Redding, California, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘RegTech Market by Component, Application, Organization Size, Deployment Mode, Technology, End User (Healthcare, BFSI, Retail, IT & Telecommunications, Government & Public Sector, Transportation & Logistics, Food & Beverage, Manufacturing, Other End Users) - Global Forecast to 2029,’ the global RegTech market is projected to reach $23.6 billion by 2029, at a CAGR of 16.5% from 2022 to 2029.
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RegTech is the management of regulatory processes within the financial industry. Its major functions include regulatory monitoring, reporting, risk management, identity management, and compliance. RegTech solutions are gaining traction due to their utilization across numerous industries, including BFSI, healthcare, manufacturing, and transportation & logistics. The growth of the global RegTech market is driven by the growing number of fraudulent activities, the increasing need to automate regulatory compliance processes, and the rising need for faster transactions. However, the high costs of RegTech solutions/dashboards restrain the growth of this market.
The growing popularity of automated regulatory compliance and identity verification solutions by the online gaming industry and increasing demand for risk & regulatory compliance solutions by the pharmaceutical industry are expected to provide lucrative opportunities for the growth of the global RegTech market. However, implementing RegTech regulatory change poses serious challenges to adopting RegTech solutions.
Impact of COVID-19 on the RegTech Market
The COVID-19 pandemic created several challenges for the RegTech market due to the lockdowns imposed during the second and third quarters of 2020. It lowered consumers' financial potential, which decreased the sales of RegTech solutions and services. However, in 2021, major industries, including BFSI, retail, healthcare, SupTech, and manufacturing, started recovering from the economic setbacks suffered during the pandemic.
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The pandemic impacted solutions/service development and distribution operations across various industries. The delayed and postponed orders for RegTech solutions negatively affected the RegTech market; however, it started recovering rapidly from the last quarter of 2020. Social distancing became the new norm, and these restrictions had long-term effects on several processes, including development, distribution, and deployment. Several companies worldwide reduced employee contact and interaction and adapted to stringent government guidelines to curb the spread of the virus.
Different leading RegTech solution providers leveraged strong portfolios of compliance solutions and enhanced product capabilities during the COVID-19 pandemic, consequently promoting the RegTech market's growth. For instance:
- In 2020, SIH ACA Topco, L.P. (ACA Compliance Group) (U.K.) launched its enhanced anti-money laundering (AML) solution. The solution combines ACA’s regulatory technology (RegTech) and managed services to offer firms faster, more accurate data screening, ongoing monitoring, remediation, and reporting while increasing overall operational efficiencies and cost savings.
- In 2021, SteelEye Limited (U.K.) launched its new suite of communication compliance solutions to provide financial firms of all sizes and risk profiles access to best-in-class record-keeping and oversight tools.
- In 2021, Vault Health, Inc. (U.S.) launched its COVID Compliance Solution, a new turnkey product offering for employers navigating the newly released rules around workplace testing.
RegTech providers plan to move forward and capitalize on the lucrative market growth opportunities that have resulted from the pandemic. The RegTech market is projected to transform drastically over the coming years. Several leading companies are growing rapidly through product launches & enhancements, partnerships, and collaborations for leveraging regulatory compliance solutions in the market.
The global RegTech market is segmented 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 (AML, KYC, CDD), 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-use industry (healthcare, BFSI, retail, 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 component, the global RegTech market is segmented into solutions/platforms/dashboards and services. In 2022, the solutions/platforms/dashboards segment is expected to account for the largest share of the global RegTech market. The large market share of this segment is attributed to the increasing emphasis by leading RegTech players to launch money laundering and financial crime management solutions, the growing need to monitor regulatory changes, monitor risk, generate reports for compliance departments, the growing demand for AML/CFT solutions by Asian countries, and the growing demand by banks to deploy solutions for data protection, detect fraud in time, and prioritize compliance. However, the services segment is expected to register the highest CAGR during the forecast period due to the efforts by RegTech providers to launch new RegTech service offerings, the rising number of RegTech services launches to stay up-to-date on new and updated regulations, the increasing need of process management, tracking, and reporting, and the increasing demand for designing, implementation & support, and consulting & development of RegTech solutions.
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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 market share of this segment is attributed to the huge demand to deploy cyber security or information security solutions across enterprises, rapid growth in common web cyberattacks, the increasing need for highly secure information security or cybersecurity solutions, and the growing need to deal with changing cyber threats and risks. However, the onboarding verification segment is expected to register the highest CAGR due to the growing deployments of onboarding verification solutions by banking institutions, the increasing need for transforming the investor and client onboarding experience, the growing need to automate the onboarding process, and the growing popularity for fast and accurate verification results.
Based on organization size, the global RegTech market is segmented into small & medium-sized enterprises and large enterprises. In 2022, the large enterprises segment is expected to account for a larger share of the global RegTech market. The growth of this segment is driven by the growing demand for RegTech solutions by risk and compliance teams, the growing demand for fraud management solutions across large enterprises, the increasing need for cybersecurity in large enterprises, and large enterprises' huge potential to adopt RegTech solutions. However, the SMEs segment is expected to register with the highest CAGR due to the increasing need for RegTech solutions by small organizations, the growing demand for regulatory compliance solutions by small-scale enterprises, and the notable benefits offered by RegTech solutions for small and medium-sized enterprises.
Based on deployment mode, the global RegTech market is segmented into on-premise deployments and cloud-based deployments. In 2022, the on-premise deployments segment is expected to account for a larger share of the global RegTech market. The large market share of this segment is attributed to the growing benefits offered by the on-premise deployment mode, the increasing need for complete visibility of consumers’ direct data centers, and the growing demand for greater security and privacy for consumers’ data. However, the cloud deployment segment is expected to register the highest CAGR due to the increasing need for cloud-based RegTech solutions for processing large amounts of data to identify risks and enhance controls, the growing benefits offered by centralized data storage, and the growing need to reduce internal system design, implementation, and ongoing maintenance costs.
Based on technology, the global RegTech market is segmented into 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. In 2022, the cloud computing segment is expected to account for the largest share of the global RegTech market. The large share of this segment is attributed to the rising need to manage compliance while driving down the costs related to purchasing, installing, and managing the solution, the growing demand for cloud-based analytics and surveillance services, the surge in demand for secure infrastructure to maintain adequate data security, and the growing need of operational cost savings for financial organizations. However, the natural language processing segment is expected to register the highest CAGR. The growth of this segment is attributed to the efforts by leading players to launch AI-powered AML solutions, the increasing collaborations to digitize tax regulation monitoring, and the surge in demand for AI technology by RegTech providers.
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 large market share of this segment is attributed to the efforts by companies to launch compliance solutions to simplify and expedite the compliance process for banking and financial instructions, the increasing product launches for financial crimes intelligence, and the increasing demand to build risk-based compliance programs. Additionally, the same industry is expected to register the highest CAGR during the forecast period.
Based on geography, the global RegTech market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the global RegTech market. The large share of this regional market is attributed to the growing deployment of financial solutions, 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, dominant force of technological developments, and the rising emphasis of U.K.’s leading players to launch RegTech solutions. However, the Asia-Pacific region is slated 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, a favorable Indian government initiative that supports the development of the RegTech solutions, and region’s startups and tech community in financial services.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the last three years (2020–2022). The RegTech market has witnessed a number of product launches in recent years. For instance,
- In 2021, Jumio Corporation (U.S.) launched a no-code orchestration layer for its KYX Platform. It unifies risk and fraud detection capabilities to address identity proofing, compliance verifications and AML use cases.
- Furthermore, in 2022, NICE Ltd. (Israel) launched its advanced, X-Sight Entity Risk SaaS solution. It helps to produce a single risk score that enables a financial institution to better understand its clients across the organization.
The key players operating in the global RegTech market are NICE Ltd. (U.S.), 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.), Ayasdi AI 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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Scope of the Report
RegTech Market, by Component
- Solutions/Platforms/Dashboards
- Anti-money Laundering & Counter-terrorist Financing Solutions
- Fraud Prevention Solutions
- Prudential Reporting Solutions
- ICT Security Tools
- Creditworthiness Assessment Tools
- SupTech Solutions
- Services
- Professional Services
- Managed Services
RegTech Market, by Application
- Regulatory Compliance
- Risk Management
- Financial Crime Management
- Identity Management/Identification & Background Checks
- Compliance Support
- Cybersecurity/Information Security
- Onboarding Verification
- Transaction Monitoring
RegTech Market, by Organization Size
- Small & Medium-sized Enterprises
- Large Enterprises
RegTech Market, by Deployment Mode
- On-premise Deployments
- Cloud-based Deployments
RegTech Market, by Technology
- Cloud Computing
- Predictive Data Analytics
- Data Transfer Protocols
- Natural Language Processing
- Semantics/Graph Analysis
- Biometrics
- Blockchain
- Machine Learning
- Deep Learning
- Robotic Process Automation
- Other Technologies
RegTech Market, by End User
- Healthcare
- BFSI
- Retail
- IT & Telecommunications
- Government & Public Sector
- Transportation & Logistics
- Food & Beverage
- Manufacturing
- Other End Users
RegTech Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Netherland
- Switzerland
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Singapore
- Taiwan
- Australia and New Zealand
- Rest of Asia-Pacific
-
- Latin America
-
- Mexico
- Brazil
- Rest of Latin America
-
- The Middle East and Africa
-
- UAE
- Israel
- Rest of MEA
-
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