REDDING, Calif., Nov. 8, 2022 /PRNewswire/ -- According to a new market research report titled, 'RegTech Market by Component, Application, Organization Size, Deployment Mode, Technology, End User (Healthcare, BFSI, Retail, IT & Telecommunications, Government & Public Sector, Transportation & Logistics, Food & Beverage, Manufacturing, Other End Users) - Global Forecast to 2029,' the global RegTech market is projected to reach $23.6 billion by 2029, at a CAGR of 16.5% from 2022 to 2029.
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RegTech (Regulatory Technology) is the application of emerging technologies to improve how businesses manage regulatory compliance. RegTech solutions offer several benefits, such as boosting overall efficiency and productivity of businesses, providing adequate accountability of operations, reform risk management, detect market abuse and non-compliant trades, managing personal trading programs and other employee activities, managing third-party cyber risk, streamlining marketing review workflows, and providing centralized structure for submitting regulatory filings.
The growth of this market is attributed to the growing number of fraudulent activities, the increasing need to automate regulatory compliance processes, and the rising need for faster transactions. In addition, the growing popularity of automated regulatory compliance and identity verification solutions by the online gaming industry and the increasing demand for risk & regulatory compliance solutions by the pharmaceutical industry provide significant growth opportunities for vendors operating in the global RegTech market. However, the complexities associated with implementation of RegTech solutions poses a major challenge to the adoption of RegTech solutions.
The Impact of COVID-19 on the RegTech Market
The COVID-19 pandemic disrupted businesses and supply chains across the globe. This delayed the plans of several organizations to incorporate RegTech solutions, hampering the growth of the global RegTech market. However, the demand for digital transformation and regulatory compliance solutions is expected to stay elevated. The uncertainty regarding the possible length of lockdowns and supply chain disruptions made it an arduous task for market players to anticipate the resurgence in the RegTech industry. Thus, the crisis caused structural shifts that significantly affected this industry. After the pandemic, prominent RegTech providers leveraged a strong portfolio of RegTech solutions and enhanced their product capabilities. This consequently supported the RegTech market's growth.
For instance:
- In 2021, Wolters Kluwer N.V. (Netherlands) launched Version 9.4 of its integrated risk management platform. It enables greater collaboration and integration and streamlines communications and mobility.
- In 2020, Trulioo Information Services Inc. (Canada) launched its document verification and facial recognition software for ID verification.
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Local governments also took several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the RegTech market is expected to recover to its original track after 2023.
Rising need for faster transactions
In recent years, financial institutes and banks have faced various issues associated with traditional cross-border payment systems, such as extra processing fees, risk of fraud in payment pathways, security breaches, and increasing failure points. Additionally, sending a global payment through established banking channels is a complex and multistep process due to the involvement of several intermediaries. To resolve these issues, blockchain-based payment systems provide a faster, secure, and cheaper payment method, by streamlining the transaction process and storing every transaction in a secure distributed ledger. Collectively, the rising need for faster transactions is encouraging business organizations to deploy RegTech solutions, thereby fueling the market growth.
Several companies operating in this market and end customers as well are currently emphasizing on launching blockchain-based compliance solutions to facilitate faster transactions. For instance,
- In 2022, Sopra Steria (Paris) partnered with Chainalysis Inc. (U.S.) to bring leading blockchain compliance solutions to customers across Europe.
- In 2022, Cogent Bank (U.S.) launched a fully integrated digital banking platform powered by Tassat Group Inc. (U.S.). This platform provides real-time payment facilities safely, securely, and in compliance with banking regulations.
Thus, exerting efforts by companies to launch blockchain-based solutions to promote faster transactions is stimulating the growth of the RegTech market. Such developments are expected to improve the demand for RegTech solutions, fueling the growth of the global RegTech market.
The global RegTech market is segmented by component (solutions/platforms/dashboards, services), application (regulatory compliance, risk management, financial crime management, identity management/identification & background checks, compliance support, cybersecurity/information security, onboarding verification, transaction monitoring), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployments, cloud-based deployments), technology (cloud computing, predictive data analytics, data transfer protocols, natural language processing, semantics/graph analysis, biometric, blockchain, machine learning, deep learning, robotic process automation, and other technologies), and end user (healthcare, BFSI, retail, IT & telecommunications, government & public sector, transportation & logistics, food & beverage, manufacturing, and other end users). The study also evaluates industry competitors and analyses the country and regional-level markets.
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Based on application, the RegTech market is segmented into regulatory compliance, risk management, financial crime management, identity management/identification & background checks, compliance support, cybersecurity/information security, onboarding verification, and transaction monitoring. In 2022, the cybersecurity/information security segment is expected to account for the largest share of the global RegTech market. The large share of this market segment is attributed to the huge demand to deploy cyber security or information security solutions across enterprises, rapid growth in common cyberattacks, the increasing need for highly secure information security or cybersecurity solutions, and the growing need to deal with changing cyber threats and risks. However, the onboarding verification segment is expected to register the highest CAGR due to the growing deployments of onboarding verification solutions by banking institutions, the increasing need for transforming the investor and client onboarding experience, and the growing popularity for fast and accurate verification results.
Based on deployment mode, the global RegTech market is segmented into on-premise deployments and cloud-based deployments. In 2022, the on-premise deployments segment is expected to account for a larger share of the global RegTech market. The large share of this market segment is attributed to the growing benefits offered by the on-premise deployment mode, the increasing need for organizations to have complete visibility of consumers' direct data centers, and the growing demand for greater security and privacy for consumers' data. However, the cloud-based deployments segment is expected to register the highest CAGR due to the increasing need for cloud-based RegTech solutions for processing large amounts of data to identify risks and enhance controls. The growing benefits offered by centralized data storage, and the growing need to reduce internal system design, implementation, and ongoing maintenance costs are also some of the factors supporting the growth of the cloud-based RegTech solutions.
Based on end user, the global RegTech market is segmented into healthcare, BFSI, retail, IT & telecommunications, government & public sector, transportation & logistics, food & beverage, manufacturing, and other end users. In 2022, the BFSI segment is expected to account for the largest share of the global RegTech market. The large share of the BFSI segment is attributed to the focused efforts by organizations to launch compliance solutions to simplify and expedite the compliance process for banking and financial instructions, the increasing product launches for financial crimes intelligence, and the increasing demand to build risk-based compliance programs.
Based on geography, the global RegTech market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the global RegTech market. The large share of this regional market is attributed to the growing deployment of financial solutions in the region, stringent regulatory framework for fintech industry, rapid technological developments in associated industry verticals, the increasing acceptance of digital currency, the strong presence of leading financial firms in the region, and the rising emphasis of U.K.'s leading players to launch RegTech solutions. However, the Asia-Pacific region is slated to register the highest CAGR due to the rising demand for effective digital payment solutions and services in this region, the well-established presence of fintech hotspots, heavy investments in fintech projects in China, favorable initiatives from Indian government that supports the development of the RegTech solutions, and region's startups and tech community in financial services.
The key players operating in the RegTech market are NICE Ltd. (Israel), Broadridge Financial Solutions, Inc. (U.S.), Deloitte Touche Tohmatsu Limited (U.K.), IBM Corporation (U.S.), Wolters Kluwer N.V. (Netherlands), Ascent Technologies Inc. (U.S.), SymphonyAI Sensa LLC (U.S.), Chainalysis Inc. (U.S.), cleversoft group GmbH (Germany), Corlytics (Ireland), DataCo GmbH (Germany), Hummingbird RegTech, Inc. (U.S.), Jumio Corporation (U.S.), MetricStream Inc. (U.S.), MindBridge Analytics Inc. (Canada), Pole Star Space Applications Limited (U.K.), REGnosys Limited (U.K.), and Trulioo Information Services Inc. (Canada).
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Scope of the Report
RegTech Market, by Component
- Solutions/Platforms/Dashboards
- Anti-money Laundering and Counter-terrorist Financing Solutions
- Fraud Prevention Solutions
- Prudential Reporting Solutions
- ICT Security Tools
- Creditworthiness Assessment Tools
- SupTech Solutions
- Services
- Professional Services
- Managed Services
RegTech Market, by Application
- Regulatory Compliance
- Risk Management
- Financial Crime Management
- Identity Management/Identification & Background Checks
- Compliance Support
- Cybersecurity/Information Security
- Onboarding Verification
- Transaction Monitoring
RegTech Market, by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
RegTech Market, by Deployment Mode
- On-premise Deployments
- Cloud-based Deployments
RegTech Market, by Technology
- Cloud Computing
- Predictive Data Analytics
- Data Transfer Protocols
- Natural Language Processing
- Semantics/Graph Analysis
- Biometrics
- Blockchain
- Machine Learning
- Deep Learning
- Robotic Process Automation
- Other Technologies
RegTech Market, by End User
- Healthcare
- BFSI
- Retail
- IT & Telecommunications
- Government & Public Sector
- Transportation & Logistics
- Food & Beverage
- Manufacturing
- Other End Users
RegTech Market, by region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherland
- Switzerland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Taiwan
- Australia and New Zealand
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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