BANGALORE, India, Nov. 21, 2019 /PRNewswire/ -- The high compliance costs and increased demand for regulatory information will lead to regulatory technology (RegTech) adoption over the coming years. RegTech is a FinTech sub-class and has been gaining popularity since 2015. Increasing fines for failure to comply with the regulations are expected to drive development further. RegTech solutions with an analysis of real-time compliance help connect regulators and businesses while protecting consumers interests.
"The global market size of Regulatory Technology (RegTech) was USD 1370 million in 2018 and is expected to reach USD 6420 million by the end of 2025, with a CAGR of 24.7% in 2019-2025."
RegTech includes using software to improve regulatory stringency and mitigate business-related compliance risks. A stable regulatory framework will help boost GDP growth by more than 2% per year, according to a World Bank report. In addition to rising demand for risk management, it is expected that the additional costs of managing enforcement procedures and increasing demand for controlling business processes will drive market growth in regulatory technology over the forecast period.
Because of the increasing adoption of risk and compliance management solutions in large enterprises from different industry verticals has accounted for the highest regulatory technology market share in 2018. Providers of consulting services such as IBM, Deloitte, Thomson Reuters, and PwC help large companies realize the benefits of managing their business functions efficiently.
TRENDS INFLUENCING THE REGULATORY TECHNOLOGY MARKET SHARE
Increase in demand for risk management.
Increasing costs of managing compliance procedures .
Rising demand for regulating business processes.
REGION WISE REGULATORY TECHNOLOGY MARKET ANALYSIS
RegTech's adoption is the strongest in Europe due to strict and compulsory financial transaction and data protection laws and directives. The cloud deployment model provides organizations with the option of subscribing to SaaS as peruse instead of incurring hardware and infrastructure costs.
It is estimated that North America will have the largest market share over the forecast period. The goal of reducing the number of fraudulent activities leads to compliance with the increasing number of strict regulations for regional demand.
Regulatory Technology Market segment by Regions/Countries, this report covers
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