Home Office Policy Helps in Strategizing on Software Releases amidst COVID-19

Companies worldwide are facing an unprecedented challenge due to the sudden coronavirus (COVID-19) outbreak. This pandemic has also affected stakeholders in the regulatory technology (RegTech) solutions market. Hence, companies in the market for regulatory technology (RegTech) solutions are resorting to the ‘work from home’ policy to safeguard the health of their employees. For instance, on March 19, 2020, BearingPoint RegTech— an expert in regulatory reporting, announced that the company has incorporated the work from home policy, which aligns with its IT Security policy to switch operations to home office.

Companies in the regulatory technology (RegTech) solutions market have halted international travels and reduced national travel to an absolute minimum to reduce the risk of spreading coronavirus. They are making informed decisions with due agreements with affected clients. Thus, the work from home policy has ensured certain amount of business continuity by strategizing on the delivery of new software releases. As such, the revenue of software is projected for exponential growth in the market for regulatory technology (RegTech) solutions.

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Decisive Agreements Set Pace for Compliance Teams to Map Regulatory Discrepancies

Strategic collaborations are setting the pace for stakeholders in the regulatory technology (RegTech) solutions market to track, map, and report regulatory compliance in case of any discrepancies. For instance, Governor Software Ltd.— a governance and oversight solutions provider, announced to enter into an agreement with Waymark Tech, a specialist in AI for regulatory compliance to become its global reseller of financial regulatory content. As such, the revenue of banking and insurance industries is estimated for aggressive growth in the regulatory technology (RegTech) solutions market, where the market is predicted to grow at an explosive CAGR of ~24% during the forecast period.

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Compliance teams in various financial institutions of the regulatory technology (RegTech) solutions market can now track and report regulatory compliance discrepancies, as companies in the market for regulatory technology (RegTech) solutions set their collaborations wheels in motion. This trend is prominent in the U.K., since the Financial Conduct Authority (FCA) is utilizing unique visualization technologies offered by companies to improve search functions.

Risk-based Compliance Measures Help Process Large Volumes of Data

Financial crime rates have not only risen during the past few years in the regulatory technology (RegTech) solutions market, but also become more complicated and hard to detect. Hence, companies are overcoming these issues with heavy-handed governance and incorporation of stricter compliance requirements. However, with rapid growth of the fintech industry, companies in the market for regulatory technology (RegTech) solutions are pressured to keep pace with the ever-evolving industry needs. There is a need to find new guidelines that prevent financial crimes without stifling new industry expansion.

The regulatory technology (RegTech) solutions market is expected to reach ~US$ 31 Bn by the end of 2027. Hence, companies are adopting risk-based compliance measures instead of rule-based models to process large volumes of data that ensure operational efficiency. The market for regulatory technology (RegTech) solutions is witnessing change by switching to digital technologies.

Unicorn Community and Startup Hub India Create Incremental Opportunities for RegTech Companies

Well-funded startups and imaginative use of technology for governance are some of the key focus points for companies in the regulatory technology (RegTech) solutions market in India. India, being one of the fastest growing economies and a home to one of the largest unicorn communities, is anticipated to contribute to the aggressive revenue growth of the market for regulatory technology (RegTech) solutions in the Asia Pacific region. Hence, regulators and policymakers are bearing clear identification of problems of regulatory compliance associated with online cab aggregators and food delivery services.

Companies in the regulatory technology (RegTech) solutions market are developing targeted regulatory and monitoring strategies to mitigate issues raised by technology-based models. Prioritizing risk-based and responsive regulatory approach plays a pivotal role in adopting technology-based models in regulatory governance.

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Analysts’ Viewpoint

The unprecedented challenge of COVID-19 pandemic is encouraging companies in the regulatory technology (RegTech) solutions market to conduct web-based training sessions for employees for continuation of business activities. They are gaining global recognition by saving cost in complex regulatory requirements.

India is emerging as a hub for increased R&D activities and a test bed for product innovations, thus supporting the booming startup culture. However, there is a growing need to align government policy and regulatory framework to enable robust growth of technology-based models. Hence, companies should develop impactful innovation policies that fuel the process of creativity and inventive activities for emerging technologies such as gene editing, AI, drones and the likes.

Regulatory Technology (RegTech) Solutions Market: Overview

  • The global regulatory technology (RegTech) solutions market is expected to reach ~US$ 31 Bn by 2027 from ~US$ 5.6 Bn in 2019, expanding at a CAGR of ~24% from 2019 to 2027 
  • Emergence of cloud-based regulatory technology solutions is expected to facilitate growth of the regulatory technology (RegTech) solutions market during the forecast period
  • The regulatory technology (RegTech) solutions market in Asia Pacific is projected to expand at a high CAGR during the forecast period. Adoption of cloud-based regulatory technology solutions by large enterprises and small and medium scale enterprises has propelled the demand for regulatory technology solutions in this region.
  • China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share of the regulatory technology (RegTech) solutions market in the region.

Regulatory Technology (RegTech) Solutions Market: Definition

  • The regulatory technology (RegTech) solutions market report provides analysis of the global regulatory technology (RegTech) solutions market for the period 2017 – 2027, wherein 2018 is the base year, 2019 is the estimated year, and 2020 to 2027 is the forecast period. Data for 2017 has been included as historical information.
  • Regulatory technology solution is a computer application or platform used to manage multi-jurisdiction regulatory reporting complexity and uses information technology to enhance regulatory processes
  • Regulatory technology solutions are majorly adopted by banks and financial institutes, healthcare, etc. to understand regulatory requirements and improve data quality for risk aggregation and reporting

North America Regulatory Technology (RegTech) Solutions Market: Snapshot

  • The regulatory technology (RegTech) solutions market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for regulatory technology solutions, with revenues in 2019 estimated at US$ 2,400.7 Mn.
  • Strong presence of regulatory technology solution vendors in the region is a crucial factor driving the regulatory technology (RegTech) solutions market

Key Growth Drivers of Regulatory Technology (RegTech) Solutions Market

  • Increase in Number of Financial Fraud Cases and Stringent Government Regulations: Numerous amendments, rules, and regulations have led financial institutions to adopt solutions such as regulatory technology solutions to automate and streamline complex compliance activities and workflows, thus propelling the growth of the regulatory technology solutions market across the globe. 
  • Increasing Online Transactions: 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 create a huge data base 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 then how to comply. Hence, regulatory technology solutions help financial service companies to overcome these challenges, which in turn is projected to fuel the demand for regulatory technology solutions during the forecast period.

Key Challenges Faced by Regulatory Technology (RegTech) Solutions Market Players

  • Increasing complexity and changes in regulations and policies are expected to hamper the performance of regulatory technology solutions
  • Regulatory technology solutions comply with government regulations to control illegal transactions of virtual e-money. Thus, increasing complexity of regulations remains a huge challenge to be addressed by regulatory technology solutions providers. This is expected to hamper the market growth during the forecast period.

Regulatory Technology (RegTech) Solutions Market: Competition Landscape

  • In September 2019, Continuity Engine, Inc. acquired TraceRisk, a provider of enterprise risk management (ERM) solutions
  • In May 2019, IBM Corporation entered into a partnership with Thomson Reuters Corporation to launch an AI RegTech solution

Regulatory Technology (RegTech) Solutions Market: Company Profile Snapshot

  • BearingPoint Holding BV: Incorporated in 2009, BearingPoint Holding BV is based in Amsterdam, Netherlands. BearingPoint Holding BV is a provider of innovative regulatory and risk technology (RegTech/RiskTech) solutions and consulting services, serving around 78 countries across the globe. The company has operations in 60 countries, with 40 offices, and 176 partners globally.
  • Mitek Systems, Inc.: Mitek Systems, Inc. is a software company that offers character recognition technology, and services and products for document imaging. It offers technology, which allows people to open bank accounts from mobile devices and deposit checks via their mobile phones.
  • Other major players operating in the global regulatory technology solutions market and 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.
    • BearingPoint Holding BV. 

Regulatory Technology (RegTech) Solutions Market - Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global regulatory technology (RegTech) solutions market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the regulatory technology (RegTech) solutions market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the regulatory technology (RegTech) solutions market is expected to progress during the forecast period 2019-2027.

The report offers intricate dynamics about the different aspects of the regulatory technology (RegTech) solutions market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the regulatory technology (RegTech) solutions market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the regulatory technology (RegTech) solutions market, and estimate statistics related to the market progress in terms of value (US$ Mn).

This study covers a detailed segmentation of the regulatory technology (RegTech) solutions market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the regulatory technology (RegTech) solutions market, wherein, various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Regulatory Technology (RegTech) Solutions Market

The report provides detailed information about the regulatory technology (RegTech) solutions market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the regulatory technology (RegTech) solutions market, so as to help them make successful strategies and take target-driven decisions.

  • Which regions will continue to remain the most profitable regional markets for regulatory technology (RegTech) solutions market players?
  • Which factors will induce a change in the demand for regulatory technology solutions during the assessment period?
  • How will changing trends impact the regulatory technology (RegTech) solutions market?
  • How can market players capture low-hanging opportunities in the regulatory technology (RegTech) solutions market in developed regions?
  • Which companies are leading the regulatory technology (RegTech) solutions market?
  • What are the winning strategies of stakeholders in the regulatory technology (RegTech) solutions market to upscale their position in this landscape?
  • What will be the Y-o-Y growth of the regulatory technology (RegTech) solutions market between 2019 and 2027?
  • What are the winning imperatives of market frontrunners in the regulatory technology (RegTech) solutions market?

Research Methodology – Regulatory Technology (RegTech) Solutions Market

The research methodology adopted by analysts to compile the regulatory technology (RegTech) solutions market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the regulatory technology (RegTech) solutions market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the regulatory technology (RegTech) solutions market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the regulatory technology (RegTech) solutions market.

Regulatory Technology (RegTech) Solutions Market – Segmentation

TMR’s research study assesses the regulatory technology (RegTech) solutions market on the basis of component, application, enterprise size, industry, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the regulatory technology (RegTech) solutions market.

Component

Software

  • On-premise
  • Cloud

Services

  • Training & Implementation
  • Support & Maintenance

Consulting & Integration

Application

Compliance Management

Risk Management

Identity Management & Control

Reporting & Data Analytics

Information & Asset Management

Enterprise Size

Small & Medium Enterprise

Large Enterprise

Industry

Banking

  • Retail Banking
  • Wholesale/Corporate Banking
  • Investment Banking
  • Private Banking

Insurance

  • Life & Pension
  • Property & Casualty
  • Health
  • Reinsurance

Healthcare

Transportation & Logistics

Industrial & Manufacturing

IT & Telecom

Professional Services

Government & Defense

Others (Food & Beverages, Retail, Energy & Utilities, Education, Media)

Region

North America

Europe

Asia Pacific

Rest of the World

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