Regulatory Technology (RegTech) Solutions Market: Introduction
The global regulatory technology (RegTech) solutions market is anticipated to reach ~US$ 31 Bn by 2027. The regulatory technology (RegTech) solutions market is projected to expand at a CAGR of ~24% from 2019 to 2027 in terms of revenue. Growing demand to improve operational efficiency to manage regulatory compliances in banking, insurance, and healthcare sectors in recent years is expected to lead to the growth of the regulatory technology (RegTech) solutions market during the forecast period. Asia Pacific is projected to emerge as the leading regulatory technology (RegTech) solutions market, followed by North America during the forecast period.
Exponential Growth in Data Due to Rise in Online Transactions to Drive Global Market
Increasing demand for online payment modes in bank transactions, e-Commerce transactions, and individual money transactions creates different illegal routes for money laundering activity and creates a huge database of transactions, which is difficult to maintain manually by financial service companies. Banking and insurance service companies are facing a very complex and dynamic regulatory environment, with an average of 210 regulatory changes each day. Compliance teams face challenges to determine the relevance of these changes and how to comply with them. Hence, regulatory technology solutions help financial service companies to overcome these challenges. Regulatory technology solutions streamline and automate complex compliance activities, thus fuelling the growth of the regulatory technology (RegTech) solutions market.
Regulatory Technology (RegTech) Solutions: Market Segmentation
The global regulatory technology (RegTech) solutions market has been segmented in terms of component, application, enterprise size, industry, and region. Based on component, the regulatory technology (RegTech) solutions market has been classified into software and services. Software segment dominated the global regulatory technology (RegTech) solutions market in 2018 and is expected to maintain its dominance during the forecast period. The software segment has been sub-classified into cloud and on-premise. The services segment has been sub-classified into training & implementation, support & maintenance, and consulting & integration.
Based on application, the regulatory technology (RegTech) solutions market has been categorized into compliance management, risk management, identity management & control, reporting & data analytics, and information and asset management. Based on enterprise size, the market has been categorized into small & medium enterprise and large enterprise. Based on industry, the market has been categorized into banking, insurance, healthcare, transportation & logistics, industrial & manufacturing, IT & telecom, professional services, government & defense, and others. The banking segment has been sub-classified into retail banking, wholesale/corporate banking, investment banking, and private banking. The insurance segment has been sub-classified into life & pension, property & casualty, health, and reinsurance. Others industry segment covered in the scope of study includes food & beverages, retail, energy & utilities, education, media, etc. The banking industry is expected to account for the leading share of the global regulatory technology (RegTech) solutions market. The sector is expected to continue its dominance in the coming years, as it is realizing the urgent need to manage day to day changes of regulatory compliances.
Regulatory Technology (RegTech) Solutions Market: Regional Outlook
In terms of region, the global regulatory technology (RegTech) solutions market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to dominate the regulatory technology (RegTech) solutions market during the forecast period. This trend is attributable to the strong presence of regulatory technology (RegTech) solution vendors in the regional market. The U.S. is expected to lead the North America regulatory technology (RegTech) solutions market due to a higher acceptance of regulatory technology solutions by end users. The Regulatory technology (RegTech) solutions market in Asia Pacific is expected to expand at a higher CAGR over the forecast period. The market in Rest of the World is also projected to expand moderately over the forecast period.
The report provides in-depth segment analysis of the global regulatory technology (RegTech) solutions market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which holds growth opportunities or account for significant share has also been included as part of geographic analysis of the regulatory technology (RegTech) solutions market.
Regulatory Technology (RegTech) Solutions Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global regulatory technology (RegTech) solutions market. Key players profiled in the report include Algorithmica, CheckRecipient Limited (Tessian), Cluster Seven Services Limited, Compliance Management.ai, ComplyAdvantage, CUBE Content Governance Global Limited, Promapp Solutions Ltd., Compliance Solutions Strategies (Silverfinch), DGS DATA GOVERNANCE SYSTEMS LLC, CXi Software Pty Ltd., Fortia Financial Solutions, Kompli-Holdings PLC, Gecko Operating Ltd., IdentityMind Global, Corlytics Ltd., Ayasdi AI LLC, Ascent Technologies, Inc., Mitek Systems, Inc., and BearingPoint Holding BV.
Global Regulatory Technology (RegTech) Solutions Market: Segmentation
Regulatory Technology (RegTech) Solutions Market, by Component
- Training & Implementation
- Support & Maintenance
- Consulting & Integration
Regulatory Technology (RegTech) Solutions Market, by Application
- Compliance Management
- Risk Management
- Identity Management & Control
- Reporting & Data Analytics
- Information & Asset Management
Regulatory Technology (RegTech) Solutions Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Regulatory Technology (RegTech) Solutions Market, by Industry
- Retail Banking
- Wholesale/Corporate Banking
- Investment Banking
- Private Banking
- Life & Pension
- Property & Casualty
- Transportation & Logistics
- Industrial & Manufacturing
- IT & Telecom
- Professional Services
- Government & Defense
- Others (Food & Beverages, Retail, Energy & Utilities, Education, Media)
Regulatory Technology (RegTech) Solutions Market, by Region
- North America
- Asia Pacific
- Rest of the World
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