Fort Collins, Colorado, Nov. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Regtech Market size was valued at USD 9.8 Billion in 2022 and is expected to grow at a CAGR of 17.3% and reach USD 47.7 Billion by 2032.
Regtech uses modern technologies such as blockchain, machine learning, and artificial intelligence to simplify regulatory activities. Its main functions are reporting, regulatory compliance, and monitoring. It is mainly used in the financial sector due to increasing compliance rules resulting from rising fraud cases.
In 2022, the IRS collected $23.8 billion due to late or incorrect tax returns. Regtech can help companies file returns on time and reduce penalties. Automation is also used to replace human resources and cut costs while minimizing errors during routine tasks.
The primary reason behind the growing demand for the regtech is growing frauds, filing of incorrect documents, and rise in cyber-attacks and money laundering activities. These factors have necessitated a robust system that will help fast and easy detection of ongoing or possible frauds to prevent data breaches, and hacking can be prevented, or appropriate steps can be taken at the proper time.
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Segmentation Overview:
The global regtech market has been segmented into end-user, application, and region. Regtech is widely used in the banking industry for compliance purposes. It helps banks collect and verify clients' confidential information through Know Your Customer forms and background checks. Regtech also helps companies stay updated with relevant regulations and enables timely and accurate filing of regulatory documents.
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Regtech Market Report Highlights:
- The global regtech market growth is anticipated at a CAGR of 17.3% by 2032.
- Regtech technology is becoming more popular due to its efficiency, accuracy, and data management benefits in administrative tasks, along with the risk assessment tools that can reduce fraud risk in finance. North America is a major region for regtech implementation due to its efficient data recording and maintenance, higher adoption of the latest technologies, and development of technologies like blockchain and AI.
- Some prominent players in the regtech market report include Deloitte Touche Tohmatsu India LLP, Thomson Reuters, IBM Corporation, Wolters Kluwer, HCL Tech, IdentityMind Global, Forter, Trunomi, ComplyAdvantage, Onfido, Coinfirm, and others.
Industry Trends and Insights:
- Deloitte Touche Tohmatsu India LLP and BUSINESS NEXT are partnering to offer smart banking solutions. Meanwhile, IBM and Amazon Web Services are expanding their services to facilitate generative AI for mutual clients.
- IBM also launched the Innovation Lab with AWS at the IBM Client Experience Center in Bengaluru.
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Regtech Market Segmentation:
By End-Users: Banks, Financial Institutions, Healthcare And Other Institutions
By Application: Compliance Tools, Regulatory Management, Digital Identity, Fraud Detection Management and Other Applications.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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