ANTI-MONEY LAUNDERING TOOLS MARKET ANALYSIS
The rapid digitalization and emerging economies such as India and China are the factors that are driving growth of the banking industry. Moreover, people are shifting their preferences from traditional banking to online banking, owing to which online transactions per day are increasing. For instance, according to the Coherent Market Insights analysis, the market capitalization of banking industry, around the globe accounted for the US$ 7.7 trillion in 2019 and it is estimated to exhibit a CAGR of 5.3% over the forecast period. Furthermore, with increasing banking industry, the number of fraudulent activities are also expected to increase. Currently, banks and financial institutions have significant amount of real time data, which thereby increases demand for AML tools to detect fraudulent activities.
Rising number of financial transactions and money laundering cases are expected to propel growth of the global Anti-Money laundering tools market over the forecast period. Moreover, rapid developments in the areas such as machine learning and data science are aiding in constructing algorithms for the AML tools.
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