Lower entry barriers for SaaS-based offerings and technological advancements to drive global RegTech market
According to TechSci Research report, “Global RegTech Market By Technology (Cloud Computing, Blockchain, Biometrics, Artificial Intelligence (AI), NLP & Machine Learning, Others), By Application (Risk and Compliance Management, Identity Management, Regulatory Reporting, Fraud Management, Regulatory Intelligence), By Organization Size (SMEs, Large Enterprise), By Service (Professional, Managed), By Region, Forecast & Opportunities, 2025”, global RegTech market is expected to grow at a substantial rate during the forecast period, owing to the much-needed functionality of identifying and interpreting regulatory changes which enables financial institutions to easily manage the changing regulatory environment and minimize the risk of non-compliance. Additionally, application of AI, machine learning, and blockchain in BFSI sector to improve internal efficiencies is expected to boost the global RegTech market until 2025. However, there are some factors which might restrict the growth of RegTech market. These include cybersecurity and privacy, and lack of data standardization.
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Global RegTech market is segmented based on technology, application, organization size, service, company and region. Out of the various types of technologies, artificial intelligence is one of the key technologies influencing the RegTech market growth, globally. AI is anticipated to account for the dominant market share during the forecast years as it has enabled developments in RegTech solutions for better identification of frauds. Moreover, to deliver rapid results for detecting fraudulent activities, it can be used for multiple data sets in assorted data sources such as social media. This technology is expected to help RegTech companies in improving transparency and compliance in financial institutions and help provide security against fraudulent activities.
Based on application, the global market for RegTech has been segmented into risk and compliance management, identity management, regulatory reporting, fraud management and regulatory intelligence. Among these applications, the risk & compliance management is estimated to hold the largest market share through 2025 as it is essential for seamless business functioning. Additionally, companies with an improper execution of risk management programs are responsible for risks such as paying large amounts in drawbacks for not conforming to regulatory requirements and therefore, risk and compliance management is crucial.
Compendor GmbH, Abside Smart Financial Technologies, London Stock Exchange Group (LSEG), Broadridge Financial Solutions Inc., PwC, Deloitte Touche Tohmatsu Limited, RIMES Technologies Corporation, Abside Smart Financial Technologies, Ayasdi Ai Llc and Elliptic are some of the leading players operating in global Regtech market.
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“Global RegTech market is anticipated to grow at a double digit CAGR until 2025 due to its advanced functionality which includes predictive analytics and various analytics tools, and its capability to improve communication and collaboration between institutions and regulators. Additionally, governments across the world are encouraging the adoption of RegTech solutions by making KYC document a mandatory requirement for opening bank accounts and for financial transactions.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global RegTech Market By Technology (Cloud Computing, Blockchain, Biometrics, Artificial Intelligence (AI), NLP & Machine Learning, Others), By Application (Risk and Compliance Management, Identity Management, Regulatory Reporting, Fraud Management, Regulatory Intelligence), By Organization Size (SMEs, Large Enterprise), By Service (Professional, Managed), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global RegTech market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global RegTech market.
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