Escalating Adoption of Digital Payment Mode to Propel the Anti-Money Solution Market

DELTA, British Columbia - May 10, 2020 - PRLog -- Rising internet penetration and growing digitalization that lead to more usage of mobile banking, online banking, etc. and contribute to an increase in the money laundering case. Moreover, the rising fraud activitiesand terrorist funding activities across the globe lead to imposed stringent government regulation andKYC mandates.Banking and financial institutions were imposed a fine of around USD 26 billion for anti-money laundering, KYC (know your customer) and non-compliance during 2008-2018 by financial market regulators.

According to the MarkNtel Advisors' research report, "Global Anti-Money Laundering SolutionMarket Analysis, 2020" the global anti-money solution market is anticipated to grow at a CAGR of around 18.22% during 2020-25. The market grew rapidly due to the adopting of digital payment modes such as net banking, mobile banking, mobile wallet, etc. Moreover, being the early adopter of anti-money laundering solutions North America captured the major market share in 2019. Also, the growing penetration of smartphones, IoT, IoE have increased the requirement of anti-money solutions in the region.

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In 2019, the on premise deployment model dominated the market on account of the factors such as easy customization, more privacy etc. The on premise solution gathers, organize and displays the data by using the existing IT infrastructure so, that the data remains more secure.

Government's Initiative to Prevent Frauds to Boost the Market

The government's support for fraud prevention is propelling the growth of the antimony laundering solution market across the globe. Few of the instances of the mandates by the government are:to control the money laundering in on the digital platform, the government of Australia started regulating the Digital currency exchange. Moreover, the government announced several rules and regulations for Ant money laundering. Also, the 5^thanti-money laundering directives was launched by the European Union to prevent the terrorism finding through money laundering that came in the implication from 2018, as revealed by MarkNtelin its research reportGlobal Anti Money Laundering Market Analysis, 2020.

Key questions answered in the study

1.     What are the current and future market trends inglobal anti-money laundering solution market?

2.     How the market has been evolving in terms of end-user demand and application areas?

3.   How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.   What are the key growth drivers and challenges for global anti-money laundering solutionmarket?

5.     What are the customer orientation, purchase behavior, and expectations from the global anti-money laundering solution provider across various regions?