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Regulatory Compliance Market Size, Industry Insights, Growth Analysis 2024 To 2033
Regulatory Compliance Market Share
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Regulatory Compliance Market 2024 Key Insights:
• 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%.
• Fraudulent Activities Fueling Regulatory Compliance Market Growth
• Increasing Focus On Technological Advancements In The Regulatory Compliance Market
• North America the largest region in the regulatory compliance market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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