LONDON, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the RegTech market, 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.
The global RegTech market is expected to grow from $6.26 billion in 2020 to $7.90 billion in 2021 at a compound annual growth rate (CAGR) of 26.2%. The change in trend of growth of the RegTech market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The RegTech market is expected to reach $18.89 billion in 2025 at a CAGR of 24.4%.
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The RegTech market consists of sales of RegTech solutions and services by entities (organizations, sole traders, and partnerships) that are engaged in providing regulatory processes within the financial industry via advanced technologies. RegTech, or regulatory technology, is a set of enterprises that employ cloud computing technology and software-as-a-service (SaaS) to assist businesses in complying with regulations more efficiently and cost-effectively. RegTech's primary functions are regulatory surveillance, monitoring, and compliance.
The main types of components in RegTech are solutions and services. The RegTech services reduce the threats such as cyberattacks, security breaches, or money laundering by using regulatory-driven transformations. The different modes of deployment include cloud, on-premises and are deployed in various organization sizes such as large enterprises, small and medium-sized enterprises (SMEs). It is used in risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, and is implemented in several verticals such as banks, insurance companies, fintech firms, it and telecom, public sector, energy and utilities, others.
The Business Research Company’s report titled RegTech Global Market Report 2021 - By Component (Solutions, Services), By Deployment Type (Cloud, On-Premises), By Organization Size (Large Enterprises, Small And Medium-Sized Enterprises (SMEs)), By Application (Risk And Compliance Management, Identity Management, Regulatory Reporting, Anti-Money Laundering (AML) And Fraud Management, Regulatory Intelligence), By End User (Banks, Insurance Companies, FinTech Firms, IT And Telecom, Public Sector, Energy And Utilities), COVID-19 Implications And Growth covers major RegTech companies, RegTech market share by company, RegTech manufacturers, RegTech market size, and RegTech market forecasts. The report also covers the global RegTech market and its segments.
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North America was the largest region in the RegTech market in 2020. The regions covered in the RegTech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
In September 2019, Broadridge, a US-based company that provides technology-driven solutions, investor communications, and data and analytics to the financial services industry acquired FundsLibrary for an undisclosed amount. Broadridge's acquisition would allow it to speed up its pan-European regulatory communications and digital data platform, which would support the investment industry's life cycle of fund data, documents, and regulatory reporting. FundsLibrary is a UK-based digital platform for the asset management business that supports regulatory reporting, paperwork, and the life cycle of fund data.
Major players in the RegTech market are 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, and VERMEG.
RegTech Global Market Report 2021 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide RegTech market overviews, RegTech market analyze and forecast market size and growth for the whole market, RegTech market segments and geographies, RegTech market trends, RegTech market drivers, RegTech market restraints, RegTech market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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