the market.
Grand View went on to indicate that cloud-based solutions will be particularly popular in the coming years. As a region, North America had the biggest appetite for AML tech, accounting for 48 percent of the revenue in 2018.
The research firm highlighted the SAS Institute, Accenture, ACI Worldwide, and NICE Actimize as some of the leading players in the AML space. NICE Actimize has been particularly active in the past few months, forming an X-Sight Marketplace that consolidates a number of crime prevention solutions. The company recently partnered with Jumio, a leading provider of identity verification software that has previously been leveraged for anti-money laundering purposes.