RegTech Market worth $19.5 billion by 2026, growing at a CAGR of 20.8%: Report by MarketsandMarkets™
Chicago, Jan. 11, 2024 (GLOBE NEWSWIRE) — The global RegTech Market size is expected to grow USD 7.6 billion in 2021 to USD 19.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “RegTech Market“
321 – Tables
47 – Figures
232 – Pages
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RegTech Market Dynamics:
Drivers:
- Growing cost of compliance
- Rising number of fraudulent activities
- Rising need for faster transactions
- Regulatory sandbox approach to support RegTech innovations
Restraints:
- High cost of software
- Regulatory divergence
Opportunities:
- Adoption of new technologies
- Government initiatives for adoption of RegTech
- RegTech augments capabilities of financial authorities
List of Key Players in RegTech Market:
- ACTICO GmbH (Germany)
- Ascent Technologies Inc. (US)
- Ayasdi AI LLC (US)
- Broadridge Financial Solutions, Inc. (US)
- Chainalysis Inc. (US)
- IVXS UK Limited (UK)
- Deloitte Touche Tohmatsu Limited (US)
- Fenergo, London Stock Exchange Group plc (UK)
- IdentityMind (US)
- International Business Machines Corporation (US)
The growth of the RegTech market can be attributed to several factors, such as the increased cost of compliance, as financial institutions operate in highly competitive environments. The rising fraudulent activities in the growing number of digital transactions compel regulators to impose multiple regulations in this space. Hence, the need for RegTech to comply with these regulations and reduce fraudulent rates is more than ever. The rise in adoption of regulatory sandboxes provides firms and startups with controlled virtual testing environments. It will help test and examine the impact of innovative new processes or technologies. Regulators are increasingly developing a robust new framework that can promote innovation and exhibit opportunities to support the ongoing innovations in the RegTech space with the use of regulatory sandboxes. However, regulatory divergence across geographies and sectors has led to increased costs for the global economy, which severely impacts economic growth.
The scope of this report covers the study which provides an analysis of the global RegTech Market based on contemporary market trends and developments and its potential growth from 2016 to 2026. The global RegTech Market is categorized based on component, application, vertical, deployment type, organization size, and region. The market size is estimated based on the approximation of the market shares of major vendors in the RegTech market. The market size is constructed from 2021 to 2026, considering 2020 as the base year.
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APAC is expected to grow at the highest CAGR during the forecast period. The APAC region is expected to have the fastest growth rate in the RegTech Market during the forecast period due to its growing adoption of technologies. The Asia Pacific is home to many developing economies, and many countries in this region are adopting new technologies to comply with procedures for increasing the efficiency of financial systems. The key countries include Australia, Japan, Singapore, India, China, and New Zealand. The region is expected to witness the fast-paced adoption of RegTech software. The Asia Pacific is estimated to be the fastest-growing RegTech market owing to the rise in the adoption of new technologies, high investments for digital transformation, the rapid expansion of domestic enterprises, extensive development of infrastructures, and increasing GDP of various countries. Rapidly growing economies, such as China, Japan, Singapore, and India, are implementing FinTech solutions across multiple business processes to provide effective solutions.
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