RegTech Market to Witness Substantial Growth During the Next Five Years
Lower entry barriers for SaaS-based offerings and
technological advancements to drive global RegTech market
According to
TechSci Research report, “Global RegTech
Market By Technology (Cloud Computing, Blockchain, Biometrics, Artificial
Intelligence (AI), NLP & Machine Learning, Others), By Application (Risk
and Compliance Management, Identity Management, Regulatory Reporting, Fraud
Management, Regulatory Intelligence), By Organization Size (SMEs, Large
Enterprise), By Service (Professional, Managed), By Region, Forecast &
Opportunities, 2025”, global RegTech market is
expected to grow at a substantial
rate during the forecast period, owing to the much-needed functionality
of identifying and interpreting regulatory changes which enables financial
institutions to easily manage the changing regulatory environment and minimize
the risk of non-compliance. Additionally, application of AI, machine learning,
and blockchain in BFSI sector to improve internal efficiencies is expected to
boost the global RegTech market until 2025. However, there are some factors
which might restrict the growth of RegTech market. These include cybersecurity
and privacy, and lack of data standardization.
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Global
RegTech market is segmented based on technology, application, organization size,
service, company and region. Out of the various types of technologies, artificial
intelligence is one of the key technologies influencing the RegTech market
growth, globally. AI is anticipated to account for the dominant market share
during the forecast years as it has enabled developments in RegTech solutions
for better identification of frauds. Moreover, to deliver rapid
results for detecting fraudulent activities, it can be used for multiple data
sets in assorted data sources such as social media. This technology is expected
to help RegTech companies in improving transparency and compliance in financial
institutions and help provide security against fraudulent activities.
Based
on application, the global market for RegTech has been segmented into risk and compliance
management, identity management, regulatory reporting, fraud management and regulatory
intelligence. Among these applications, the risk & compliance management is
estimated to hold the largest market share through 2025 as it is essential for
seamless business functioning. Additionally, companies with an improper
execution of risk management programs are responsible for risks such as paying
large amounts in drawbacks for not conforming to regulatory requirements and
therefore, risk and compliance management is crucial.
Compendor GmbH,
Abside Smart Financial Technologies, London Stock Exchange Group (LSEG),
Broadridge Financial Solutions Inc., PwC, Deloitte Touche Tohmatsu Limited,
RIMES Technologies Corporation, Abside Smart Financial Technologies, Ayasdi Ai
Llc and Elliptic are some of the leading players operating in global Regtech market.
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“Global RegTech market is anticipated to grow at a double digit CAGR
until 2025 due to its advanced functionality which includes predictive
analytics and various analytics tools, and its capability to improve
communication and collaboration between institutions and regulators. Additionally,
governments across the world are encouraging the adoption of RegTech solutions by
making KYC document a mandatory requirement for opening bank accounts and for
financial transactions.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global RegTech Market By Technology (Cloud
Computing, Blockchain, Biometrics, Artificial Intelligence (AI), NLP &
Machine Learning, Others), By Application (Risk and Compliance Management,
Identity Management, Regulatory Reporting, Fraud Management, Regulatory
Intelligence), By Organization Size (SMEs, Large Enterprise), By Service
(Professional, Managed), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global RegTech
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global RegTech market.
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