UK Anti-Money Laundering Solutions Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 7.12% from 2023 to 2033
• The UK Anti-Money Laundering Solutions Market Size is Expected to hold a Significant Share by 2033.

The UK Anti-Money Laundering Solutions Market Size is Anticipated to hold a Significant Share by 2033, growing at a CAGR of 7.12% from 2023 to 2033.  

Market Overview

Anti-money laundering refers to the set of regulations, procedures, and legislation designed to detect attempts to mask unlawful payments as legitimate income. Money laundering attempts to conceal crimes ranging from minor tax evasion to the support of designated terrorist organizations. An anti-money laundering solution provides a variety of solutions, including a known-your-customer system, transaction tracking, auditing and reporting, compliance administration, and financial fraud identification and protection, among others. The growing incidence of cyberattacks will increase the demand for Anti-Money Laundering (AML) solutions. Expanding internet usage, the adoption of cloud-based gadgets, the use of contactless payment systems, and other factors have all contributed to the recent increase in cyber risks. During the pandemic, most countries experienced ransomware, hacking of data, malware, malicious emails and messages, and so on. Furthermore, financial regulators have expanded their focus on monitoring AML risk activities throughout time, including forcing financial institutions to develop an appropriate transaction monitoring procedure. Authorities also want enterprises to demonstrate the strength and efficacy of their systems.

Report Coverage

This research report categorizes the market for the UK anti-money laundering solutions market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the UK anti-money laundering solutions market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the UK anti-money laundering solutions market.  

Driving Factors

In the United Kingdom, the rising usage of digital payments enables fraudsters to commit financial crimes such as password theft, identity theft, and mimicking clients' identities for financial gain. As a result, several UK financial institutions are implementing large-scale anti-money laundering systems to combat such threats. The market for anti-money laundering products is also being driven by the growing internationalization of financial operations. As more businesses operate internationally, identifying and monitoring financial activities becomes more challenging. Furthermore, the growing usage of digital currencies has presented additional hurdles to AML compliance. Digital currencies are decentralized and difficult to trace, making it easier for fraudsters to launder money using them. Additionally, the UK government is introducing stronger anti-money laundering legislation, and financial institutions are under increasing pressure to comply with them.

Restraining Factors

It is frequently difficult to identify fraud in particular circumstances, even with anti-money laundering technologies. In these situations, financial institutions use a variety of technologies and techniques to combine KYC data to improve data quality. Furthermore, financial institutions in the UK pay outside companies significantly more than regulator fees to have outside organizations look over client data in greater detail. It is projected that these issues will hinder market expansion over the projected timeframe.

Market Segmentation

The UK anti-money laundering solutions market share is classified into solutions, deployment model, and end-users.

• The transaction monitoring segment is expected to hold the largest market share through the forecast period.    

The UK anti-money laundering solutions market is segmented by solutions into know your customers systems, compliance reporting, transaction monitoring, auditing, and reporting. Among these, the transaction monitoring segment is expected to hold the largest market share through the forecast period. Transaction monitoring is a critical component of AML compliance processes, allowing financial institutions to track and analyze all transactions in real-time. This product category is critical for identifying and combating money laundering, terrorist financing, and other financial crimes that might jeopardize the financial system, which drives its acceptance in the UK anti-money laundering Solutions market.

• The on-premise segment is expected to hold the largest share of the UK anti-money laundering solutions market during the forecast period.       

Based on the deployment model, the UK anti-money laundering solutions market is divided into on-cloud and on-premise. Among these, the on-premise segment is expected to hold the largest share of the UK anti-money laundering solutions market during the forecast period. On-premise deployment has become more popular in the UK as a result of financial institutions' growing desire for a safer deployment approach. Furthermore, this industry has grown as a result of the growing demand to enhance client control over their financial data. The primary driver of the on-premise segment's global development has been its superior security compared to cloud deployments.

• The BFSI segment dominates the market with the largest market share over the predicted period.

The UK anti-money laundering solutions market is segmented by end-users into BFSI, government, and IT & telecom. Among these, the BFSI segment dominates the market with the largest market share over the predicted period. There is a need for anti-money laundering solutions in the industry as a result of anti-money laundering legislation that outlines the actions that BFSI must take to stop and identify financial crimes. The UK's Fintech industry is expanding, which benefits the AML solution market due to FinTech handle financial transactions and is subject to government-mandated money laundering regulations.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the UK anti-money laundering solutions market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Nice Actimize
• Trulioo
• ACI Worldwide
• Fiserv Inc
• Bae System
• Encompass
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2022, NICE partnered with Deutsche Telekom Global Business, a division of Deutsche Telekom that offers connection and telecommunications services to various types of enterprises, including the government.

Market Segment

This study forecasts revenue at the United Kingdom, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the UK Anti-Money Laundering Solutions Market based on the below-mentioned segments:

UK Anti-Money Laundering Solutions Market, By Solutions

• Know Your Customers Systems
• Compliance Reporting
• Transaction Monitoring
• Auditing
• Reporting

UK Anti-Money Laundering Solutions Market, By Deployment Mode

• On-Cloud
• On-Premise

UK Anti-Money Laundering Solutions Market, By End-User

• BFSI
• Government
• IT & Telecom