Global RegTech Market Size to Expand At 21.7% CAGR Through 2028

An analysis of RegTech market has been provided in the latest report added at Market Study Report that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.

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The global RegTech market size is expected to grow at a robust CAGR of 21.7% over the forecast period.

Competition Landscape

Some of the prominent players that contribute significantly to the global RegTech market growth include Deloitte Touche Tohmatsu Limited, Thomson Reuters, PricewaterhouseCoopers, Ascent Technologies Inc., Broadridge Financial Solutions Inc., Wolters Kluwer NV, IBM Corporation, Accuity, MetricStream, and Trulioo among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, mergers & acquisitions, and product launches are some of the strategies followed by industry players.

RegTech (Regulatory Technology) is still a relatively new field, however, it is developing rapidly. It will assist companies in the short term with automating the more tedious compliance procedures and lowering operational risks related to fulfilling compliance and reporting obligations. RegTech uses blockchain, AI, natural language processing, machine learning (ML), and cloud computing to standardize compliance processes, find abnormalities, and fix technical problems with digital payment networks. The factors driving the growth of the RegTech market include increasing incidences of cybercrimes resulting in financial and data loss, favorable government policies and initiatives, integration of AI and IoT, digitization, and growth of the BFSI sector.

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The global RegTech market has been analyzed on the basis of component, deployment mode, organization size, application, end user, and region. Based on component, the market is bifurcated into software and services. Among these, software segment is estimated to hold a prominent share in the market. Based on deployment mode, the market is bifurcated into on-premises and cloud. Among these, the cloud segment is projected to exhibit significant growth rate during the forecast period. Based on organization size, the market is segmented into large enterprises and small & medium enterprises (SMEs). Among these, SMEs is estimated to hold a significant share in the market.

By application the market is segmented into Risk & Compliance Management, Identity Management, Regulatory Reporting, Anti-money Laundering (AML) and Fraud Management, and Regulatory Intelligence. The AML and fraud management application segment is dominating the RegTech market due to an increase in financial crimes. Based on end user, the market is segmented into BFSI, IT & telecom, energy & utilities, and others. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to hold a prominent share in the market.

Some of the key developments in the global RegTech market include:

In January 2022, Trulioo announced its partnership with PassFort, a leading provider of software-as-a-service regulatory technology solutions. By working together, PassFort and Trulioo will give regulated businesses a way to digitally transform Know Your Customer (KYC) and Know Your Business (KYB) processes, regardless of where in the world the business is located or where its clients are located.

In December 2021, MetricStream announced greater insight into third- and fourth-party risks, intuitive risk assessments, expanded compliance risk management tools, and new native capabilities for advanced cyber risk quantification and simulation to quantify cyber risk in monetary terms.

FAQ:

Q1. What is the CAGR that the RegTech Market is expected to register through the projected duration?

Answer: The RegTech Market is likely to register a CAGR of 21.7% over the forecast period.

Q2. Which Are the Key Players in Global RegTech Market?

Answer: Deloitte Touche Tohmatsu Limited, Thomson Reuters, PricewaterhouseCoopers, Ascent Technologies Inc., Broadridge Financial Solutions Inc., Wolters Kluwer NV, IBM Corporation, Accuity, MetricStream, among others are the leading players in worldwide RegTech Market.

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