The global RegTech market reached a value of US$ 8.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2027, exhibiting at a CAGR of 22.7% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
RegTech, or regulatory technology, refers to the solutions used for monitoring the in-house regulatory requirements of an organization. It utilizes machine learning (ML), cloud computing and blockchain technologies to simplify and standardize compliance processes and identify irregularities and issues in the digital payment platforms. It is also utilized for various banking and financial services, such as Know-Your-Customer (KYC), transaction monitoring, customer credit scoring, anti-money laundering (AML) screening, trade data tracking, fraud prevention and compliance risk analysis. It can be deployed on-premises or on the cloud and is also utilized for identity management reporting, risk management and tracking transactions that occur online in real-time. RegTech aids in the digitization of manual reporting and compliance processes and offers enhanced agility, operation speeds, integration and analytics capabilities.
RegTech Market Trends:
- Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing occurrence of fraudulent activities across the internet leading to financial losses is providing a thrust to the market growth. RegTech aids in the accurate detection of illicit activities and minimizing the risks of errors due to human intervention. In line with this, the widespread adoption of RegTech for non-finance industries is also contributing to the growth of the market. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and artificial intelligence (AI) solutions, are anticipated to drive the market toward growth. These technologies aid in the automation of employee surveillance, compliance data management, fraud prevention and AML activities. Other factors, including the adoption of advanced technological solutions for faster and more secured online transactions, along with the implementation of favorable government policies, are anticipated to drive the market toward growth.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global RegTech market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, deployment mode, enterprises size, application and end user.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Enterprises Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Anti-Money Laundering (AML) and Fraud Management
- Regulatory Intelligence
- Risk and Compliance Management
- Regulatory Reporting
- Identity Management
Breakup by End User:
- Insurance Companies
- FinTech Firms
- IT and Telecom
- Public Sector
- Energy and Utilities
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ACTICO GmbH, Acuant Inc., Ascent, Broadridge Financial Solutions Inc., ComplyAdvantage, Deloitte Touche Tohmatsu Limited, International Business Machines Corporation, Jumio, London Stock Exchange Group plc, MetricStream Inc., NICE Ltd., PricewaterhouseCoopers, Thomson Reuters Corporation, Trulioo and Wolters Kluwer N.V. Key Questions Answered in This Report:
- How has the global RegTech market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global RegTech market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the enterprises size?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global RegTech market and who are the key players?
- What is the degree of competition in the industry?