According to the latest report by IMARC Group “RegTech Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global RegTech market reached a value of US$ 8.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2027, exhibiting at a CAGR of 22.7% during 2022-2027.
RegTech, alternatively referred to as regulatory technology, represents software applications used for monitoring the in-house regulatory requirements of an enterprise adequately. They involve the usage of machine learning (ML), cloud computing, and blockchain technologies to standardize and simplify compliance procedures and recognize technical issues and irregularities in digital payment platforms. RegTech solutions aid in digitizing manual reports and compliance processes and offer improved agility, operation speeds, integration, analytics capabilities, etc. They prove highly effective in anti-money laundering (AML) and fraud management, regulatory intelligence and reporting, risk and compliance management, identity management, etc. Consequently, RegTech solutions find extensive applications across numerous sectors, such as banking, fintech, insurance, information technology (IT), telecommunication, energy, and utilities, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The growing banking, financial services, and insurance (BFSI) segment and the emerging trend of digitization across the globe are primarily driving the RegTech market. In addition to this, the rising incidences of fraudulent activities over the internet that are resulting in financial and data losses are acting as another significant growth-inducing factor. Apart from this, the escalating adoption of the system in non-finance industries to automate the process of fraud prevention, compliance data management, employee surveillance, etc., to eliminate the risk of errors caused by human interventions is also positively influencing the global market. Moreover, the inflating expenditure by leading market players in research and development (R&D) activities and the elevating integration of connected devices with internet of things (IoT) and artificial intelligence (AI) solutions are anticipated to fuel the RegTech market over the forecasted period.
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