RegTech Market by Size, Share, Forecasts, & Trends Analysis

Meticulous Research®, a premier global market research company, has unveiled its latest research report titled, 'RegTech Market by Component, Application, Organization Size, Deployment Mode, Technology, End User (Healthcare, BFSI, Retail, IT & Telecommunications, Government & Public Sector, Transportation & Logistics, Food & Beverage, Manufacturing, Other End Users)-Global Forecast to 2029.'

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According to the comprehensive insights provided by Meticulous Research®, the global RegTech market is poised to achieve a valuation of $23.6 billion by 2029, reflecting a noteworthy CAGR of 16.5% from 2022 to 2029. The driving forces behind this growth are the escalating incidents of fraudulent activities, the imperative to streamline regulatory compliance processes through automation, and the increasing demand for expeditious transactions. Additionally, the online gaming industry's endorsement of automated regulatory compliance and identity verification solutions, along with the pharmaceutical sector's heightened demand for risk and regulatory compliance solutions, are expected to usher in substantial growth opportunities for the RegTech market. However, the market faces challenges such as the significant cost associated with RegTech solutions/dashboards and hurdles posed by the implementation of regulatory changes in the RegTech domain.

The global RegTech market is meticulously segmented based on various parameters, including component (solutions/platforms/dashboards, services), application (regulatory compliance, risk management, financial crime management, identity management/identification & background checks, compliance support, cybersecurity/information security, onboarding verification (AML, KYC, CDD), transaction monitoring), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployments, cloud-based deployments), technology (cloud computing, predictive data analytics, data transfer protocols, natural language processing, semantics/graph analysis, biometric, blockchain, machine learning, deep learning, robotic process automation, and other technologies), and end-use industry (healthcare, BFSI, retail, IT & telecommunications, government & public sector, transportation & logistics, food & beverage, manufacturing, and other end users). The study also includes a thorough evaluation of industry competitors and an in-depth analysis of regional and country-level markets.

Breaking down the findings based on component, the global RegTech market's solutions/platforms/dashboards segment is anticipated to claim the largest market share in 2022. This is attributed to the concerted efforts by leading RegTech players to introduce money laundering and financial crime management solutions, the increasing emphasis on monitoring regulatory changes, risk monitoring, compliance department reporting, and the surging demand for AML/CFT solutions in Asian countries. However, the services segment is forecasted to register the highest CAGR during the forecast period, fueled by the initiatives of RegTech providers to launch new service offerings and the growing number of service launches to stay abreast of new and updated regulations.

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The report further delves into applications, revealing that the cybersecurity/information security segment is expected to dominate the RegTech market in 2022, driven by the heightened demand for deploying cybersecurity or information security solutions across enterprises. However, the onboarding verification segment is poised to register the highest CAGR, fueled by increased deployments of onboarding verification solutions by banking institutions and the growing need to automate and enhance the onboarding process.

Organization size considerations indicate that large enterprises are set to command a larger share of the global RegTech market in 2022, driven by their increasing demand for RegTech solutions, particularly in risk and compliance, fraud management, and cybersecurity. Conversely, the SMEs segment is projected to witness the highest CAGR, fueled by the escalating demand for RegTech solutions in small organizations.

Analyzing deployment modes, the on-premise deployments segment is expected to secure a larger market share in 2022, owing to the benefits associated with on-premise deployment, such as enhanced visibility of consumers' direct data centers and heightened security and privacy for consumer data. However, the cloud-based deployments segment is anticipated to exhibit the highest CAGR, given the growing need for cloud-based RegTech solutions for processing vast amounts of data and reducing internal system design, implementation, and maintenance costs.

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Examining technologies, the cloud computing segment is anticipated to hold the largest market share in 2022, fueled by the increasing need to manage compliance while reducing costs related to solution procurement and management. However, the natural language processing segment is expected to register the highest CAGR, attributed to leading players' efforts to launch AI-powered AML solutions and collaborations aimed at digitizing tax regulation monitoring.

Segmenting the market based on end-users reveals that the BFSI segment is poised to command the largest share in 2022, driven by companies' efforts to simplify and expedite compliance processes for banking and financial institutions. Additionally, the same segment is forecasted to achieve the highest CAGR during the forecast period.

Geographically, Europe is anticipated to lead the global RegTech market in 2022, owing to factors such as the widespread deployment of financial solutions, the European regulatory framework, regional technological developments, and a strong emphasis on digital currency acceptance. Conversely, the Asia-Pacific region is projected to register the highest CAGR, attributed to the increasing demand for digital payment services, significant investments in fintech projects in China, and favorable government initiatives supporting the development of RegTech solutions.

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Key Players in the global RegTech market include NICE Ltd. (Israel), Broadridge Financial Solutions, Inc. (U.S.), Deloitte Touche Tohmatsu Limited (U.K.), IBM Corporation (U.S.), Wolters Kluwer N.V. (Netherlands), Ascent Technologies Inc. (U.S.), SymphonyAI Sensa LLC (U.S.), Chainalysis Inc. (U.S.), cleversoft group GmbH (Germany), Corlytics (Ireland), DataCo GmbH (Germany), Hummingbird RegTech, Inc. (U.S.), Jumio Corporation (U.S.), MetricStream Inc. (U.S.), MindBridge Analytics Inc. (Canada), Pole Star Space Applications Limited (U.K.), REGnosys Limited (U.K.), and Trulioo Information Services Inc. (Canada).

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