Money Transfer Services Global Market Report 2023 – By Type (Inward Money Transfer, Outward Money Transfer), By Channel (Banks, Money Transfer Operators, Other Channels), By End User (Personal, Small Businesses, Other End-Users) – Market Size, Trends, And Global Forecast 2023-2032

Anti-money laundering refers to a procedure used by financial institutions, including banks, insurance companies, and gaming and gambling establishments to keep an eye on and stop any unlawful actions that enable money laundering and terrorist financing. To prevent fraudulent and illegal activity surrounding the financial systems banks and financial institutions adhere to a set of policies and regulations for KYC (Know Your Customer) /CDD (Customer Due Diligence), transaction screening, monitoring, and compliance. The anti-money laundering is used to stop the practice of generating income through illegal actions. The main product types of anti-money laundering are compliance management, currency transaction reporting, customer identity management, and transaction monitoring. Compliance management is used to deter and prevent potential offenders from engaging in fraud or crime, including money laundering. Compliance management refers to monitoring and evaluating systems on a continuous basis to make sure they correspond to business and regulatory policies and requirements, as well as industry and security standards. The different components include software and services that are deployed through cloud and on premise. The various organisation sizes include small and medium enterprises, and large enterprises and involve several end-users such as BFSI, government, healthcare, IT & telecom, and others. The global anti-money laundering market is segmented – 1) By Product: Compliance Management, Currency Transaction Reporting, Customer Identity Management, Transaction Monitoring. 2) By Component: Software, Services. 3) By Deployment: Cloud, On-Premise 4) By Organization size: Small and Medium Enterprises (SMEs), Large Enterprises 5) By End-User: BFSI, Government, Healthcare, IT and Telecom, Other End-Users The global anti-money laundering market size is expected to grow from $2.17 billion in 2022 to $2.53 billion in 2023 at a compound annual growth rate (CAGR) of 16.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of anti-money laundering is expected to grow to $4.5 billion in 2027 at a CAGR of 15.5%. The growing focus on digital payments and internet banking is expected to propel the growth of the anti-money laundering market going forward. Digital payment refers to the act of transferring money from one payment account to another by a computer, mobile phone, or another digital device. Anti-money laundering technologies are used to prevent online crime and reduce potential money-laundering dangers connected to digital payment. For instance, according to BuyShare, a UK-based educational investment platform and courses for first-time investors in the equity market, China generated around $1.9 trillion in transactions, or approximately 45% of all digital payments in 2020, while the US accounted for $895.7 billion in transaction value and a 20% market share in 2020. Also, Japan, the UK, and South Korea followed with $165.2 billion, $164.4 billion, and $113.5 billion worth of digital transactions, respectively. Therefore, the growing focus on digital payment and internet banking is driving the growth of anti-money laundering market. Major players in the anti-money laundering market are NICE Actimize Ltd., Tata Consultancy Services Limited, Trulioo Inc., ACI Worldwide Inc., SAS Institute Inc., Fiserv Inc., Oracle Corporation, Bae Systems India (Homeland Security) Private Limited, Accenture Solutions Pvt Ltd., CaseWare RCM Inc., TransUnion Holding Company Inc., Cognizant Technology Solutions Corporation, SAP AG, Jumio Corporation, Comarch SA, Feedzai Inc., Napier Technologies Limited, and IBM Corporation. Technological advancements are the key trend gaining popularity in the anti-money laundering market. Major companies operating in the anti-money laundering market are focused on advanced products that could provide better solutions in preventing illegal money laundering and strengthen their position in the market. For instance, in October 2022, ThetaRay, an Israel-based fintech software and big data analytics company, launched an advance software version of its flagship SONAR advanced SaaS anti-money laundering (AML) platform. This version contains significant capability enhancements enabling FinTechs and banks to detect and prevent financial crime through speedier investigations and the discovery of new typologies. In June 2020, NICE Actimize, a US-based software company, acquired Guardian Analytics for an undisclosed amount. This acquisition is a significant step in advancing the future of managing financial risk, and both companies aim to empower firms of all sizes to accelerate the adoption of the industry’s most innovative solutions. Guardian Analytics is a US-based firm specializing in machine learning technology to prevent banking and money laundering fraud. North America was the largest region in the anti-money laundering market in 2022. The regions covered in the anti-money laundering analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the anti-money laundering market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA. The anti-money laundering market includes revenues earned by entities by providing risk rating methodology consulting services, outsourced risk rating, advisory services, forensic analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The anti-money laundering market research report is one of a series of new reports from The Business Research Company that provides anti-money laundering market statistics, including anti-money laundering industry global market size, regional shares, competitors with an anti-money laundering market share, detailed anti-money laundering market segments, market trends and opportunities, and any further data you may need to thrive in the anti-money laundering industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The anti-money laundering software refers to software used to analyze customer data and detect suspicious activity. Anti-money laundering software employs tools and technology to assist legal and financial institutions in meeting legal requirements imposed by financial regulators to detect and combat financial crime. Its possible applications range from data management and procedural filtering to predictive analysis and machine learning. The main components of anti-money laundering software are software and services. The software refers to software used to prevent money laundering. Software is a computer program that is designed to manage anti-money laundering activities. It is sold by companies and installed locally on the hosting server. The anti-laundering software is deployed on-premise and in the cloud and is applied in transaction monitoring, currency transaction reporting, customer identity management, compliance management, and other applications. The end-users of anti-money laundering software are BFSI, defense, healthcare, IT and telecom, retail, and others. The global anti-money laundering software market is segmented - 1) By Component: Software, Services 2) By Deployment: On-premises, On-Cloud 3) By Application: Transaction Monitoring, Currency Transaction Reporting, Customer Identity Management, Compliance Management, Other Applications 4) By End-Use: BFSI, Defense, Healthcare, IT and Telecom, Retail, Other End-Users The global anti-money laundering software market size is expected to grow from $2.21 billion in 2022 to $2.52 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The anti-money laundering software market size is expected to grow to $4.25 billion in 2027 at a CAGR of 14.0%. The increasing number of money laundering cases is expected to propel the anti-money laundering software market. Money laundering is the process of converting illegally obtained funds into legal funds. Due to the increasing number of money laundering cases, there is a rise in the adoption of anti-money laundering software applications to ensure the legal requirements of organizations for detecting and preventing financial crimes. For instance, in March 2021, according to a report from TransUnion, a US-based consumer credit reporting agency, fraudulent digital transaction attempts against businesses worldwide increased by 46% compared to 2019. Furthermore, TransUnion reported a 21% increase in phishing attacks among consumers globally targeted with COVID-19-related digital frauds as of November 2020. Therefore, the increasing number of fraudulent activities and rise in money laundering cases will drive the growth of the anti-money laundering software market. Major players in the anti-money laundering software market are Accenture Inc., ACI Worldwide Inc., AML Partners LLC, Ascent Technology Consulting, BAE Systems Inc., Eastnets Holding Limited, Verafin Inc., Fidelity National Information Services Inc., Fiserv Inc., Oracle Corporation, SAS Institute Inc., Sungard Availability Services, AML360, Experian Information Solutions Inc., Fico, RELX Plc, Truth Technologies Inc., Aquilan Technologies Inc., CaseWare International Inc., and Exiger LLC. Technological advancement is the key trend gaining popularity in the anti-money laundering software market. Major companies operating in the anti-money laundering software market are focused on developing new and innovative solutions to strengthen their market position. For instance, in September 2020, Nasdaq Inc., a US-based financial services corporation, launched the cloud-deployed Nasdaq Automated Investigator for AML, the first automated solution for retail, commercial, and other financial institutions' anti-money laundering (AML) investigations. Nasdaq's global initiatives to prevent financial crime and advance market integrity in the capital markets and others are further expanded with the launch of Nasdaq's Automated Investigator for AML. Banks' investigation management procedures currently have a major gap in the field of automated investigation management, which has historically been underserved by financial crime operations. In September 2020, Jumio, a US-based online mobile payments and identity verification company, acquired the AML (anti-money laundering) platform from Beam Solutions for an undisclosed amount. With this acquisition, Jumio will incorporate Beam's AML solutions into its existing KYX platform to strengthen the company's position in the anti-financial crime market. Beam Solutions is a US-based cloud-based anti-money laundering (AML) compliance platform company. North America was the largest region in the anti-money laundering software market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the anti-money laundering software market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the anti-money laundering software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The anti-money laundering software market consists of revenues earned by entities by providing kyc (know your customer), fraud detection, watch-list screening, data warehouse management, analytics & visualization, alert management & reporting, and case management solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The anti-money laundering software market research report is one of a series of new reports from The Business Research Company that provides anti-money laundering software market statistics, including anti-money laundering software industry global market size, regional shares, competitors with an anti-money laundering software market share, detailed anti-money laundering software market segments, market trends and opportunities, and any further data you may need to thrive in the anti-money laundering software industry. This anti-money laundering software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

A transfer switch refers to a switch used to secure the connection or disconnection of various electricity sources toward an electric load. This switch switches an electrical load between two sources of power, such as a main power source and a backup power source. These switches are used to switch between a generator and grid service, between various generators, or various grid service entrances. The main type of transfer switches is automatic transfer switch and manual transfer switch. An automatic refers to a transfer switch (ATS) that are self-acting, intelligent power-switching device governed by the dedicated control logic. It has four transition modes such as soft load, closed, delayed, and open used in industrial, commercial, and residential applications. The global transfer switch market is segmented - 1) By Type: Automatic Transfer Switch, Manual Transfer Switch 2) By Transition Mode: Soft Load, Closed, Delayed, Open 3) By End Use: Industrial, Commercial, Residential The global transfer switch market size is expected to grow from $1.56 billion in 2022 to $1.69 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global transfer switch market size is expected to reach $2.25 billion in 2027 at a CAGR of 7.4%. Growing demand for a continuous and steady power supply is expected to propel the transfer switch market forward. A power supply refers to a component that supplies power to at least one electrical load. In general, it converts one form of electrical power into another, but it may also convert a different form of energy such as solar, mechanical, or chemical into electricity. An automated transfer switch, or ATS, is a transfer switch that functions automatically. Once it senses a power outage in the primary source, this switch is utilized to switch the power supply automatically from the main source to a backup source. For instance, in August 2020, according to International Energy Agency, a France-based autonomous intergovernmental organization, by 2040, electricity supply would account for 31% of final energy consumption. Similarly, the power supply reserve fell below a critical level, causing load interruptions, for up to 4 million people in California. Thus, the growing demand for a continuous and steady power supply is driving the transfer switch market forward. Major players in the transfer switch market are ABB Ltd., Siemens AG, Schneider Electric SE, General Electric Corporation, Cummins Inc., Caterpillar Inc., Eaton Corporation PLC., Kohler Co, Regal Rexnord Corporation, Cameco Corporation, Socomec Group, Eltek group, Camsco Electric Co, DynaGen Technologies Inc., and Mitsubishi Electric Corporation. Product Innovation has emerged as a key trend gaining popularity in the transfer switch market. Major companies operating in the transfer switch market are developing new innovative switches to sustain their position in the market. For instance, in February 2022, Schneider Electric, France-based energy management, and automation company launched TransferPacT, a new generation of modular intelligent automatic transfer switches. The TransferPacT is a PC class ATSE rated for 220V-440V and available in 32A-160A, 2,3,4 poles. It has enhanced uptime with innovative technology that guarantees transfer rates of under 500 ms. ATSE data is collected and analyzed in real-time by EcoStruxureTM IoT-enabled solutions, giving operators proactive maintenance analysis rather than preventive maintenance. In June 2021, Generac Holdings, a US-based designer and manufacturer of energy technology solutions completed the acquisition of Deep Sea Electronics Limited for an undisclosed amount. Through this acquisition, Generac Holdings gained the technical and engineering expertise of Deep Sea Electronics that would help the company to accelerate its product roadmap for the future, an advanced controls manufacturer and designer. This acquisition also strengthened Generac Holdings' engineering and management abilities which would help in advancing and supporting the innovation of its products. Deep Sea Electronics Limited is a UK-based advanced controls designer and manufacturer. Among Deep Sea Electronics' controller products are generators, automatic transfer switches, battery chargers, and off-highway vehicles. Asia-Pacific was the largest region in the transfer switch market in 2022. The regions covered in the global transfer switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the Transfer Switch market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. The transfer switch market consists of sales of intelligent and self-acting power-switching devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The transfer switch market research report is one of a series of new reports from The Business Research Company that provides transfer switch market statistics including transfer switch industry global market size regional shares competitors with a transfer switch market share detailed transfer switch market segments market trends and opportunities and any further data you may need to thrive in the transfer switch industry. This transfer switch market research report delivers a complete perspective of everything you need with an in-depth analysis of the current and future scenario of the industry.

Services refer to transactions between a buyer and a seller without transferring any physical goods or commodities, involving the use of resources, experience, skill, ingenuity, and intelligence. It mainly involves the use of resources, experience, skill, ingenuity, and intelligence. The main types of services include Civic Services, Real Estate, Leasing, Commercial Services, Personal Services, and Repair and Maintenance. Civic service is defined as a structured period of significant engagement and commitment to the local, national, or international community that is acknowledged and recognized by society, with little or no monetary recompense to the individual. The components including hardware, software, and service. The different modes include online and offline. The global services market is segmented - 1) By Type: Civic Services, Real Estate, Leasing, Commercial Services, Personal Services, Repair and Maintenance 2) By Component: Hardware, Software, Service 2) By Mode: Online, Offline Subsegments Covered: Religious Organizations, NGOs And Charitable Organizations, Political Organizations, Unions And Associations, Real Estate Rental, Real Estate Agency and Brokerage, Automotive Equipment Leasing, Consumer Goods And General Rental Centers, Machinery Leasing, Lessors Of Nonfinancial Intangible Assets, Office Administrative Services, Facilities Support Services, Employment Services, Business Support Services, Travel Arrangement And Reservation Services, Waste Management And Remediation Services, Investigation And Security Services, Services to Buildings And Dwellings, Other Support Services,, Personal Care Services, Death Care Services, Dry-Cleaning And Laundry Services, Other Personal Services, Private Household Services, Automotive Repair and Maintenance, Commercial and Industrial Machinery and Equipment Repair and Maintenance, Electronic and Precision Equipment Repair and Maintenance, Personal Goods Repair And Maintenance The global services market size will grow from $13,978.41 billion in 2022 to $15,223.84 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of services market is expected to grow to $20,650.56 billion in 2027 at a CAGR of 7.9%. Rapid advances in technology are expected to drive innovation in different sectors of the services industry, thus driving the market during the forecast period. Areas of rapid technological change included electronic equipment, automobiles, and electronics, which in turn will lead to an increase in services for that equipment. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are increasingly being used, resulting in higher productivity, lower operating costs, and higher margins. Lower operating costs lead to higher margins, this allows companies to increase product portfolio and enter new markets by making investments made through cost savings. IoT applications are also being integrated into services to enable services such as remote monitoring, and central feedback systems, and to offer other services. These factors are expected to drive the services market going forward. Major companies in the services market report include BCD Travel, Enterprise Holdings Inc., Randstad Holding NV, Adecco Group, Travel Leaders Group, TUI Group, Recruit Holdings, ManpowerGroup Inc., Berkshire Hathaway Inc., and Waste Management Inc. The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the services market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and spread globally including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lockdown' and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the services market will recover from the shock across the forecast period as it is a 'black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy. With companies focusing on core business operations, automated billing systems are widely being used to minimize billing errors and reduce costs. Automated systems generate and send electronic copies of invoices directly to customers. Automated billing systems can result in savings of 60-80% compared to traditional paper-based billing systems. Automated billing systems also enable tracking of unpaid bills, automating payment reminders and recurring invoices, managing discounts, and coupons, and creating of customized invoices. These systems also generate real-time reports on sales, orders, and budgets that help track business performance. Some of the popular automated billing systems include Zoho Invoice, QuickBooks, Invoice2go, and Intacct. Asia-Pacific was the largest region in the services market in 2022. North America was the second-largest region in the services market share. The regions covered in the services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam. The services market consists of revenue earned by entities by providing services to equipment and machinery repairing, promoting or administering religious activities, grant making, advocacy, and providing dry-cleaning and laundry services, personal care services, death care services, pet care services, photofinishing services, and temporary parking services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The services market research report is one of a series of new reports from The Business Research Company that provides services market statistics, including services industry global market size, regional shares, competitors with a services market share, detailed services market segments, market trends, and opportunities, and any further data you may need to thrive in the services industry. This services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Mobile money refers to the electronic transfer of money from one individual or entity to another using mobile devices. Digital payment technology is embedded in the devices and can be utilized on regular smartphone devices to receive, withdraw, and send money without using the usual banking system. Mobile money is a popular alternative to bank accounts as it is secure and simple. The main transaction types of mobile money include person to person (P2P), person to business (P2B), business to person (B2P), and business to business (B2B). The person-to-person (P2P) transaction refers to a mobile money transaction mode enabled between individuals. This P2P transaction requires minimum personal information for payments and keeps the personal data secure. They are made through different payment protocols, which include remote mobile payment and proximity mobile payment. They are used for bill payments, money transfers, ticket payments, and others. The global mobile money market is segmented - 1) By Transaction Type: Person to Person (P2P), Person to Business (P2B), Business to Person (B2P), Business to Business (B2B) 2) By Payment: Remote Payments, Proximity Payments 3) By Application: Bill Payments, Money transfers, Recharge & Top-up, Ticket Payment, Other Applications The global mobile money market size will grow from $8.86 billion in 2022 to $11.16 billion in 2023 at a compound annual growth rate (CAGR) of 25.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the mobile money is expected to grow to $28.67 billion in 2027 at a CAGR of 26.6%. The increasing adoption of mobile POS (point of sale) is driving the growth of the mobile money market. The increased expectation for quick fulfillment and the growing popularity of the digital marketplace coupled with the need for improving customer experience, ease of use, and payment efficiency has led to the increased adoption of mobile POS. This increasing adoption of mobile POS will result in significant demand for mobile money as it is a convenient and efficient solution for point of sales. For instance, according to a survey published in November 2020 by McKinsey, a global management consulting company, COVID-19 has reinforced the pattern of mobile payment and acceptance across various verticals of payment within different demographics of the USA. The share of consumers using two or more digital payment methods grew from 45% in 2019 to 58% in 2020. These digital payment methods included mobile POS, online, in-app, and peer-to-peer payments. Therefore, the increasing adoption of mobile POS is expected to boost demand for mobile money during the forecast period. Major players in the mobile money market are Vodafone, Google, Orange, Fidelity National Information Services, Paypal, Mastercard, Fiserv, Airtel, Alipay, MTN, PAYTM, Samsung, VISA, Tencent, Global Payments, Square, Amazon, Apple, Western Union Holdings, Comviva, T-Mobile, Obopay, FTS, Peerbits, Panamax, and Alepo. Technological advancement is a key trend gaining popularity in the mobile money market. The market is witnessing the implementation of advanced technologies such as NFC technology in mobile money for contactless payments. NFC (near-field communication) is a short-range wireless connectivity mechanism to enable communication between devices during their proximity using magnetic field induction, enabling quick payment and removing contact-based payments. Major companies operating in the mobile money market are focused on providing technologically advanced mobile money solutions to strengthen their market position. For instance, in March 2021, Paytm, an Indian digital payments and financial services company, introduced Smart POS for Android devices that accepts contactless payments using NFC technology. This smart POS converts an Android smartphone into a point-of-service (POS) terminal using NFC technology that allows card payments via NFC-enabled android phones. The company also introduced IoT-enabled Soundbox, offering instant voice-based confirmations of payments to merchants. Both the devices aim to create convenience and ease of use payment solutions for customers and merchants. In May 2021, Fiserv Inc., a US-based financial services technology and mobile banking company acquired Pineapple Payments for an undisclosed amount. This acquisition expands the reach of the payment solutions of Fiserv including Co-pilot partner platform Clover and Clover Connect through Pineapple Payments’ technology and relationship-led distribution channels. Pineapple Payments is a US-based payments technology firm that provides payment processing, proprietary technology, and omnichannel payment acceptance solutions for merchants including mobile payment solutions. Asia-Pacific was the largest region in the mobile money market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile money market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the mobile money market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The mobile money market includes revenues earned by entities by providing solutions to save and manage expenses using a bank account linked with a mobile number to facilitate secure and easy transactions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The mobile money market research report is one of a series of new reports from The Business Research Company that provides mobile money market statistics, including mobile money industry global market size, regional shares, competitors with a mobile money market share, detailed mobile money market segments, market trends and opportunities, and any further data you may need to thrive in the mobile money industry. This mobile money market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

RegTech, or regulatory technology, is a set of enterprises that employ cloud computing technology and software-as-a-service (SaaS) to assist businesses in complying with regulations more efficiently and cost-effectively. RegTech's primary functions are regulatory surveillance, monitoring, and compliance. The RegTech IS engaged in providing regulatory processes within the financial industry via advanced technologies. The main types of components in RegTech are solutions and services. The RegTech services reduce the threats such as cyberattacks, security breaches, or money laundering by using regulatory-driven transformations. The different modes of deployment include cloud, on-premises and are deployed in various organization sizes such as large enterprises, small and medium-sized enterprises (SMEs). It is used in risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, and is implemented in several verticals such as banks, insurance companies, fintech firms, it and telecom, public sector, energy and utilities, others. The global regtech market is segmented - 1) By Component: Solutions, Services 2) By Deployment Type: Cloud, On-Premises 3) By Organization Size: Large Enterprises, Small and Medium-sized Enterprises (SMEs) 4) By Application: Risk And Compliance Management, Identity Management, Regulatory Reporting, Anti-Money laundering (AML) And Fraud Management, Regulatory Intelligence 5) By End User: Banks, Insurance Companies, FinTech Firms, IT And Telecom, Public Sector, Energy And Utilities, Other End Users The global regtech market size will grow from $9.93 billion in 2022 to $12.37 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global regtech is expected to grow to $30.4 billion in 2027 at a CAGR of 25.2%. The rising number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the RegTech market in the forecast period. Fraudulent activities such as money laundering have increased and therefore financial organizations need a more powerful RegTech framework that can help risk and compliance teams manage the deluge of ever-increasing regulatory compliance and progressively sophisticated breaches successfully. For example, in 2022, according to a report published by LexisNexis Risk Solutions, a US-based global data and analytics company, the costs of fraud for U.S. and Canadian financial services companies are rising. U.S. financial services companies pay $4.23 instead of $3.64 for every $1 lost to fraud, a 16.2% increase. Canadian financial services companies' costs increased by 19.6%, from $3.16 in 2020 to $3.78 in 2022. Thus, the rising number of fraudulent activities increases the demand for the growth of the RegTech market. Major players in the regtech market are Abside RegTech, Accuity, ACTICO, Acuant Inc., Ascent Technologies Inc., BearingPoint Software Solutions GmbH, Broadridge Financial Solutions Inc., BWise Beheer B.V., Compliance Solutions Strategies, Sysnet Global Solutions, Trulioo, ComplyAdvantage, Fenergo, IBM Corporation, Infrasoft Technologies, Jumio, London Stock Exchange Group plc, MetricStream Inc., NICE Actimize, RIMES Technologies Corporation, and VERMEG. The application of AI, ML, and blockchain technologies has emerged as a key trend in the RegTech market. Major companies operating in the RegTech sector are increasingly adopting AI, ML, and blockchain technologies to automate processes such as data management analysis and due diligence. For instance, in January 2021, Darktrace, a UK-based AI cyber security company launched the fifth version of autonomous response technology for general accessibility, allowing businesses to benefit from the cloud while also safeguarding themselves from new cyber-threats. Compliance with regulations including GDPR, HIPAA, and the DFS Cyber Security Regulations adds to the long list of issues that security professionals face. In November 2022, Regnology, a Germany-based software provider specializing in regulatory reporting solutions, acquired b.fine for an undisclosed amount. This acquisition improves the integration of SupTech and RegTech and leverages powerful connections to provide more automated and standardized procedures to new clients throughout Europe and beyond. b.fine a Belgian RegTech company that helps financial institutions improve the reporting process. North America was the largest region in the regtech market in 2022. The regions covered in the global RegTech market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the regtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The RegTech market includes revenues earned by entities by client identification, monitoring, reporting, data protection, data warehousing and analytics, legal and regulatory analysis, training and general compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The RegTech market research report is one of a series of new reports from The Business Research Company that provides RegTech market statistics, including RegTech industry global market size, regional shares, competitors with a RegTech market share, detailed RegTech market segments, market trends and opportunities, and any further data you may need to thrive in the RegTech industry. This RegTech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neobanking refer to digital banks with no physical locations that provide a broad range of financial services to target tech-savvy clients primarily. Neobanking offers services including payments, debit cards, money transfers, lending, and more that are mostly digital and mobile in nature. The main types of business accounts of neobanking market include business account, savings account. Business account refers to neobanking services used by business account holders to manage money, bulk pay-outs, credits, detailed account insights, and international transfers. Mobile banking, payments & money transfer, checking/savings account, loans and others are services offered in neobanking. These are applied byenterprises, personal, others. The global neobanking market is segmented - 1) By Account Type: Business Account, Savings Account 2) By Service: Mobile Banking, Payments And Money Transfer, Checking/Savings Account, Loans, Other Services 3) By Application: Enterprises, Personal, Other Application The global neobanking market size will grow from $79.1 billion in 2022 to $118.51 billion in 2023 at a compound annual growth rate (CAGR) of 49.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global neobanking is expected to grow to $556.66 billion in 2027 at a CAGR of 47.2%. The growing demand for digitalization among banking institutions across the globe is contributing to the growth of the neobanking market. Digital banking describes the digitalization of all banking procedures and the substitution of the bank's physical location with a continual online presence, which eliminates the need for consumers to visit a branch. Traditional financial services are being automated by digital banking. Customers of a bank can access banking services and products online or through an electronic platform thanks to digital banking. Neobanking aids in digitizing banks by enabling financial organizations to do business online without physical locations and offering digital versions of all banking services. Neobanks provide highly personalized services at lower prices by utilizing technology such as artificial intelligence (AI), automation, and cloud computing. In 2021, according to a survey conducted by McKinsey and Company, between 2017 and 2021, the fraction of customers in Asia–Pacific developing countries actively utilizing digital banking expanded rapidly, rising from 54 % in 2017 to 88% in 2021. Thus, the growing demand for digitalization in the banking sector is expected to propel the growth of the neobanking market. Major players in the neobanking market are Revolut Ltd., Simple Finance Technology Corp., Ubank Limited, Webank, Inc., Tangerine Bank, Chime Financial, Inc., Dave, Inc., Neo Financial Technologies Inc., Nubank S.A., OakNorth, Orange Bank, Tinkoff Bank, Upgrade, Inc., Monzo and Monese. Technological Advancement is a key trend propelling the neobanking market. Artificial intelligence is used in neobanking services and solutions to improve efficiency. AI can provide consumers with highly personalized solutions and logical reminders and notifications that will help them save money and enjoy more ease. It helps in credit decisions, risk management, trading and personalized services. In March 2021, DigiBankASIA, a Singapore-based financial services company, entered into a partnership with Xebia to launch Asia's digital Bank, UnoBank. Combining top banking products to provide a distinctive and cutting-edge digital foundation, Xebia will be UNO's digital and innovative technology partner in building Cognito, UNO's digital-first platform. It is ideally positioned to construct a cutting-edge and intelligent CX platform for UNObank due to its experience in technologies like Al/ML, IoT, AR/VR, Cloud, DevOps, Big Data & Analytics. Xebia is a US-based IT consultancy company. In December 2021, Open, an India-based neobank that combines banking, payments, accounting, expense management & taxes in one place, acquired Finin for $10 million. The acquisition improves Open's cloud native BankingStack financial OS and gives banks and other financial institutions the means to introduce and expand their digital banking services to both individuals and enterprises. Along with providing salary accounts for employees and an integrated payroll module, the acquisition will enable SMEs using the Open SME neo-banking platform to expand. Finin is an India-based neobanking platform that makes it easier, quicker, and smarter to manage, save, and invest your money. Western Europe was the largest region in the neobanking market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in neobanking market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the neobanking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The neobanking market includes revenues earned by entities by a full stack neobank or a front-end focused neobank. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The neobanking market research report is one of a series of new reports from The Business Research Company that provides neobanking market statistics, including Feed yeast industry global market size, regional shares, competitors with a neobanking market share, detailed neobanking market segments, market trends and opportunities, and any further data you may need to thrive in the neobanking industry. These neobanking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Mobile value-added services refer to those services that telecom service companies give to customers in addition to their main SMS, voice, and data services. The services can be either free or pay-for-use. VAS are mostly used in the entertainment, e-commerce, sports, and other industries. The main type of solutions in mobile value-added services includes mobile advertising, location-based services, mobile infotainment, mobile email & IM, short messaging service (SMS), multimedia messaging service (MMS), mobile money, and others. Mobile advertising refers to advertising services on smartphones and mobile devices provided by telecoms to customers. It refers to all interactive channels used by advertisers to convey or promote brand information, news, or offers via mobile devices or networks. These services are provided through google play, app store (IOS), and other stores and they are used by both enterprises and individuals. The global mobile value added services market is segmented - 1) By Solution: Mobile Advertising, Location-Based Services, Mobile Infotainment, Mobile Email & IM, Short Messaging Service (SMS), Multimedia Messaging Service (MMS), Mobile Money, Other Solutions 2) By Store: Google Play, App Store (iOS), Other Stores 3) End-user: Individual, Enterprise The global mobile value added services market size will grow from $796.04 billion in 2022 to $894.84 billion in 2023 at a compound annual growth rate (CAGR) of 12.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the mobile value added services is expected to grow to $1459.09 billion in 2027 at a CAGR of 13.0%. The increase in smartphone customers globally is driving the growth of the mobile value-added services market. The demand for smartphones is increasing due to growing internet penetration, rising income levels, rising subscriptions to social media, improved communication needs, and others. During the COVID-19 pandemic, the usage of smartphones dramatically increased due to long quarantine periods and work-from-home scenarios. This increase in smartphone customers will drive demand for mobile value-added services as smartphones need these services to provide customers with the necessary facilities such as messaging, communication, entertainment, e-commerce, and others. For instance, according to the survey of smartphone ownership commissioned by a nonpartisan American think tank, the Pew Research Center, the share of Americans that own a smartphone increased from 81% in February 2019 to 85% in February 2021, which was just 35% a decade ago (in 2011). In addition, according to the India Brand Equity Foundation (IBEF), the Indian smartphone market observed a 10-fold expansion from 14.5 million smartphone shipments in 2011 to 150 million in 2020. Thus, the increase in smartphone customers globally will propel the mobile value-added services market growth. Major players in the mobile value-added services market are Apple, Onmobile Global Limited, Google, AT&T, Vodafone, Comverse, Inmobi, Mahindra Comviva, Singtel, MyRepublic Limited, Reliance Industries Ltd., Telkom SA SOC Limited, Verizon Communications Inc., Huawei Investment & Holding Co. Ltd., and ZTE Corporation. Strategic partnership is a key trend in the mobile value-added services market. Key companies are focusing on strategic partnerships to leverage each other's expertise, technology, and resources to offer new and enhanced mobile value-added services to customers. These partnerships also help companies to expand in new markets and scale up the business. For instance, in December 2020, Vodafone Business, a UK-based technology communications company (part of Vodafone Group PLC.), and Ring Central Inc., a US-based company that provides businesses with different cloud-based business communications solutions announced a partnership to offer new cloud-based communications services. This partnership aims to develop a new co-branded, cloud-based service that will serve as the primary Unified Communications as a Service (UCaaS) solution for Vodafone Business and provide Contact Center as a Service (CCaaS) to Vodafone Business clients. The platform will provide flexible, easy-to-use, and secure services by combining Vodafone Business' mobile-first strategy, a worldwide brand, reach, and scale with RingCentral's extensive UCaaS and CCaaS experience. As part of the agreement, Vodafone Business will offer value-added services in migration, adoption, and integration to make customers take full benefit of the platform. In June 2020, Sinch AB, a Sweden-based cloud communications company, acquired ACL Mobile Limited for around $67.70 million (INR 5,350 million). Through this acquisition, Sinch will achieve essential scale in India, the world's second-largest mobile market. It will add clients, experience, and technology as well as enhance its global messaging product for discriminating enterprises with global demands. ACL Mobile Limited is an India-based telecommunications company that provides a communications platform for SMS, phone, e-mail, WhatsApp, and alerts. North America was the largest region in the mobile value-added services market in 2022 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the mobile value-added services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the mobile value-added services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The mobile value-added services market includes revenues earned by entities by providing mobile value-added services that create and sustaining new revenue streams for mobile service providers. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The mobile value-added services market research report is one of a series of new reports from The Business Research Company that provides mobile value-added services market statistics, including Mobile value-added services industry global market size, regional shares, competitors with a mobile value-added services market share, detailed mobile value-added services market segments, market trends and opportunities, and any further data you may need to thrive in the mobile value-added services industry. This mobile value-added services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.