According to the regulatory reporting solution industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 14.8% from 2021-2031.
The report also forecasts that the market will surpass a valuation of ~US$ 3.9 Bn by the end of 2021. As per FMI, intelligent data analysis and reporting present an opportunity to identify trends and better mitigate inherent risks.
New regulatory regimes may lead to a more proactive approach to regulations. Regulatory processes have become streamlined due to adoption of regulatory reporting solution and it provides regulators a real-time data. Enterprises are using technology like Apache Spark for real-time data analysis and monitoring.
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Key Takeaways: Regulatory Reporting Solution Market
- By solution, the regulatory reporting segment is anticipated to account for the leading share in the global demand for regulatory reporting solution during the forecast period. However, the consulting and advisory service segment is estimated to grow at a robust CAGR of 13.7% through 2031.
- The adoption of regulatory reporting solution by insurance industry is expected to rise at maximum pace. As per FMI, demand in this segment will increase by a CAGR of 18.0% between 2021 and 2031.
- EMEA is expected to lead the market followed by North America in 2021. EMEA is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in U.K. is expected to progress at a CAGR of 19.1% through 2031.
- In India, sales are expected to increase at a CAGR of close to 21% over the next ten years.
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COVID-19 Impact Analysis on Regulatory Reporting Solution Market
As a result of COVID-19 outbreak and the consequent lockdown in various countries, many of the firms found their profitability and processes under unprecedented stress. The pandemic has accelerated digital transformation among financial firms.
Digital transformation is compelling central banks and regulators to restructure and rethink their approaches for becoming resilient, adopting various technologies and constructing an agile operating model, all while offering regulatory services.
Regulatory agencies are encouraging financial firms to adopt digitalization for convenience and transparency. Due to the trend of increasingly complex regulatory requirements regulators and financial firms are finding reporting as a complex and time-consuming task. Adopting regulatory reporting solution may lead to various benefits like more transparent regulation, which the top-most priority for financial firms.
Implementation of technologies such as artificial intelligence, blockchain, and application programming interface helps the regulators to supervise financial markets, identify harm and detect financial crime.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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