Growing sales of RegTech Market to Reach $21.73 Billion, Globally, by 2027 at 19.5% CAGR | Top Players are Deloitte, ACTICO, IBM Corporation, Broadridge Financial Solutions, etc

The global RegTech market is expected to reach USD 21.73 Billion by 2027, according to a new report by Reports and Data. RegTech is beneficial in helping financial institutions in the management of regulatory processes within the financial industry through technology. Various challenges faced by financial institutions in risk management and RegTech, by way of digitization and automation, delivers an economical solution to resolve such challenges and comply with the regulatory standards.

It assists financial institutions in the collection of data and automatic generation of reports in accordance with the format and schedule mandated by numerous regulatory bodies. Moreover, it reinforces the regulatory and supervisory capability of the regulators by making effective use of data in a unified format to supervise the rapid developments in the sector.

Increasing demand for RegTech, owing to looming regulatory burden, is a vital factor in driving the market growth. According to the study, the cost of compliance across all banks from 2014 to 2016 averaged approximately 7.0% of their noninterest expenses. This regulatory burden was much larger for smaller banks with assets below USD 100.0 million, and the cost of compliance averaged about 10.0%. In contrast, expenses for banks with assets of USD 1.00 billion to USD 10.0 billion averaged a little above 5.0%.

In market segmentation by manufacturers, the report covers the following companies:- Deloitte, ACTICO, IBM Corporation, Broadridge Financial Solutions, PWC, McAfee, London Stock Exchange Group, Thompson Reuters, Jumio, and NICE Actimize, among others.

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Additionally, increased funding for RegTech is an instrumental factor in boosting market demand As the FinTech industry of India get regulated with newer laws, the funding into the RegTech startup witnessing an increase. The private funding into the RegTech industry in India surged by more than five times at USD 43.5 million in 2020 as compared to USD 7.3 million in 2018. A few of the top-funded Indian RegTech startups include CrediWatch, Simility, Fintellix, and Digio, among others. Besides, investments in Fintech firms and startups worldwide increased more two-fold to USD 15.00 billion in 2020, whereas in 2018, it was USD 31.00 billion, which in turn, is driving the growth of the market.

However, varying regulations across the globe may create hindrances in the growth of the market in the upcoming years.

COVID-19 Impact

The deployment of information technology in financial institutions to cater to tighter regulatory standards is poised to continue to grow in the current year. Even though, owing to the uncertainty about COVID-19, the adaption rate is very much unclear. Financial institutions may have to struggle while emphasizing on the immediate effect of the pandemic. While several firms have ascertained significant limitations to their existing processes, owing to a combination of lesser staff and staff forced work from home, the sales life cycle gets longer due to reduced business activities i.e., even though there is a stronger traction for RegTech solutions, the purchase, and implementation of such technology are much longer processes for a majority of the firms.

For the purpose of this report, Reports and Data have segmented the global RegTech market on the basis of organization size, deployment model, application, and region:

Organization Size Outlook (Revenue, USD Million; 2020-2027)
Small & Medium-Sized Enterprises
Large Enterprises

Deployment Model Outlook (Revenue, USD Million; 2020-2027)
On-Premise Deployment
Cloud-Based Deployment

Application Outlook (Revenue, USD Million; 2020-2027)
Risk & Compliance Management
Identity Management
Regulatory Reporting
Fraud Management
Regulatory Intelligence

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Regional Outlook (Revenue, USD Million; 2020-2027)
North America
Europe
Asia Pacific
Latin America
MEA

Further key findings from the report suggest:

By organization size, large enterprises contributed to a major market share in 2020. As the challenges faced by financial firms are anticipated to continue to get more complex, such organizations must have a long-standing, technology-driven platform to comply with regulatory compliance and end-to-end governance.

By the deployment model, cloud-based deployment is likely to witness a faster growth rate of 22.3% in the forecast period. RegTech firms deploy cloud computing to deliver their solutions using a SaaS (software as a service) deployment model. These SaaS solutions help enterprises to comply with regulatory standards. Cloud computing decreases the cost for hardware and software, enabling data-storage more economical for RegTech companies.

By application, risk & compliance management contributed to the largest market share in 2020 and is likely to grow at a rate of 19.4% in the forecast period. It helps in detecting the present state of compliance and forthcoming regulations. Also, it helps in mitigating regulatory risk, simplifying the governance, assessment of risk exposure, and anticipation of future threats.

North America dominated the market in 2020 and is likely to grow at a rate of 18.7% in the forecast period. The market dominance of the region is attributed to an increase in fraudulent activities, increasing awareness about RegTech, and framing stringent regulatory policies, among others

In October 2020, Confinale signed an agreement with RegTech firm ACTICO to implemented ACTICO's Compliance Suite for several banks in Germany and overseas. The partnership is a successful approach to applying bank compliance projects with high speed, quality, and security.

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Some major points covered in this RegTech Market report:

1. An excessively meticulous study that helps in segmenting the useful data from the irrelevant.

2. The study has been segmented and sub-segmented into regions, end-users, applications, product types, players according to the influence they exercise in the RegTech market, their strategies, and the potential consumer bases that a new entrant can tap into.

3. In the next section, factors responsible for the growth of the market have been included. This data has been collected from the primary and secondary sources and has been approved by the industry specialists. It helps in understanding the key market segments and their future trends.

4. The participants of this industry who possess and employ influence over the RegTech market are highlighted in the study and their respective strategies to overcome the competition and challenges of the eco-system they perform in.

5. The RegTech market research report also presents an eight-year forecast on the basis of how the market is predicted to grow.

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In the end, the report covers segment data, including industry segment, type segment, channel segment, etc., as well as the segments’ market size, both in terms of volume and value. In addition, the report mentions client data from different industries, which is vital to manufacturers. The report has been collated with in-depth secondary research, comprehending the market access aspects across various geographies.

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This release was published on openPR.