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Market Research Report
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1070822

Regtech: Emerging Trends, Regulatory Impact & Market Forecasts 2022-2026

Published: | Juniper Research Ltd | Delivery time: 1-2 business days

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Regtech: Emerging Trends, Regulatory Impact & Market Forecasts 2022-2026
Published: April 19, 2022
Juniper Research Ltd
Delivery time: 1-2 business days
  • Description
  • Table of Contents

Juniper Research's new “Regtech” research report provides insightful analysis of the evolution of this area; assessing use cases driving adoption, their future prospects, and challenges to future market growth. It provides a comprehensive study of the new partnerships and key trends driving this highly important market for users, banks and fintech companies. The report also positions 18 regulatory technology vendors via our Juniper Research Competitor Leaderboard; providing an invaluable resource for stakeholders seeking to understand the vendor landscape in the market.

The report also presents comprehensive market forecasts; delivering extensive insights and overall market sizing across regtech usage.

This research suite comprises:

  • Strategy & Forecasts (PDF)
  • 5-year Market Sizing & Forecast Spreadsheet (Excel)
  • 12 months' access to harvest Online Data Platform

KEY FEATURES

  • Market Dynamics: A detailed assessment of how the market is evolving, what the regulatory environment is in different countries and its role in future growth.
  • Segment Analysis: Future outlook and comprehensive analysis of digital onboarding and KYC.
  • Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 18 regtech vendors:
    • Behavox
    • Chainalysis
    • ComplyAdvantage
    • Continuity
    • Encompass
    • Feedzai
    • Fenergo
    • Forter
    • Identitii
    • IDology
    • Moody's Corporation
    • Onfido
    • Sift
    • Socure
    • Symphony Ayasadi
    • Tookitaki
    • Trulioo
    • Trunomi
  • Benchmark Industry Forecasts: Forecasts for regulatory technology spending, split by KYC checks for banking and property sales done via legacy checks and AI systems as well as splits by our 8 key regions and the 60 countries listed below:
    • Algeria
    • Argentina
    • Australia
    • Austria
    • Bangladesh
    • Belgium
    • Brazil
    • Canada
    • Chile
    • China
    • Colombia
    • Croatia
    • Czech Republic
    • Denmark
    • Ecuador
    • Egypt
    • Finland
    • France
    • Germany
    • Greece
    • Hong Kong
    • Hungary
    • India
    • Indonesia
    • Ireland
    • Israel
    • Italy
    • Japan
    • Kenya
    • Kuwait
    • Malaysia
    • Mexico
    • Nepal
    • Netherlands
    • New Zealand
    • Nigeria
    • Norway
    • Pakistan
    • Peru
    • Philippines
    • Poland
    • Portugal
    • Qatar
    • Romania
    • Russia
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • Switzerland
    • Thailand
    • Turkey
    • UAE
    • UK
    • Ukraine
    • Uruguay
    • US
    • Vietnam

KEY QUESTIONS

  • 1. What will the global spend be on regulatory compliance by 2026?
  • 2. What are the applications of regtech?
  • 3. What framework and technologies need to be in place to support regulatory technology market growth?
  • 4. What are the biggest opportunities for vendors in this market?
  • 5. Who are leading vendors in this market?

COMPANIES REFERENCED

  • Included in the Juniper Research Competitor Leaderboard: Behavox, Chainalysis, ComplyAdvantage, Continuity, Encompass, Feedzai, Fenergo, Forter, Identitii, IDology, Moody's Corporation, Onfido, Sift, Socure, Symphony Ayasadi, Tookitaki, Trulioo, Trunomi.
  • Mentioned: ABN AMRO Ventures, ACAMS Gold, Accel, Acuant, Adcock Private Equity, Addition, Adobe, AltaIR Capital, Alyne GmbH, Amazon, American Express, Artesian:DueDil, Assembly Payments, Astorg, Azul Systems, BaFin (Federal Financial Supervisory Authority), Balderton Capital, BankID, Baringa, Basel Committee of Banking Supervision, BDC Venture Capital, Beijing Local Financial Supervision and Administration Bureau, Benchmark, Big Commerce, BioCatch, Bitpanda, BitSight, Bitstamp, Blumberg Capital, BNY Mellon, Bridgepoint, Capgemini, Capital One, Card.com, CBIRC (China Banking and Insurance Regulatory Commission), CBSL (Central Bank of Sri Lanka), CEX.IO, CFPB (Consumer Financial Protection Bureau), CFTC (Commodity Futures Trading Commission), Chronicle, Circle, Citigroup, Cloudera, Codat, Cognizant, Coin, CoinJar, CoinSpot, Commerce Ventures, CreditInfo, Credorax, CRIF, crypto.com, Custodia, Data Robot, Datastax, Deloitte, DEO (Department of Economic Opportunity, DNB Bank ASA, Dun & Bradstreet, DXC Technology, ECB (European Central Bank), EIOPA (European Insurance and Occupational Pensions Authority), Elayaway, Elliptic, Emailage, Empire Angels, EnStream, Equifax, European Payments Council, Eversheds, Experian, Eyn, FCAC (Financial Consumer Agency of Canada), FDIC (Federal Deposit Insurance Corporation), FF Venture Capital, Fintonia Group, Fireblocks, First Data, Flutterwave, Founder Collective, Fraud Sciences, FreedomPay, FSB (Financial Stability Board), FundApps, GBG, Global Payments, Goldman Sachs Asset Management, Google, GreenID, Hoxton Ventures, HPE (Hewlett Packard Enterprise), IAIS (International Association of Insurance Supervision), ID Mission, ID3global, Index Ventures, Insight Partners, IOSCO (International Organisation of Securities Commissions), Keyless, LendUp, Loeb, March Capital Partners, Mastercard , Microequities Asset Management, Microsoft, Middlesex Federal Savings, Mitek, Mitratech, Mitsubishi UGF Financial Group, Mouro Capital, National Internet Finance Association of China, New Enterprise Associates, Novo, Nuvei, O2, Obopay, OCC (Office of the Comptroller of the Currency), Ontario Teachers' Pension Plan, OSFI (Office of the Superintendent of Financial Institutions), Oxford Commission on AI & Good Governance, PayPal, Perella Weinberg Partners, Perennial Partners, Perennial Partners, Point Nine Capital, PRA (Prudential Regulation Authority), Promus Ventures, Protiviti, Pulumi, PWC, REIT (Real Estate Investment Trust), Resistant AI, Revelock, Ribbit Capital, Robinhood, Rowe Price, RTP Ventures, Sabra Health Care Limited, Salesforce Ventures, SAP, Scale Venture Partners, Scottish Enterprise, Scottish Investment Banks, SEC (Securities and Exchange Commission), Sequoia Capital, Serendipity Capital, SERGO European Logistics , Seven Seat Capital, Shopify, Shyft, Sionic, SoftBank, Sound Ventures, Sozo Ventures, Spark Capital, SteelEye, Stripes Group, TCV, TeleSign, Tenfore Holdings, Tesco, Three, TransUnion, TSB, Two Sigma Ventures, Ulster Bank Diageo Venture Fund, Umazi, Union Square Ventures, UST Global, Vodafone, WeChat, Well Fargo Strategic Capital, WhatsApp, Whitepages Pro, Work-Bench, WorldQuant Ventures, Zooz.

DATA & INTERACTIVE FORECAST

Juniper Research's “Regtech ” forecast suite includes:

  • Forecast splits for 8 key regions, as well as 60 country-level data splits for:
    • Algeria
    • Argentina
    • Australia
    • Austria
    • Bangladesh
    • Belgium
    • Brazil
    • Canada
    • Chile
    • China
    • Colombia
    • Croatia
    • Czech Republic
    • Denmark
    • Ecuador
    • Egypt
    • Finland
    • France
    • Germany
    • Greece
    • Hong Kong
    • Hungary
    • India
    • Indonesia
    • Ireland
    • Israel
    • Italy
    • Japan
    • Kenya
    • Kuwait
    • Malaysia
    • Mexico
    • Nepal
    • Netherlands
    • New Zealand
    • Nigeria
    • Norway
    • Pakistan
    • Peru
    • Philippines
    • Poland
    • Portugal
    • Qatar
    • Romania
    • Russia
    • Saudi Arabia
    • Singapore
    • South Africa
    • South Korea
    • Spain
    • Sweden
    • Switzerland
    • Thailand
    • Turkey
    • UAE
    • UK
    • Ukraine
    • Uruguay
    • US
    • Vietnam
  • Forecast splits by bank accounts and property sales:
    • KYC checks carried out using AI systems
    • KYC checks carried out using legacy systems
  • Interactive scenario tool allowing users to manipulate Juniper Research's data for 5 different metrics.
  • Access to the full set of forecast data of 63 tables and more than 28,000 datapoints.

Juniper Research's highly granular IFxl (interactive Excels) enable clients to manipulate our forecast data and charts to test their own assumptions, by using the interactive scenario tool, and compare select markets side by side in customised charts and tables. IFxls greatly increase the clients' ability to both understand a particular market and to integrate their own views into the model.

Table of Contents

1. Key Takeaways & Strategic Recommendations

  • 1.1. Key Takeaways
  • 1.2. Strategic Recommendations

2. Regtech Market Landscape

  • 2.1. Introduction
    • 2.1.1. The Past and Future of Regtech
      • Figure 2.1: Global Spend on Regulatory Compliance ($m), 2017-2026
      • Figure 2.2: Regtech Market Landscape
  • 2.2. Challenges Faced by the Regtech Market
    • i. Balancing Budgets and Increasing Compliance Costs
    • ii. Volume of Regulatory Change
    • iii. Driving Demonstratable Cultural Change
    • iv. Increasing Personal Accountability
    • v. Implementation and Embedding of Regulatory Change
  • 2.3. Regulatory Framework
    • i. Basel III
      • Figure 2.3: Three Pillars of Basel
    • ii. Dodd-Frank Wall Street Reform and Consumer Protection Act 2010
    • iii. Solvency II
    • iv. Overall Regulatory Frameworks
      • Figure 2.4: International Regulatory Framework
    • 2.3.2. Regulatory Requirements
      • Figure 2.5: Different Elements Required
      • i. KYC & AML
      • ii. Regulatory Reporting
      • iii. Risk Management
      • iv. Compliance/Behaviour Management
      • v. Transaction Management
      • vi. Fraud Prevention
    • 2.3.3. Country-level Regulatory Framework
      • i. US
        • Figure 2.6: US Regulatory Framework
      • ii. Canada
      • iii. UK
      • iv. Germany
      • v. China
      • vi. India
  • 2.4. Regtech Technological Infrastructure
    • Figure 2.7: Regtech Technological Infrastructure
  • 2.5. Regtech Technological Approaches
    • Figure 2.8: Regtech Technological Approaches
    • 2.5.1. AI and Analytics
      • i. AI for Transaction Monitoring
      • ii. AI for Behavioural Monitoring
      • iii. AI for KYC/AML Checks
      • iv. AI as a Regulation Compliance Tool
      • v. Approach Assessment
        • Table 2.9: Global Risk Perception of AI Decision-making, by Region (%)
    • 2.5.2. Blockchain
      • i. Blockchain for KYC
      • ii. Blockchain for GRC (Governance, Risk, Compliance)
      • iii. Approach Assessment
    • 2.5.3. Biometrics
      • i. Approach Assessment
    • 2.5.4. Chatbots
      • i. Approach Assessment
    • 2.5.5. Digital Identity
      • i. Approach Assessment
    • 2.5.6. Conclusions

3. Digital Onboarding & KYC

  • 3.1. Introduction
  • 3.2. Digital Onboarding Techniques
    • Figure 3.1: Types of Digital Onboarding Techniques
    • 3.2.1. Selfie Onboarding
    • 3.2.2. Verification of Personal Details
    • 3.2.3. KBA (Knowledge-based Authentication)
    • 3.2.4. Subscriber Identity
    • 3.2.5. Verification Using Digital Identity Schemes
  • 3.3. Digital Onboarding Trend
    • 3.3.1. The Effect of the Pandemic
    • 3.3.2. The Rise of Digital-only Banks
    • 3.3.3. The Increasing Importance of Continuous Verification
  • 3.4. Advantages of Digital Onboarding Use
  • 3.5. Challenges to Digital Onboarding Use
  • 3.6. Digital Onboarding: Future Outlook

4. Regtech Competitive Landscape

  • 4.1. Why Read This Report
    • Table 4.1: Juniper Research Competitor Leaderboard: Regtech Vendors Included & Product Portfolio
    • Figure 4.2: Juniper Research Competitor Leaderboard - Regtech
    • Table 4.3: Juniper Research Leaderboard: Regtech Vendors & Positioning
    • Table 4.4: Juniper Research Leaderboard: Regtech - Heatmap
  • 4.2. Vendor Profiles
    • 4.2.1. Behavox
      • i. Corporate
        • Table 4.5: Behavox Funding Rounds
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.2. Chainalysis
      • i. Corporate
        • Table 4.6: Chainalysis Funding Rounds (2016-present)
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.3. ComplyAdvantage
      • i. Corporate
        • Table 4.7: ComplyAdvantage Funding Round
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.4. Continuity
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.5. Encompass
      • i. Corporate
        • Table 4.8: Encompass Funding Rounds
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.6. Feedzai
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.7. Fenergo
      • i. Corporate
        • Table 4.9: Fenergo Funding Round
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
        • Figure 4.10: Fenergo Client Lifecycle Management
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.8. Forter
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.9. Identitii
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.10. IDology
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.11. Moody's Corporation
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.12. Onfido
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.13. Sift
      • i. Corporate
        • Table 4.11: Sift Funding Rounds
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.14. Socure
      • i. Corporate
        • Table 4.12: Socure Funding Rounds
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.15. Symphony Ayasdi
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.16. Tookitaki
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.17. Trulioo
      • i. Corporate
        • Table 4.13: Trulioo Funding Rounds
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
    • 4.2.18. Trunomi
      • i. Corporate
      • ii. Geographical Spread
      • iii. Key Clients & Strategic Partnerships
      • iv. High-level View of Offering
      • v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
  • 4.3. Juniper Research Leaderboard Assessment Methodology
    • 4.3.1. Limitations & Interpretations
      • Table 4.14: Juniper Research Competitor Leaderboard Scoring Criteria

5. Regtech - Market Sizing & Forecasts

  • 5.1. Introduction
  • 5.2. Methodology & Assumptions
    • Figure 5.1: Global Regtech Forecast Methodology
    • Figure 5.2: KYC Validation in Banking Forecast Methodology
    • Figure 5.3: KYC Validation for Property Sales Forecast Methodology
  • 5.3. Global Regulatory Compliance Forecasts
    • 5.3.1. Total Regtech Spending Forecast
      • Figure & Table 5.4: Total Spending Attributable to Regtech ($m), Split by 8 Key Regions, 2021-2026
  • 5.4. Digital Banking Onboarding Forecasts
    • 5.4.1. Number of New Accounts Opened Using Digital Onboarding
      • Figure & Table 5.5: Number of New Bank Accounts Opened per annum via Digital Onboarding (m), Split by 8 Key Regions, 2021-2026
    • 5.4.2. Total Number of KYC Checks for Banking Carried Out by AI per annum
      • Figure & Table 5.6: Total Number of Digital Onboarding Checks for Banking Carried Out by AI Systems (m), Split by 8 Key Regions, 2021-2026
    • 5.4.3. Total Time Savings from Carrying Out Banking KYC Checks with AI Systems
      • Figure & Table 5.7: Total Time Savings on Banking KYC Checks Utilising AI Systems (Million Hours), Split by 8 Key Regions, 2021-2026
    • 5.4.4. Total Cost Savings from Utilising AI for Banking KYC Checks
      • Figure & Table 5.8: Total Cost Savings on KYC Checks Utilising AI Systems ($m), Split by 8 Key Regions, 2021-2026
  • 5.5. KYC Checks for Property Forecasts
    • 5.5.1. Total Number of KYC Checks Carried Out for Property Sales per annum
      • Figure & Table 5.9: Total Number of KYC Checks Carried Out for Property Sales per annum (m), Split by 8 Key Regions, 2021-2026
    • 5.5.2. Total Number of KYC Checks for Property Sales Carried Out by AI per annum
      • Figure & Table 5.10: Total Number of KYC Checks Carried Out for Property Sales per annum (m), Split by 8 Key Regions, 2021-2026
    • 5.5.3. Total Time Savings from Carrying out Property Sale KYC Checks with Systems per annum
      • Figure & Table 5.11: Total Time Saving on KYC Checks for Property Sales Utilising AI Systems per annum (Million Hours), Split by 8 Key Regions, 2021-2026
    • 5.5.4. Total Cost Savings from Utilising AI to Carry Out Property Sale KYC Checks per annum
      • Figure & Table 5.12: Total Cost Savings on KYC Checks for Property Sales Utilising AI Systems per annum ($m), Split by 8 Key Regions, 2021-2026