US RegTech Market is projected to expand at a CAGR of around 15.9% during 2022 to 2032

PRESS RELEASE
Published February 1, 2023

The RegTech Market revenues were estimated at US$ 8.2 Bn in 2021 and is anticipated to grow at a CAGR of 16.2% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 45.3 Bn. Market revenue through cloud-deployed RegTech grew at a CAGR of 22.6% during 2015 – 2021.

While the pandemic has created numerous issues for businesses throughout the world, it has also created a new digital gap in the market for the RegTech industry. Money laundering suspicious activity reports are at an all-time high in a number of countries, including Germany and Switzerland. In the United Kingdom, the UKFIU received and processed 573,085 suspicious activity reports (SARs) in 2019-20, reaching a record high (a 20 percent increase on the previous period). Financial technology (fintech) organizations had the greatest growth in SARs. They submitted 83,609 SARs in 2019-20, a 263.94 percent increase over the previous year (22,973). Fintech accounted for 64% of the overall increase in SARs.

According to Muinmos CEO Remonda Kirketerp-Mller, prior to the crisis, RegTech was already a rapidly developing sector, and the pandemic has undoubtedly boosted its growth. The pandemic’s increase in online financial activities, combined with the need for robust, remote solutions for compliance officials working from home, generated an unprecedented demand for RegTech solutions.

Request Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-15096

The new environment created by the pandemic has tested operational workflows of all companies across multiple verticals. Many businesses realized that their procedures are not as impermeable and automated as they believed. The realization imparted a sense of strong necessity to automate and digitize as many regulatory procedures and workflows as feasible.

In other words, it increased the demand for RegTech solutions. The automation of regulatory duties makes them dependable support of the business, and there is no going back. As a result, the pandemic aided in raising the prior status quo to a higher level, which now serves as the foundation for further automatization and digitization in the regulatory environment.

Key Takeaways from the Market Study

● Global RegTech Market is expected to reach a market size of US$ 10.1 Bn by 2022.

● The Cloud deployment segment is expected to account for the highest CAGR of 15.8% during the forecast period.

● United States is projected to remain the most dominant market with absolute dollar growth opportunity of US$ 12 Bn during 2022 – 2032.

● The market in Japan is set to experience the highest CAGR of 14.6% during the 2022-2032 forecast period.

“During the projected period, the growing need for risk and compliance management can become a key driver in raising the RegTech market revenue. Furthermore, increased investments by key corporations for the launch of innovative solutions will benefit the RegTech industry trends in the coming years.” comments a Future Market Insights analyst.

Ask an Analyst @ https://www.futuremarketinsights.com/askus/rep-gb-15096

Competitive Landscape

The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the RegTech Market are focused on R&D to produce innovative technological solutions.

• In April 2022, GBG formed separate Americas and Global Product units to consolidate its recent biometrics acquisitions. According to the release, the merger makes GBG the Americas’ largest pure-play digital ID verification and fraud protection technology supplier. GBG also acquired Cloudcheck, a selfie biometrics business located in New Zealand, earlier this year. According to the release, the merger of Acuant and IDology establishes a network that already has 450 million digital identities, which can aid in the battle against synthetic identity theft.

• In April 2022, ComplyAdvantage, a worldwide data technology business that increases the identification of financial crime, has released a new Anti-

Money Laundering Essentials Guide for Startups. The new guide was created in collaboration with ComplyLaunch, a program that gives qualifying firms free access to ComplayAdvantage’s anti-money laundering and KYC solutions, as well as other resources.

Market Segments Covered in RegTech Market Analysis

By Component:

  • Solution
  • Services

By Application:

  • Anti-Money Laundering (AML) & Fraud Management
  • Regulatory Intelligence
  • Risk and Compliance Management
  • Regulatory Reporting
  • Identity Management

By Deployment Type:

  • Cloud
  • On-Premises

By End-User:

  • RegTech in Banking
  • RegTech in Insurance Companies
  • RegTech in FinTech Firms
  • RegTech in IT & Telecom
  • RegTech in Public Sector
  • RegTech in Energy & Utilities
  • RegTech in Other End Users

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

By Region:

  • North America Regtech Market
  • Europe Regtech Market
  • Asia Pacific Regtech Market
  • Middle East and Africa Regtech Market
  • Latin America Regtech Market

Get Flat 30% Off on Report Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-15096

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com

The post US RegTech Market is projected to expand at a CAGR of around 15.9% during 2022 to 2032 appeared first on Future Market Insights.

WRITTEN BY

Future Market Insights