RegTech Market Size, Share, Growth Factors, Trends, and Forecast 2024-2030

MMR has recently released a report titled "RegTech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2030." The study provides a detailed analysis, including the global RegTech Market share, size, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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RegTech Market was valued at USD 9.12 Bn in 2023 and is expected to grow at 16.06% CAGR from 2024 to 2030, reaching USD 25.87 Bn by 2030.

Drivers of the RegTech Market

Demand for Risk Management Solutions

Automated solutions are becoming more necessary as firms deal with a wider spectrum of operational, financial, and regulatory risks, including fraud, cybersecurity threats, market volatility, and compliance violations. Risk management must be ongoing and proactive in highly regulated industries like banking, finance, and insurance to comply with strict laws like Know Your Customer (KYC) and Anti-Money Laundering (AML).

Technological Advancements

RegTech provides automated risk assessments, predictive analytics, and real-time monitoring by utilizing technologies such as artificial intelligence (AI), machine learning (ML), and data analytics. RegTech solutions examine large volumes of data in real time due to big data analytics and machine learning. RegTech solutions that are cloud-based provide cost-effectiveness, scalability, and flexibility.

RegTech Market Segmentation

By Component: RegTech solutions are platforms, tools, and software created to assist companies in automating and streamlining risk management and regulatory compliance procedures. RegTech services include support, integration, and consulting services that assist companies in putting RegTech solutions into practice and making them more efficient.

By Deployment: The On-Premises deployment segment describes RegTech solutions that are housed and run inside an organization's infrastructure. It usually entails a larger upfront financial outlay for installation, infrastructure, and training. Cloud deployment describes RegTech solutions that are hosted in the cloud, which means that the software is made available online as a service (SaaS).

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RegTech Market Regional Analysis

North America: The North American RegTech market is expected to develop at a CAGR of 20.3% to 24.6%, from its 2024 valuation of over $5 billion to $14.88 billion by 2032. Companies in North America are at the forefront of incorporating blockchain, cloud computing, AI, and machine learning into compliance systems, allowing for automation, fraud detection, and real-time monitoring.

Asia-Pacific: In 2024, the Asia-Pacific region dominate the RegTech Market is projected to reaching $3.21 billion, growing with a CAGR of 29% during the forecasted period. Digital transformation, strict regulatory frameworks, and the growing demand for effective compliance solutions are driving the APAC RegTech market's potential for rapid expansion. Key players such as Thomson Reuters, IBM Corporation, and Oracle Corporation dominate the Asian market.

RegTech Market Competitive Landscape

Thomson Reuters: Thomson Reuters acquired SurePrep for approximately $500 million. More than 23,000 tax professionals utilize SurePrep's solutions, such as 1040SCAN and TaxCaddy, to automate the collection and processing of documents.

IBM Corporation: In 2024, IBM declared intentions to pay $6.4 billion to purchase HashiCorp to improve its AI and hybrid cloud services. In 2023, Apptio was purchased by IBM to strengthen its AI and IT automation capabilities and assist businesses in optimizing their IT infrastructures.

Recent Developments:

Wolters Kluwer launched a tool to help companies report beneficial ownership information securely and effectively to comply with the U.S. Corporate Transparency Act.
SURVEIL-X Communication Surveillance introduced a cloud-based system that offers thorough monitoring across a range of communication channels.

Conclusion

RegTech is increasingly indispensable in many industries, including banking, insurance, and healthcare, due to growing worldwide laws, the need for real-time compliance solutions, and technical developments like artificial intelligence (AI), machine learning, and cloud computing.

For additional reports on related topics, visit our website:

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♦ Data Compression Software Market https://www.maximizemarketresearch.com/market-report/global-data-compression-software-market/81561/

♦ Vendor Risk Management Analytics Market https://www.maximizemarketresearch.com/market-report/vendor-risk-management-analytics-market/2185/

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