RegTech Market refers to the use of technology to address regulatory challenges and compliance requirements in various industries. As regulations become increasingly complex and stringent, businesses are seeking innovative solutions to efficiently manage compliance and reduce the risk of non-compliance.
According to a recently published Future Market Insights analysis, the RegTech Market is expected to develop at a CAGR of 16.2% from 2022 to 2032, with revenues estimated at US$ 8.2 billion in 2021. The market is predicted to be worth US$ 45.3 billion by 2032. From 2015 to 2021, market revenue from cloud-deployed RegTech increased at a CAGR of 22.6%.
While the epidemic has caused several problems for businesses worldwide, it has also created a new digital gap in the market for the RegTech industry. Money laundering suspicious activity reports in a number of countries, including Germany and Switzerland, are at an all-time high.
Download Sample Report to learn about recent in the RegTech Market Observed by FMI @
https://www.futuremarketinsights.com/reports/sample/rep-gb-15096
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% 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.
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 Billion 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 Billion during 2022 – 2032.
- The market in Japan is set to experience the highest CAGR of 14.6% during the 2022-2032 forecast period.
Ask an Analyst @
https://www.futuremarketinsights.com/askus/rep-gb-15096
“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.
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, Comply Advantage, 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.
Customize Your Knowledge: Unlock Targeted Insights to Drive Growth in the RegTech Market @
https://www.futuremarketinsights.com/customization-available/rep-gb-15096
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
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
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
Browse Other Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs