RegTech Market Share, Size, Trends, Industry Growth And Forecast 2023-2028

IMARC Group, a leading market research company, has released a report titled "RegTech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". According to the report, The global RegTech market size reached US$ 10.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.2 Billion by 2028, exhibiting a growth rate (CAGR) of 22.1% during 2023-2028.

What is RegTech?

RegTech, alternatively referred to as regulatory technology, represents software applications used for monitoring the in-house regulatory requirements of an enterprise adequately. They involve the usage of machine learning (ML), cloud computing, and blockchain technologies to standardize and simplify compliance procedures and recognize technical issues and irregularities in digital payment platforms. RegTech solutions aid in digitizing manual reports and compliance processes and offer improved agility, operation speeds, integration, analytics capabilities, etc. They prove highly effective in anti-money laundering (AML) and fraud management, regulatory intelligence and reporting, risk and compliance management, identity management, etc. Consequently, RegTech solutions find extensive applications across numerous sectors, such as banking, fintech, insurance, information technology (IT), telecommunication, energy, and utilities, etc.

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What are the growth prospects and trends in the RegTech industry?

The growing banking, financial services, and insurance (BFSI) segment and the emerging trend of digitization across the globe are primarily driving the RegTech market. In addition to this, the rising incidences of fraudulent activities over the internet that are resulting in financial and data losses are acting as another significant growth-inducing factor. Apart from this, the escalating adoption of the system in non-finance industries to automate the process of fraud prevention, compliance data management, employee surveillance, etc., to eliminate the risk of errors caused by human interventions is also positively influencing the global market. Moreover, the inflating expenditure by leading market players in research and development (R&D) activities and the elevating integration of connected devices with internet of things (IoT) and artificial intelligence (AI) solutions are anticipated to fuel the RegTech market over the forecasted period.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Solution
Services

Breakup by Deployment Mode:

Cloud-based
On-premises

Breakup by Enterprises Size:

Large Enterprises
Small and Medium-sized Enterprises

Breakup by Application:

Anti-Money Laundering (AML) and Fraud Management
Regulatory Intelligence
Risk and Compliance Management
Regulatory Reporting
Identity Management

Breakup by End User:

Banks
Insurance Companies
FinTech Firms
IT and Telecom
Public Sector
Energy and Utilities
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

ACTICO GmbH
Acuant Inc.
Ascent
Broadridge Financial Solutions Inc.
ComplyAdvantage
Deloitte Touche Tohmatsu Limited
International Business Machines Corporation
Jumio
London Stock Exchange Group plc
MetricStream Inc.
NICE Ltd.
PricewaterhouseCoopers
Thomson Reuters Corporation
Trulioo
Wolters Kluwer N.V.

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This release was published on openPR.