Rise in demand to manage third-party cyber risk, increased attention on financial regulations, adoption of advanced technology, and rapid expansion in collaboration between national regulators and financial institutions is driving the market growth.
JERSEY CITY, NJ, March 8, 2022 /PRNewswire/ — Verified Market Research recently published a report, “RegTech Market” By Organization Size (Large Enterprise, Small and Medium-Size Enterprise), By Deployment Type (Cloud, On-premises Based), By Application (Identify Management, Regulatory Management), and By Geography. According to Verified Market Research, the Global RegTech Market size was valued at $15.68 Billion in 2020 and is projected to reach $87.17 Billion by 2028, growing at a CAGR of 23.92% from 2021 to 2028.
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Browse in-depth TOC on “RegTech Market“
126 – Tables
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Global RegTech Market Overview
Major drivers driving the RegTech Market growth include increased attention on financial regulations, increased adoption of advanced technology, and rapid expansion in collaboration between national regulators and financial institutions. Financial oversight is becoming increasingly data-driven, with regulators requesting data with greater depth and regularity. The sort of data required to assess compliance with most prudential rules, which are often quantitative and must be of high quality: structured, well-defined, accurate, and thorough.
Furthermore, banks have made, and continue to make, significant investments in the data and analytical IT solutions that are required. As a result, there is a rise in demand for RegTech solutions for financial services, which is propelling the market forward. The increased number of fines imposed on large financial institutions, as well as incidents of money laundering and fraud involving respected firms, are driving up demand for RegTech solutions. Regulatory organizations are keeping a tight eye on the entire industry, therefore reporting requirements and transparency are more important than ever for businesses to maintain compliance.
- March 2020: MetricStream established its presence to help the company develop faster in Australia and new zealand (ANZ). This business development provides MetricStream with access to the rapidly increasing Asian market. With its Governance, Risk, and Compliance (GRC) products and solutions, the company would be able to serve Asian clientele.
- May 2021: IBM announced a definitive agreement to acquire Turbonomic, an Application Resource Management (ARM) and Network Performance Management (NPM) software provider based on Boston, Mass. The acquisition will give enterprises complete stack application observability and management, allowing them to ensure performance and cut costs by utilizing AI to optimize resources including containers, virtual machines, servers, storage, networks, and databases.
The major players in the market are IBM Corporation, Wolters Kluwer N.V.., Deloitte, London Stock Exchange Group (LSEG), Infrasoft Technologies, Accuity, NICE Actimize, MetricStream, ACTICO, Chainalysis.
Verified Market Research has segmented the Global RegTech Market On the basis of Organization Size, Deployment Type, Application, and Geography.
- RegTech Market, By Organization Size
- Small and Medium Size Enterprises (SMEs)
- RegTech Market, By Deployment Type
- RegTech Market, By Application
- Risk and Compliance Management
- Identify Management
- Regulatory Management
- Anti-Money Laundering and Fraud Management
- Regulatory Intelligence
- RegTech Market By Geography
- North America
- Rest of Europe
- Rest of Asian-Pacific
- Middle East & Africa
- Latin America
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