Market Size of US Anti Money Laundering Solution Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 13.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Anti Money Laundering Solution Market Analysis
US Anti Money Laundering Solutions Market has generated a revenue of USD 330 Million in the current year and is poised to achieve a CAGR of 13% for the forecast period.
Money laundering is an essential service for criminals dealing with large amounts of cash. Cash is funneled via multiple accounts into a legal business, where it becomes entwined with the firm's earnings and is no longer recognizable in its original form. With all major payments shifting to online, cashless, and new types of money transactions, financial institutions are finding it challenging to determine the legality of transactions. To solve this many software firms had came up with systems to identify the legitimacy of transactions and if there occur suspectable transactions record them. In 2021 around 64.6% of US citizens use online banking.
With the advent of Covid-19, as people preferred staying at home and the government came with welfare policies for economic compensation most of the transaction mode shifted to online mode. From 2019 to 2022 share of the population using digital banking in the United States continuously increased from 62.7% in 2019 to 65.3% in 2022. Money laundering a white coloured crime risk increase as more transaction would be shifting towards digital mode to prevent banks and economic system from these fraud more advanced technology system such as Anti-money laundering solution markets need to grow.
With progressiveness in law-making from the Us Bank Secrecy law (1970) to the US patriot act (2001) and the Anti-money laundering act (2021) signifies a continuous effort has been made by the government to minimize these crimes which amount to 2-3 % of world GDP. It creates an emerging platform for the US Anti-money laundering solution market to grow with technological and software advanced products focused on real-time digital payment and provide flexibility in the complex and rapid payment system.
