Middle East and Africa Anti-Money Laundering Solution Market is expected to reach US$ 398.34 Mn by 2027

Cloud Segment is Expected to be Fastest Growing During Forecast Period for MEA Region

According to The Insight Partners market research study on “MEA Anti-Money Laundering Solution Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Deployment Type, Product, and Industry,” is expected to reach US$ 398.34 million by 2027 from US$ 95.54 million in 2019. The market is estimated to grow at a CAGR of 17.1 % from 2020 to 2027. The report provides trends prevailing in the MEA anti-money laundering solution market along with the drivers and restraints pertaining to the market growth. Exchange of information among banks and other financial institutions and burgeoning adoption of cryptocurrency are the major factor driving the growth of the MEA anti-money laundering solution market. However, growing complicating structure and technology of anti-money laundering solutions hinder the growth of MEA anti-money laundering solution market.

In case of COVID-19, MEA is highly affected specially the Iran. The region comprises many growing economies such as UAE and Saudi Arabia, which are prospective markets for anti-money laundering solution providers due to the huge presence of a diverse customer base for the BFSI industry. Fintech in the region contributes to the growth of digital payments, with several million raised during 2019. Additionally, Africa is contributed to the development of digital payment transactions during the COVID-19 epidemic. Consumers have shifted to digital banking methods to make payments during the health crisis. Further, the use of contactless payments has greatly increased in the UAE

The MEA anti-money laundering solution market is segmented into component, deployment type, product, industry, and country. Based on component, market is segmented into the software and services. The software segment dominated the market in 2019 and service segment is expected to be fastest growing during forecast period. Based on deployment type, market is segmented into the on-premises and cloud. The on-premises segment dominated the market in 2019 and cloud segment is expected to fastest growing during forecast period. Further, based on product, the market is segmented into the transaction monitoring, compliance management, currency transaction reporting, and customer identity management. The transaction monitoring segment dominated the market in 2019. Similarly, based on industry, market is segmented into the healthcare, BFSI, retail, IT and telecom, government, and others. The BFSI segment dominated the market in 2019.

Accenture; ACI WORLDWIDE, INC.; BAE Systems plc; EastNets.com; LexisNexis Risk Solutions Group; Nasdaq Inc.; NICE Ltd.; Oracle Corporation; SAS Institute Inc. are among the leading companies in the MEA anti-money laundering solution market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Mphasis and BAE Systems partnered to launch global Centre of Excellence (CoE) in Fraud Detection and Anti-Money Laundering. The partnership will see the formation of a Centre of Excellence, a virtual team created to deliver BAE Systems’ anti-money laundering and fraud detection and prevention solution, NetReveal. Mphasis will utilize their global delivery capability to help implement the technology to banking, financial services and insurance organizations.

The report segments the MEA Anti-Money Laundering Solution Market as follows:

MEA Anti-Money Laundering Solution Market – By Component

• Software
• Services

MEA Anti-Money Laundering Solution Market – By Deployment Type

• On-Premises
• Cloud

MEA Anti-Money Laundering Solution Market – By Product

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

MEA Anti-Money Laundering Solution Market – By Industry

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

MEA Anti-Money Laundering Solution Market – By Country

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA