RegTech Global Market Report 2021: COVID-19 Implications And Growth

New York, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "RegTech Global Market Report 2021: COVID-19 Implications And Growth" - https://www.reportlinker.com/p06188082/?utm_source=GNW
V., Compliance Solutions Strategies, Sysnet Global Solutions, Trulioo, ComplyAdvantage, Fenergo, IBM Corporation, Infrasoft Technologies, Jumio, London Stock Exchange Group plc, MetricStream Inc., NICE Actimize, RIMES Technologies Corporation, and VERMEG.

The global RegTech market is expected to grow from $6.26 billion in 2020 to $7.90 billion in 2021 at a compound annual growth rate (CAGR) of 26.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $18.89 billion in 2025 at a CAGR of 24.4%.

The RegTech market consists of sales of RegTech solutions and services by entities (organizations, sole traders, and partnerships) that are engaged in providing regulatory processes within the financial industry via advanced technologies.RegTech, or regulatory technology, is a set of enterprises that employ cloud computing technology and software-as-a-service (SaaS) to assist businesses in complying with regulations more efficiently and cost-effectively.

RegTech's primary functions are regulatory surveillance, monitoring, and compliance.

The main types of components in RegTech are solutions and services.The RegTech services reduce the threats such as cyberattacks, security breaches, or money laundering by using regulatory-driven transformations.

The different modes of deployment include cloud, on-premises and are deployed in various organization sizes such as large enterprises, small and medium-sized enterprises (SMEs). It is used in risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, and is implemented in several verticals such as banks, insurance companies, fintech firms, it and telecom, public sector, energy and utilities, others.

North America was the largest region in the regtech market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The application of AI, ML, and blockchain technologies has emerged as a key trend in the RegTech market.Major companies operating in the RegTech sector are increasingly adopting AI, ML, and blockchain technologies to automate processes such as data management analysis and due diligence.

For instance, in January 2021, Darktrace, a UK-based AI cyber security company launched the fifth version of autonomous response technology for general accessibility, allowing businesses to benefit from the cloud while also safeguarding themselves from new cyber-threats. Compliance with regulations including GDPR, HIPAA, and the DFS Cyber Security Regulations adds to the long list of issues that security professionals face.

In September 2019, Broadridge, a US-based company that provides technology-driven solutions, investor communications, and data and analytics to the financial services industry acquired FundsLibrary for an undisclosed amount.Broadridge's acquisition would allow it to speed up its pan-European regulatory communications and digital data platform, which would support the investment industry's life cycle of fund data, documents, and regulatory reporting.

FundsLibrary is a UK-based digital platform for the asset management business that supports regulatory reporting, paperwork, and the life cycle of fund data.

The rising number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the RegTech market in the forecast period.Fraudulent activities such as money laundering have increased and therefore financial organizations need a more powerful RegTech framework that can help risk and compliance teams manage the deluge of ever-increasing regulatory compliance and progressively sophisticated breaches successfully.

For example, in 2019, IBM's cognitive fraud prevention solution has been built to help the anti-fraud groups identify and adapt quickly to emerging payment fraud threats.In the same year, IBM was adjudged Financial Crime Product of the Year, approving its cognitive approach to real-time frauds prevention.

Thus, the rising number of fraudulent activities increases the demand for the RegTech market.

The countries covered in the regtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06188082/?utm_source=GNW

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