RegTech Market Forecast and Trends Analysis Research Report 2020-2027

 

The GMI Research forecasts that the RegTech market is witnessing an upsurge in demand during the forecast period. This is mainly due to the include increasing cost of compliance and the growing need for faster traThe GMI Research forecasts that the RegTech market is witnessing an upsurge in demand during the forecast period. This is mainly due to the include increasing cost of compliance and the growing need for faster transactions.

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Top Manufacturers in the RegTech Market:

·        ACTICO GmbH

·        Broadridge Financial Solutions, Inc.

·        Deloitte

·        IBM

·        Jumio

·        MetricStream Inc.

·        NICE

·        PwC

·        Accuity

·        Thomson Reuters

RegTech Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

Some of the major factors propelling the growth of the RegTech market include the increasing cost of compliance and the growing need for faster transactions. With the growing emphasis on data protection rules, companies require to rigorously stick to compliances and monitor transparency in money transactions as declared by the regulatory bodies to avoid penalties. Furthermore, the key drivers surging the growth of the RegTech market size in the upcoming years include the introduction of a regulatory sandbox approach to support the RegTech innovations and low entry barriers with the Software-as-a-Service (SaaS) offerings. According to the RegTech marketoverview, the increasing initiatives taken up by the government for the adoption of RegTech by making things mandatory for each individual, for example, KYC (Know Your Customer) to easily manage whole records and controlling the identity of the customers creating the account is further enhancing the demand for RegTech solutions.

The BFSI industry works in a regulated environment and increasingly facing new regulations to stop money laundering and limit terrorist funding. Thereby, the fintech industry is continuously opting for the RegTech software to make things simple for the introduction of regulations for financial institutions. On the other hand, the factor restraining the growth of the market include growing concerns associated with cybersecurity and privacy.

Regional Drivers

Based on the region, the North America region is projected to dominate the market during the forecast period due to the advance adoption of RegTech solutions by numerous North American financial institutions to reduce the compliance cost by supporting advanced technologies including Artificial Intelligence, blockchain, big data, cloud computing, and machine learning. On the other hand, North America is expected to grow at a higher CAGR during the forecast period owing to the rising demand for RegTech, such as Canada and the US. These countries are advanced in technology and its application deployment, which will further fuel the market growth.

RegTech Market Segmentation:

Segmentation by Component:

·        Solutions

·        Services

o   Professional Services

o   Managed Services

Segmentation by Application:

·        Risk and Compliance Management

·        Identity Management

·        Regulatory Reporting

·        Anti-money laundering and Fraud Management

·        Regulatory Intelligence

Segmentation by Deployment Type:

·        Cloud

·        On-premises

Segmentation by Organization Size:

·        Large Enterprises

·        Small and Medium-sized Enterprises

Segmentation by Vertical:

·        Banking And Capital Markets

·        Insurance

·        Non- Finance

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

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