New York, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "RegTech Market by End-users and Geography - Forecast and Analysis 2019-2023" - https://www.reportlinker.com/p05821755/?utm_source=GNW
In 2018, the large enterprise’s segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing demand for complex regulatory reporting and risk management, identity management and control, compliance management, and transaction monitoring requirements will play a significant role in the large enterprise’s segment to maintain its market position. Also, our RegTech market report looks at factors such as need for identifying financial crime, need for reducing compliance costs, and demand for RegTech from insurance sector. However, lack of skilled workforce, cybersecurity, and data privacy issues, and disparity in data management standards may hamper the growth of the RegTech industry over the forecast period.
Global RegTech Market: Overview
Need to identify financial crimes
The growing instances of financial crimes including money laundering, terrorist financing, bribery, corruption, and insider dealing in organizations are driving the growth of the global RegTech market. RegTech is increasingly being used for real-time fraud detection and crime prevention. It uses analytics and cognitive capabilities to analyze financial transactions and provides timely alerts for any potential fraud or illegal transactions. In addition, RegTech solutions have intelligent process automation systems to speed up routine tasks while minimizing human intervention, thus reducing possible errors. With increased vendors in the market developing software applications to identify financial crimes, the demand for RegTech solutions will rise driving the market to grow at a CAGR of almost 21% during the forecast period.
Integration of AI with RegTech
The integration of Al with RegTech is expected to enhance the application of RegTech. The adoption of Al across various industries and verticals has enhanced the identification of patterns and similarities even in unrelated sets of data, which is crucial for delivering a new level of insight from these disparate data sets. In addition, Al can process multiple data sets, which include behavior patterns within heterogeneous data sources such as data gathered from social media and stock market prices. This can increasingly deliver new insight from correlations between data, which were previously unrecognizable. This development is expected to drive the RegTech market demand in the upcoming years.
Competitive Landscape
With the presence of several major players, the global RegTech market is moderately fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading RegTech manufacturers, that include Accuity Inc., ACTICO GmbH, Broadridge Financial Solutions Inc., Deloitte Touche Tohmatsu Ltd., IBM Corp., NICE Ltd., RIMES Technologies Corp., SAS Institute Inc., Thomson Reuters Corp., and Trulioo Information Services Inc.
Also, the RegTech market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05821755/?utm_source=GNW
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