Press release
Regulatory Compliance Market Report 2024: Trends, Size, Share, Growth And Forecast To 2033
Regulatory Compliance Market
Regulatory Compliance Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $30.17 billion In 2028 At A CAGR Of 9.3% :
The regulatory compliance market size has grown strongly in recent years. It will grow from $19.44 billion in 2023 to $21.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to the increased regulatory scrutiny, enhanced reporting standards, expanded legal frameworks, the emergence of industry standards, and heightened public awareness.
The regulatory compliance market size is expected to see strong growth in the next few years. It will grow to $30.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to expanding scope of compliance standards, rising regulatory enforcement actions, growing adoption of regtech solutions, globalization and cross-border compliance challenges, and demand for transparent corporate governance. Major trends in the forecast period include increased regulatory complexity, continuous monitoring and real-time reporting, collaboration and transparency, focus on ethical and corporate governance and ai-powered compliance monitoring.
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Regulatory Compliance Market Major Segments
The regulatory compliance market covered in this report is segmented -
1) By Type: Service, Software
2) By Application: Large Enterprises, Small And Medium Enterprises (SMEs)
3) By End Users: Information and Communication Technology (ICT), Construction And Engineering, Mining, Retail, Healthcare, Transportation And Logistics, General Manufacturing, Banking, Financial Services, and Insurance (BFSI), Other End Users
Key Driver - Fraudulent Activities Fueling Regulatory Compliance Market Growth
The increasing number of fraudulent activities is expected to propel the growth of the regulatory compliance market going forward. Fraudulent activities refer to deliberate deceptive actions taken with the intent to secure unfair or unlawful gain or to deprive a victim of a legal right. Fraudulent activities are growing due to increased reliance on digital technologies, evolving criminal tactics, and gaps in regulatory enforcement. Regulatory compliance is essential for preventing fraudulent activities because it establishes standards, guidelines, and oversight mechanisms that help identify and deter illicit behavior, ensuring accountability and transparency in financial transactions. For instance, in January 2024, according to a report published by the Identity Theft Resource Center (ITRC), a US-based non-profit organization, there were 3,205 data compromises publicly reported in 2023, affecting an estimated 353,027,892 individuals. This represents a 72% increase compared to the previous highest recorded level and a 78% rise over the incidents reported in 2022. Therefore, the increasing number of fraudulent activities is driving the growth of the regulatory compliance market.
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Prominent Trend - Increasing Focus On Technological Advancements In The Regulatory Compliance Market
Major companies operating in the regulatory compliance market are focusing on developing technologically advanced regulatory compliance solutions, such as supply chain software, to help clients meet regulatory compliance requirements and strengthen supply assurance. Supply Chain Management Software (SCMS) refers to a specialized software application designed to manage and optimize supply chain processes while ensuring compliance with relevant regulations, standards, and industry requirements. For instance, in April 2024, E2open Parent Holdings Inc., a US-based software company, launched the Supply Network Discovery application to empower brand owners to proactively identify potential risks in their multi-tier supply networks, enhance compliance, and strengthen supply assurance. It offers multi-tier supply relationship mapping, traceability, structured due diligence engagement, and partner impact assessment capabilities. These features help brand owners gain a comprehensive view of their supply networks, improve compliance, and enhance supply assurance. The aim of this innovative solution is to provide brand owners with a comprehensive view of their global supply ecosystems, fostering compliance, collaboration, and risk mitigation.
Regulatory Compliance Market Players
Major companies operating in the regulatory compliance market are Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, DNV GL AS, Grant Thornton International Ltd., Thomson Reuters Corporation, Baker Tilly International , SAS Institute Inc., Wolters Kluwer N.V., UL Solutions Inc., Norton Rose Fulbright LLP, Ramboll Group A/S, Protiviti Inc., Lloyd's Register Quality Assurance Limited, Sphera Solutions Inc., MetricStream Inc., Cority Software Inc., Sparta Systems Inc., Enablon , EtQ LLC, MasterControl Inc., Assent Compliance Inc., 3E Company
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Largest And Fastest Growing Region In The Market
North America the largest region in the regulatory compliance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the regulatory compliance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Regulatory Compliance Market Report Structure
3. Regulatory Compliance Market Trends And Strategies
4. Regulatory Compliance Market - Macro Economic Scenario
5. Regulatory Compliance Market Size And Growth
…..
27. Regulatory Compliance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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