According to Facts and Factors market research, the global RegTech market in 2019 was approximately USD 5.31 billion. The market is expected to grow at a CAGR of 21.27% and is anticipated to reach around USD 33.1 billion by 2026.
RegTech or regulatory technology is known as the subset of financial technology which focuses on the technologies that may enable the provision of regulatory requirements more effectively and efficiently than the firm’s existing capabilities. RegTech solutions use different technology-enabled processes, such as machine learning, cloud computing blockchain. The various benefits of using RegTech are it reduces compliance costs thereby simplifying and standardizing the compliance process. It provides sustainable and scalable solutions for the business to grow. RegTech solution plays a major role in banking and financial services like KYC, Transaction Monitoring, Customer Credit Scoring, AML screening, trade data tracking, fraud prevention, compliance risk analysis, and many more. Some of the major applications where RegTech is used are compliance management, identity management reporting, and risk management.
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Industry Major Market Players
- Jumio
- London Stock Exchange Group (LSEG)
- IBM
- Infrasoft Technologies
- Wolters Kluwer
- MetricStream
- Broadridge
- Thomson Reuters
- Abside Smart Financial Technologies
- Accuity
- Compendor
- Compliance Solutions Strategies (CSS)
- ACTICO
- Deloitte
- EastNets
- NICE Actimize
- RIMES Technologies
- SAI Global
- PwC
- Sysnet Global Solutions and Trulioo
RegTech Market: Growth Factors & Global Opportunities
The increase in the cost of compliance is one of the major factors driving the global RegTech market in the analysis period. The dramatic increase in the financial services regulations after the financial crisis for more than 60 percent in retail and corporate banks has increased the need for RegTech solutions due to its low cost and higher quality. Further, the increasing trend for regulatory sandbox has provided RegTech companies to innovate new and improved regulatory solutions for the financial industries which will help in the growth of the global RegTech market in coming years. Furthermore, the low entry barriers for SaaS-based solutions are also one of the major factors responsible for the growth of the market in the analysis period. RegTech companies use cloud technology through software as a service to help the organizations to comply with regulations more efficiently and less expensively. The rapid growth in the applications based on artificial intelligence (AI), Machine Learning, and Blockchain will offer new opportunities for the RegTech companies in the forecast period.
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RegTech Market: Key Segments Analysis
Global RegTech market is categorized based on application, organization size, and region. Based on application, the market is majorly divided into compliance management, regulatory intelligence, risk management, identity management, fraud management, and regulatory reporting. The regulatory intelligence application segment of the global RegTech market is expected to grow with the highest CAGR due to the functionality it provides to financial institutions to easily identify and interpret regulatory changes. Further, Large enterprise and SME’s is the organization size segment of the global RegTech market. The large enterprise segment is predicted to hold the largest market share in the global RegTech market in the forecast period.
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RegTech Market: Regional Analysis
Based on geography the market is divided into Asia Pacific, North America, Europe, MEA, and Latin America. In terms of revenue, North America was the leading player with the highest market share in 2019 and is expected to continue its supremacy in the forecast period. The existence of the leading player in the region is the major factor driving the global RegTech market in the analysis period. Europe is the second leading region in the global RegTech market and is expected to hold its position in the forecast period. The growth in this region is due to the high funding raised by the FinTech companies significantly. Asia Pacific is projected to grow with the highest CAGR in the forecast period. Latin America and the Middle East and Africa are expected to have a lucrative market for RegTech solutions.
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The report segments of the global RegTech market as follows:
RegTech Market: Application Segment Analysis
- Compliance Management
- Regulatory Intelligence
- Risk Management
- Identity Management
- Fraud Management
- Regulatory Reporting
RegTech Market: Organization Size Segment Analysis
- Large enterprise
- SME’s
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