The Global Regulatory Technology (RegTech) Market Revenue to reach $7,207.6 million by 2023
BANGALORE, India – August 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “RegTech Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023” (August 2018).
According to Infoholic Research, RegTech solutions are expected to serve financial organizations across regions to ease out the regulatory-based risk management. The increased adoption of cloud services has encouraged organizations, especially SMEs, to opt for SaaS-based regulatory solution offerings. The cloud deployment mode has assisted many organizations in reducing infrastructure costs and adopting a subscription model through the cloud rather than licensing of products. However, the high cost of software and lack of knowledge regarding the software deliverables are restricting the growth of the RegTech market.
The global RegTech market is estimated to grow at a CAGR of 25.4% during the forecast period 2018–2023.
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The increasing adoption of machine learning, automation, and AI gave rise to RegTech solutions that can function very fast and assist in the identification of key risk areas pertaining to compliances. The compliance management solution segment is expected to proliferate with an increasing number of finance companies focusing on solutions that help in visualizing the risk parameters and act accordingly. The risk management solution segment is expected to gain a significant market share as the software helps in identifying key risk areas in the stock market and alerts when there is a directional change in the market. The identity management solution segment is expected to hold the largest market share during the forecast period due to increased monitoring of regulatory bodies in bringing transparency in money laundering and terrorist financing, especially in the European region.
The solution type includes compliance management, reporting, identity management, and risk management. Europe holds a significant share in the RegTech market with a focus on automating the regulatory checks and operations, maintaining all the guidelines imposed by their respective regulatory bodies. However, Asia Pacific holds a huge potential for the vendors with a presence of developing economies such as China and India. The huge market and a rapidly growing digital transformation of organizations in the region hold tremendous opportunities for the vendors.
The deployment modes include on-premises and cloud. The cloud deployment encourages many organizations to opt for services without incurring costs on hardware and infrastructure. SMEs can adopt SaaS RegTech solutions, which are available on a subscription basis; these are scalable and flexible according to the requirement of the organization.
The regions covered in the report are North America, Europe, Asia Pacific, Middle East Africa, and Latin America. The countries covered are the US, Canada, Germany, the UK, France, the Netherlands, Switzerland, China, India, Australia, Japan, Singapore, Israel, United Arab Emirates (UAE), Brazil, and Mexico. The developing economies, such as China and India, possess huge potential with increasing focus on switching to software-based solutions to tackle the regulatory risks and avoid fines and penalties.
“The RegTech market is expected to gain major traction from financial organizations as these solutions not only help them in AML, CDD, or terrorist financing, but also reduce much invested time and effort of financial services organizations in customer onboarding, document verification, real-time market risk alert, regulatory reporting, compliance monitoring, and deviation analysis among others.” – Swarup Bhowal, Research Analyst at Infoholic Research
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The report covers the present scenario and the growth prospects of the RegTech market during the forecast period 2018–2023.
The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report provides details about the RegTech market.
- The market is analyzed based on solution, deployment mode, organization size, and regions.
- The deployment mode segment includes cloud and on-premises.
- The organization size includes large enterprises and SMEs.
- The report covers the implementation of RegTech solutions in North America, Europe, Asia Pacific, Middle East Africa, and Latin America.
- The report covers the evolution of RegTech solution, its features, advantages, and importance.
- The report also covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2018–2023).
- It also contains an analysis of vendor profiles, which include overview and offerings.
- The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis.