In recent years, RegTech has become widely adopted across many industries, including the BFSI industry. This industry relies on different RegTech solutions due to the growing product launches for financial crimes intelligence, the increasing demand for building risk-based compliance programs, and the increasing emphasis by prominent players to launch RegTech solutions to simplify compliance solutions for simplified, automated operations. The federal and state regulatory agencies, investors, legislators, and the general public are focused on institutions’ regulatory compliance performance due to the rising consumer credit crisis, high-profile compliance breakdowns, and increased emphasis on consumer protection.
Hence, several BFSI organizations are heavily leveraging RegTech solutions to fulfill their needs. Furthermore, the surge in demand for regulatory compliance solutions by healthcare professionals to enable effective planning, management, contracting, and payment needs and the growing demand for cloud-based solutions to simplify billing, regular compliance and security updates for healthcare industries are promoting the growth of the RegTech market. Furthermore, efforts to launch traceability solutions for material compliance for the fashion & apparel industry and the rising demand for food safety solutions by consumer-packaged goods companies and food manufacturers are creating plenty of opportunities for the growth of the RegTech market.
Meticulous Research®, in its latest publication on the RegTech market, states that the global RegTech market is projected to reach USD 23.6 billion by 2029, at a CAGR of 16.5% from 2022 to 2029.
The growth of this market is backed by the increasing emphasis on cryptocurrency, heavy investments in fintech projects in developed economies, a huge consumer base for RegTech solutions, the growing emphasis of leading companies to provide risk & compliance solutions, the increasing demand for digital payment systems, the increasing number of fintech companies, and the growing popularity of risk management and fraud management solutions. However, the high cost of RegTech solutions/dashboards is obstructing the growth of the RegTech market.
To provide efficient analysis, Meticulous Research® has segmented this market 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, IT & telecommunications, government & public sector, transportation & logistics, food & beverage, manufacturing, and other end users). The study also evaluates industry competitors and analyses the market at a country level.
Based on geography, in 2022, Europe is expected to account for the largest share of the RegTech market. The large share of this regional market is attributed to the increasing deployments of financial solutions, supportive European regulatory framework, regional developments in technologies, the increasing acceptance of digital currency, the strong presence of leading financial firms, fintech regulations by the government, the dominant force of technological developments, the growing expansions in France to meet the rising demand for ID verification solutions, and the rising emphasis of U.K.’s leading players to launch RegTech solutions.
Furthermore, the increasing emphasis of the U.K.’s leading players on launching RegTech solutions is promoting the growth of the RegTech market. For instance,
- In 2022, ActiveOps Plc (U.K.) launched its CaseworkiQ RegTech solution to address the specific workforce management needs and regulatory pressure on back-office operations processing case-based work.
- Furthermore, in 2020, Rapyd Financial Network (2016) Ltd. (U.K.) launched Rapyd Protect, a fraud solution designed to protect businesses and consumers against fraud across countries and payment methods.
However, the Asia-Pacific region is expected to register the highest CAGR due to the rising demand for effective digital payment services, the well-established presence of fintech hotspots, heavy investments in fintech projects in China, and the region’s startups and tech community in financial services.
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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 growth of this segment is driven by the collective efforts of several companies to launch compliance solutions to simplify and expedite the compliance process for banking and financial instructions, the growing demand for building risk-based compliance programs for financial institutions, and the rising demand for regulatory reporting and identity management and control solutions by the banking industry. Additionally, this industry is also expected to register the highest CAGR during the forecast period.
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 segment is attributed to the increasing demand to deploy cyber security or information security solutions across enterprises, massive growth in common web cyberattacks, the increasing need for highly secure information security or cybersecurity solutions, and the need to deal with changing cyber threats and risks.
However, the onboarding verification segment is expected to register the highest CAGR due to the increasing deployment of onboarding verification solutions by banking institutions and the increasing need to transform the investor and client onboarding experience.
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence. Key players operating in this 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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