Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "RegTech Global Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global regtech market grew from $9.93 billion in 2022 to $12.37 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. The regtech market is expected to grow to $30.4 billion in 2027 at a CAGR of 25.2%.
The rising number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the RegTech market in the forecast period. Fraudulent activities such as money laundering have increased and therefore financial organizations need a more powerful RegTech framework that can help risk and compliance teams manage the deluge of ever-increasing regulatory compliance and progressively sophisticated breaches successfully.
For example, in 2022, according to a report published by LexisNexis Risk Solutions, a US-based global data and analytics company, the costs of fraud for U.S. and Canadian financial services companies are rising. U.S. financial services companies pay $4.23 instead of $3.64 for every $1 lost to fraud, a 16.2% increase. Canadian financial services companies' costs increased by 19.6%, from $3.16 in 2020 to $3.78 in 2022. Thus, the rising number of fraudulent activities increases the demand for the RegTech market.
The application of AI, ML, and blockchain technologies has emerged as a key trend in the RegTech market. Major companies operating in the RegTech sector are increasingly adopting AI, ML, and blockchain technologies to automate processes such as data management analysis and due diligence.
For instance, in January 2021, Darktrace, a UK-based AI cyber security company launched the fifth version of autonomous response technology for general accessibility, allowing businesses to benefit from the cloud while also safeguarding themselves from new cyber-threats. Compliance with regulations including GDPR, HIPAA, and the DFS Cyber Security Regulations adds to the long list of issues that security professionals face.
In November 2022, Regnology, a Germany-based software provider specializing in regulatory reporting solutions, acquired b.fine for an undisclosed amount. This acquisition improves the integration of SupTech and RegTech and leverages powerful connections to provide more automated and standardized procedures to new clients throughout Europe and beyond. b.fine a Belgian RegTech company that helps financial institutions improve the reporting process.
North America was the largest region in the regtech market in 2022. The regions covered in the RegTech report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the regtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Component: Solutions; Services
2) By Deployment Type: Cloud; On-Premises
3) By Organization Size: Large Enterprises; Small and Medium-sized Enterprises (SMEs)
4) By Application: Risk And Compliance Management; Identity Management; Regulatory Reporting; Anti-Money laundering (AML) And Fraud Management; Regulatory Intelligence
5) By End User: Banks; Insurance Companies; FinTech Firms; IT And Telecom; Public Sector; Energy And Utilities; Other End Users
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $12.37 billion |
| Forecasted Market Value (USD) by 2027 | $30.4 billion |
| Compound Annual Growth Rate | 25.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. RegTech Market Characteristics
3. RegTech Market Trends And Strategies
4. RegTech Market - Macro Economic Scenario
4.1 COVID-19 Impact On RegTech Market
4.2 Ukraine-Russia War Impact On RegTech Market
4.3 Impact Of High Inflation On RegTech Market
5. RegTech Market Size And Growth
5.1. Global RegTech Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global RegTech Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. RegTech Market Segmentation
6.1. Global RegTech Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Solutions
- Services
6.2. Global RegTech Market, Segmentation By Deployment Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud
- On-Premises
6.3. Global RegTech Market, Segmentation By Organization Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
6.4. Global RegTech Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Risk And Compliance Management
- Identity Management
- Regulatory Reporting
- Anti-Money laundering (AML) And Fraud Management
- Regulatory Intelligence
6.5. Global RegTech Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banks
- Insurance Companies
- FinTech Firms
- IT And Telecom
- Public Sector
- Energy And Utilities
- Other End Users
7. RegTech Market Regional And Country Analysis
7.1. Global RegTech Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global RegTech Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Abside RegTech
- Accuity
- ACTICO
- Acuant Inc
- Ascent Technologies Inc.
- BearingPoint Software Solutions GmbH
- Broadridge Financial Solutions Inc
- Bwise Beheer B.V.
- Compliance Solutions Strategies
- Sysnet Global Solutions
- Trulioo
- ComplyAdvantage
- Fenergo
- IBM Corporation
- Infrasoft Technologies
- Jumio
- London Stock Exchange Group plc
- MetricStream Inc.
- NICE Actimize
- RIMES Technologies Corporation
- VERMEG.
For more information about this report visit https://www.researchandmarkets.com/r/7ikjwq
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