According to the latest report by IMARC Group “RegTech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global RegTech market reached a value of US$ XX Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2021-2026.
RegTech, also known as regulatory technology, refers to the management of regulatory processes through advanced technologies that streamline compliance processes and identify issues in digital payment platforms. Some commonly used RegTech solutions include transaction monitoring, regulatory reporting, risk and compliance management, and identity and control management. In recent years, RegTech has gained traction as it minimizes compliance failure risks, improves efficiency, reduces costs and speeds up business processes.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The global RegTech market is primarily driven by the expanding banking, financial services and insurance (BFSI) industry and the increasing number of fraudulent activities. Additionally, the growing need for risk and compliance management and the escalating demand for faster online transactions have accelerated product adoption. Furthermore, the integration of artificial intelligence (AI) and the Internet of Things (IoT) with connected devices to automate fraud prevention, employee surveillance and compliance data management has catalyzed the product demand. Other factors, including the emerging RegTech applications in non-finance sectors, favorable government policies and technological advancements, are also anticipated to propel the market growth.
Breakup by Component:
Solution
Services
Breakup by Deployment Mode:
Cloud-based
On-premises
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:
Banks
Insurance Companies
FinTech Firms
IT and Telecom
Public Sector
Energy and Utilities
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
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
Wolters Kluwer N.V.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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