RegTech Market to be Driven by the Increase in Collaboration Between National Regulators & Financial Institutions
The growing instances of fraudulent
activities are expected to drive the Global RegTech Market in the forecast
period of 2024-2028.
According to TechSci Research
report, “RegTech Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028,” the Global RegTech Market is
anticipated to register a robust growth during the forecast period, 2024-2028 on
account of increasing need for faster transactions in the industry and growing
application of artificial intelligence, machine learning and blockchain to
offer new efficiencies for banking and financial institutions during
compliances. Technology has become the key enabler of excellence and businesses
are gradually becoming mobile as digitalization emerges. The increasing
internet penetration is further enabling customers to adopt advanced RegTech
solutions. Furthermore, RegTech assists organizations in enhancing
safety, cost-reduction capabilities with real-time compliance analysis and help
connect regulators and businesses while protecting the interests of consumers. The
increasing attention to financial regulations, rapid expansion in collaboration
between national regulators and financial institutions along with the rising
adoption of cloud computing services are some of the key driving factors
leading to growth of the Global RegTech Market.
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The
Global RegTech market is segmented into component, deployment mode,
organization size, application, technology, end-user, region and competitive
landscape. Based on component, the market is bifurcated into solutions and
services. The services component is further bifurcated into professional
services and managed services. Based on deployment mode, the market is
segmented into on-premises and clouds. Based on organization size, the market
is divided into SMEs and Large Enterprise. Based on application, the market is
categorized into risk and compliance management, identity management,
regulatory reporting, fraud management, regulatory intelligence. Based on
technology, the market is segmented into cloud computing, blockchain,
biometrics, artificial intelligence (AI), NLP & machine learning, and
others. The end-user segment is further categorized into healthcare, BFSI,
retail, IT & telecommunications, government & public sector,
transportation & logistics, food & beverage, manufacturing, and others
professional services and others.
Based on deployment mode, cloud segment is expected to
dominate in the global regtech market. The high growth of this segment is
attributed to the increasing use of cloud regtech solutions by enterprises that
are seeking to manage expenditure and for processing large amounts of data to
identify risks and enhance controls. Moreover, cloud deployment helps by
offering centralized data
storage, along with the growing requirement to cut internal system design,
implementation, and continuing maintenance costs. Such benefits enable the
organization to implement more cloud based regtech solutions in the business process. Furthermore, the enterprises can
deploy and utilize cloud-based business solutions enabling the accessibility to
begin or end any services, leading to the high adoption of cloud deployment in
the regtech market.
On the basis of application, risk and compliance management
segment is expected to dominate the global regtech market due to the increasing
requirement to manage complex procedures in the banking industry for the better
execution of compliance management.
Moreover, the high rate of adoption in developed nations have enabled the risk and compliance management companies to concentrate
more on RegTech-based solutions in their business
models. Moreover, the increasing prevalence of assimilation of RegTech
solutions into current technology platforms is expected to enhance operational
efficiency, financial transparency, and agility and lower the overall
compliance costs of financial institutions. Furthermore, the growing
digitalization and emerging technologies play a significant role in the risk
and compliance management services, enabling the adoption of RegTech solutions
in the market.
Key market players in the global
regtech market:
- ACTICO GmbH
- REGnosys Limited
- Thomson Reuters
- Ascent Technologies Inc.
- Broadridge Financial Solutions Inc.
- Ayasdi AI LLC
- Deloitte Touche Tohmatsu Limited
- International Business Machines Corporation (IBM)
- London Stock Exchange Group (LSEG)
- Wolters Kluwer N.V.
Recent Developments
On January 18, 2023, a global
Fintech leader, Broadridge Financial Solutions, Inc., partnered with IGM
Financial to introduce the digital wealth platform. next-generation,
higher-density laser spectrophotometer chip for wearable health monitoring. With a flexible, scalable platform powered by an
aggregated data layer, the company will leverage Broadridge’s R.Broker
solution to optimize advisor team productivity and enrich client experience
and digitize enterprise-wide operations.
On March 30, 2022: ACTICO, an
international provider of digital decision-making software announced the strategic
partnership with Confirm, a leading crypto anti-money laundering and analytics
company. The partnership will bring banks and financial service providers to
analyze and assess money laundering risks for crypto transactions directly
within the ACTICO Compliance Suite.
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“North America is estimated to hold the
largest market share in the global regtech market owing to the increasing
adoption of advanced next-generation technologies along with the strict
regulations and increasing technological advancements in the United States and
Canada. This is due to the presence of established companies such as Broadridge
Financial Solutions Inc, Deloitte Touche Tohmatsu Limited, Ayasdi AI LLC, and
many more that are focusing on offering advanced RegTech solutions to improve
business processes. Additionally, it is anticipated that the growing
investments by financial firms to optimize technological resources for better
management and regulation and increasing penetration of artificial intelligence
(AI) in the financial sector are enabling RegTech technologies. The need for adequate
accountability and accuracy with better risk management reforms for high-speed
transfer in data communication for telecommunication, military, healthcare, and
BFSI are anticipated to fuel market expansion in North America.” said, Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global
RegTech Market Segmented by Component
((Solution and Services (Professional Services and Managed Services))), By Deployment
Mode (On-premises, Cloud), By Organization Size (SMEs, Large Enterprise), By
Application (Risk and Compliance Management, Identity Management, Regulatory
Reporting, Fraud Management, Regulatory Intelligence), By Technology (Cloud
Computing, Blockchain, Biometrics, Artificial Intelligence (AI), NLP &
Machine Learning, and Others), By End-User (Healthcare, BFSI, Retail, IT &
Telecommunications, Government & Public Sector, Transportation &
Logistics, Food & Beverage, Manufacturing, and Others), By Region, Competition” has
evaluated the future growth potential of Global RegTech Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global RegTech Market.
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