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Regulatory Technology (RegTech) Market

Regulatory Technology (RegTech) Market: Global Industry Analysis 2015 - 2019 and Opportunity Assessment 2020 - 2030

Regulatory Technology (RegTech) Market Segmented By Component in RegTech Solution and Services with Vertical in Banking and Capital Markets, Insurance, Non-Finance

Regulatory Technology Market: - An Overview

RegTech is the management of regulatory processes within the financial industry through technology. The main functions of RegTech include regulatory monitoring, reporting, and compliance. The objective of RegTech is to enhance transparency as well as consistency and to standardize regulatory processes, to deliver sound interpretations of ambiguous regulations and thus to provide higher levels of quality at lower cost.

The demand for RegTech solution is increasing due to the growing number of fines imposed on large financial institutions, as well as incidences of money laundering and fraud touching reputable organizations. The regulatory bodies are closely monitoring the entire industry and in turn, reporting standards and transparency have become more important than ever before for firms to ensure their compliance.

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COVID-19 Impact Analysis

The global economy is spiralling into one of the worst financial downturns. In addition to that, banks and financial institutions are on the frontlines of the fight against online fraud and money laundering. But the economic, social and logistical challenges created by COVID-19 have severely impacted their ability to effectively monitor and detect instances of fraud.

Regulatory software, help ease the burden on compliance teams in banks and financial institutions by using technologies like machine learning and distributed computing. This software helps streamline banks’ detection of possible fraud cases. Historically, the market for regulatory technology has grown by almost 15% globally in the past 5 years.

In 2019, the total value of regulatory technology is estimated to be nearly US$ 3.0 Bn globally. Currently and for a long time in the future, there is increase in adoption for the regulatory technology. For instance, regulators and banks across Germany, the Netherlands and Ireland are monitoring transactions to detect unauthorized money transfers and identify the culprits, quickly freezing the stolen funds.

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Regulatory Technology Market: - Market Dynamics

Increase in Demand to Manage Third-Party Cyber Risk

Third-party vendors continue to pose significant risks to the firms they work with, a concern that was flagged by the Financial Conduct Authority (FCA) in the findings of their recent technology and cyber resilience report. Firms need to take a proactive approach to third-party risk management by performing ongoing due diligence on the vendors they work with.

RegTech, particularly when used in tandem with a trusted outsourced third-party risk management solution, can help reduce the burden, risks and costs associated with managing the vendor life cycle. These benefits of RegTech are driving the growth of the regulatory technology market.

Increase in Adoption of Regulatory Technology in Financial Services

Financial supervision is increasingly driven by data, with regulators requiring data of a greater granularity and at a greater frequency. The type of data needed to assess compliance with the majority of prudential regulations which are typically quantitative and need to be of a high quality: structured, well defined, accurate and complete.

Moreover, banks have made, and continue to make, huge investments in the necessary data and analytical IT solution. Thus, there is an increase in the demand for RegTech solutions for financial services, which significantly drives the growth of the market.

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Regulatory Technology Market: - Key Players

Key players in the Regulatory Technology market are focusing on collaborations and partnerships with other players in the market to collaborate for offering new and enhanced product for sustained business growth. The major players offering regulatory technology include ACTICO, Broadridge, Deloitte, London Stock Exchange Group, IBM, Jumio, Metricstream, NICE Actimize, PWC, among others.

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Regulatory Technology Market: - Segmentation

By Component
  • RegTech Solution
  • Services
    • Professional Services
    • Managed Services
By Vertical
  • Banking and Capital Markets
  • Insurance
  • Non-Finance

Regulatory Technology Market- Report Highlights:

  • A detailed overview of parent market of regulatory technology market
  • Changing regulatory technology market dynamics in the industry
  • In-depth segmentation of the regulatory technology market
  • Historical, current, and projected regulatory technology market size by value
  • Recent industry trends and developments in regulatory technology market
  • Competitive landscape of the regulatory technology market
  • Strategies for key players in regulatory technology and solutions and services offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on regulatory technology market performance
  • Must-have information for regulatory technology market players to sustain and enhance their market footprint

- Companies Covered in This Report -

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