RegTech Market to grow at a CAGR of 21.18% from 2022 to 2027: Growing demand for identifying financial crimes will drive growth - Technavio

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- The RegTech market size is estimated to grow by USD 15,673.74 million from 2022 to 2027, at a CAGR of 21.18% according to Technavio. Download a sample report now!

Regtech market insights -

• Vendors: 15+, Including ACTICO GmbH, Ascent Technologies Inc., Broadridge Financial Solutions Inc., ComplyAdvantage, Confluence Technologies Inc., Acuant Inc., Hummingbird RegTech Inc., Intrasoft Technologies, International Business Machines Corp., MetricStream Inc., Mitratech Holdings Inc., NICE Ltd., RIMES Technologies Corp., SAS Institute Inc., SymphonyAI Sensa LLC, Thomson Reuters Corp., Trulioo Information Services Inc., VERMEG Ltd Legal, Wolters Kluwer NV, and Deloitte Touche Tohmatsu Ltd., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Component (Solutions and Services), End-user (Large enterprises, Small, and medium enterprises), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

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Regtech market - Company Insights

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including ACTICO GmbH, Ascent Technologies Inc., Broadridge Financial Solutions Inc., ComplyAdvantage, Confluence Technologies Inc., Acuant Inc., Hummingbird RegTech Inc., Intrasoft Technologies, International Business Machines Corp., MetricStream Inc., Mitratech Holdings Inc., NICE Ltd., RIMES Technologies Corp., SAS Institute Inc., SymphonyAI Sensa LLC, Thomson Reuters Corp., Trulioo Information Services Inc., VERMEG Ltd Legal, Wolters Kluwer NV, and Deloitte Touche Tohmatsu Ltd.

RegTech Market – Market Dynamics

Key factor driving market growth

• The growing demand for identifying financial crimes within financial organizations, owing to increasing fraud, electronic crimes, money laundering, terrorist financing, bribery and corruption, and insider dealing, is driving the growth of the market.
• Financial organizations deal with a large volume of data on a daily basis.
• RegTech is used for real-time fraud detection and prevention. It enables financial organizations to identify financial crimes in an automated and cost-effective manner.
• RegTech uses analytics and cognitive capabilities to analyze financial transactions and provides timely alerts on any potential fraud or illegal transaction.
• RegTech also provides end-users with intelligent process automation to increase the speed of routine tasks and minimize human intervention.
• These factors will fuel the growth of the market during the forecast period.

Leading trends influencing the market 

• The integration of AI with RegTech is a key trend in the market.
• The adoption of AI improves the identification of patterns and similarities even in unrelated sets of data, which is crucial for delivering insights from these data sets.
• AI can process multiple data sets, which include behavior patterns within heterogeneous data sources, such as data gathered from social media and stock market prices.
• The combination of AI with RegTech is expected to help end-users with complex pattern matching across data sets and the detection of data anoMalies.
• Therefore, the application of AI is increasing in RegTech, which will support the market during the forecast period.

Major challenges hindering the market growth

• The lack of a skilled workforce with adequate financial and technical knowledge to work on advanced technological platforms in the BFSI sector will challenge the market growth during the forecast period.
• Training the workforce on advanced technologies such as blockchain or cybersecurity can be very expensive and time-consuming.
• Banks and other financial institutions are competing with technology companies to hire the best IT workforce and train them on financial regulations and compliance standards.
• Therefore, talent management has been the main hindrance for the BFSI sector.
• These factors will impede the market growth during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

The RegTech market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this RegTech Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the RegTech market between 2023 and 2027
• Precise estimation of the size of the RegTech market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the RegTech market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of RegTech market vendors

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Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Component

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio