NEW YORK, Sept. 16, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, RegTech industry gathered revenue about US$ 5,232.9 million in 2020 and is slated to earn revenue of approximately US$ 19,319.6 million by 2026. The RegTech market is projected to register highest gains of approximately 20.9% over 2020-2026. Apart from this, Regulatory technology or RegTech is a new technique making use of information technology for improving regulatory procedures in financial sector. Additionally, regulatory technology encompasses regulatory reporting, transaction monitoring, risk & compliance management, and regulatory intelligence. With its extensive use in regulated business particularly in consumer goods sector, RegTech market is predicted to accelerate in upcoming years.
Moreover, surge in fraudulent events such as money laundering and counterfeiting witnessed in financial sector will create new growth opportunities for RegTech market over forecasting period. In addition to this, surging requirement for secured risk & compliance management protocols leading to massive implementation of regulatory technology solutions to ease compliance costs along with raising organizational efficiency will drive market trends. Furthermore, RegTech assist in accelerating business processes along with improving their reliability & reducing risk of compliance failures, thereby providing seamless & hassle-free experience to customers.
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In addition to this, rise in GDPR issues with nations has prompted financial institutes for implementing guidelines and is one of the major factors proliferating size of RegTech Market. Need for performing rapid business transactions and favorable government policies towards adoption of RegTech by banks & Fintech firms promoting KYC activities will steer market expansion. With probability of committing errors minimized due to low human involvement in real time fraud analysis, the RegTech industry is slated to expand rampantly over assessment timespan.
Need To Maintain Transparency of Financial Matters to Drive Market Growth
Growth of RegTech Market over forecasting years can be credited to need for preventing money laundering frauds & forging issues through effective risk management & fraud detection by regulatory technology. In addition to this, regulatory sandbox model has aided improvements in RegTech along with reducing entry barriers in SaaS -driven offerings, thereby resulting in humungous expansion of RegTech Industry over upcoming years. Large-scale utilization of new technologies like biometric, machine learning, internet of things, cloud computing, blockchain ,and AI is likely to result in tremendous growth for RegTech Industry over upcoming years.
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North American Market to Retain Domination Over 2020-2026
Expansion of RegTech Market in North America over forecast timespan is due to large-scale acceptance of RegTech solutions by Fintech Firms and other financial institutions such as banks in countries such as the U.S. and Canada. Immense utilization of technologies such as deep learning, big data analytics, machine learning, artificial intelligence, and block chain and other initiatives take by regional governments for reducing costs of compliance has resulted in larger demand for RegTech by the firms based in the countries such as the U.S. and Canada. Presence of key players in the U.S. is projected to contribute noticeably towards regional market revenue over the years ahead.
Apparently, RegTech Market is highly consolidated with each player in the business trying to optimize returns on investment along with increasing pie of market share. With view to expand their regional customer base and increase market profitability as well as establish strong position in market, firms are adopting new business strategies such as product innovations, product portfolio expansion, and formation of strategic alliances with regional players.
Key players favorably influencing growth of RegTech Market and profiled in the study include 8of9, Gecko Governance, Governor, AllAtUsUnity, Connxus, Collibra, iComplai, Waymark, InterRegs, Onrule, Riskpriorities, C2P (Compliance and Risks),Clausematch, GAN Integrity, RegAsk, Capnovum, Feedstock, Simpliance, AxiomHQ, and Autologyx.
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The Global RegTech Market is segmented as follows:
By Component
- Solution
- Services
By Deployment Type
- On-Premises
- Cloud
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- AML & Fraud Management
- Regulatory Intelligence
- Risk & Compliance Management
- Regulatory Reporting
By Region
- North America
- The U
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Ital
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asi
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexic
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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