PUBLISHER: Allied Market Research | PRODUCT CODE: 1365740
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365740
The RegTech market is likely to experience a significant growth rate of 22.6% from 2022-2032 owing to increasing market demand from public sector, energy and Utilities sectors - Allied Market Research
The RegTech market is driven by several factors that include improved focus on financial regulations which drive the growth of RegTech market across industries, governments and regulatory organizations throughout the world. This increased scrutiny has prompted organizations, particularly those in highly regulated industries such as banking, to seek more complex and technologically advanced compliance solutions. Furthermore, increased collaboration between national regulators & financial institutions is driving the growth of the RegTech market. However, privacy and security concerns hamper the growth of the RegTech market businesses are hesitant to adopt new technology because they are concerned about data breaches, regulatory noncompliance, and the potential exploitation of sensitive information. Moreover, varied and conflicting regulations across different jurisdictions hamper the growth of RegTech market. On the contrary, increased general data protection regulation concern across regions are beneficial for the RegTech market as companies seek technological solutions to easily manage and assure compliance with severe data protection requirements, boosting demand for novel tools and technology.
The RegTech market is segmented on the basis of component, deployment model, enterprise size, application, end users. Based on component, the market is bifurcated into solution and service. On the basis of deployment model, it is divided into on-premise, and cloud. By application, it is classified into anti-money laundering (AML) and fraud management, regulatory intelligence, risk & compliance management, regulatory reporting, and identity management. As per end user, it is segmented into banks, insurance companies, FinTech Firms, IT & Telecom, public sector, energy & utilities, and others. Region wise, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the RegTech market such as ACTICO GmbH, Acuant, Inc., Ascent, Broadridge Financial Solutions, Inc., ComplyAdvantage, International Business Machines (IBM), MetricStream Inc., NICE Ltd., Thomson Reuters, and Wolters Kluwer N.V. These players have adopted various strategies to increase their market penetration and strengthen their position in the RegTech market.
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