The global market for solutions preventing money laundering is set to skyrocket to be worth $1.99bn by 2025.
That represents a compound annual growth rate of 13.6% between 2019 and 2025, according to a new report by Million Insights.
The growth of the anti-money laundering market is due to a number of factors, including stricter legislation and a rising tide of cases involving terrorism, corruption and organised crimes.
“Therefore to meet these several compliance norms set by the government, enterprises are extensively offering anti-money laundering and fraud detection solutions,” the researchers wrote. “These solutions are projected to establish procedures to control activities of corrupt individuals and cyber-criminals and helps reduce the concern of disguising or converting illegally gained funds as legitimate income.
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