RegTech Market can help banks save time and money on labour intensive operations with clients and currency transactions
Luton, Bedfordshire, United Kingdom, March 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the RegTech market.
The global RegTech market is expected to grow at 17.55% CAGR from 2023 to 2029. It is expected to reach above USD 28.83 billion by 2029 from USD 6.5 billion in 2022.
Regtech Market Growth in upcoming years
Increased adoption and integration of RegTech into compliance and regulatory systems might lead to new security risks as the process of integrating and extracting data from different internal and external sources continues. Working with a large number of new suppliers and giving them access to a company’s systems might also introduce new risks. Technology governance, system change management, risk assessments, technical controls, incident response, vendor management, data loss prevention, and employee training are all areas where RegTech technologies may help. Some RegTech products, on the other hand, are being created particularly to address security-related issues by utilising modern technologies like blockchain, biometrics, and sophisticated cryptography.
Software possess a high cost, thus becoming one of the restraints of the RegTech Market.
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Increasing regulatory complexity: There is a higher need for technology solutions that can aid businesses in navigating the regulatory landscape as regulatory requirements become more complex and are constantly changing. Regtech solutions give businesses a more effective and economical method to meet regulatory requirements.
Growing focus on data privacy and security: Technology solutions that can help guarantee data privacy and security are becoming more and more necessary as a result of the growing amount of sensitive data that businesses are gathering and storing. Regtech solutions can assist businesses in adhering to data protection laws like the CCPA and GDPR (General Data Protection Regulation). (California Consumer Privacy Act).
One of the major risks posed by the RegTech Market are that of cybersecurity and consumer data privacy
Risk and compliance management functions are primarily concerned with cybersecurity and data-related issues in financial service firms. Cyberattacks are more likely to occur when new rules are implemented, as well as the growing amount of data networks, digital apps, and mobile users. Increased adoption and integration of RegTech into compliance and regulatory systems might lead to new security risks as the process of integrating and extracting data from different internal and external sources continues. Working with a large number of new suppliers and giving them access to a company’s systems might also introduce new risks. Technology governance, system change management, risk assessments, technical controls, incident response, vendor management, data loss prevention, and employee training are all areas where RegTech technologies may help. Some RegTech products, on the other hand, are being created particularly to address security-related issues by utilising modern technologies like blockchain, biometrics, and sophisticated cryptography.
Key Benefits for Industry Participants & Stakeholders:
Industry drivers, restraints, and opportunities covered in the study
Neutral perspective on the market performance
Recent industry trends and developments
Competitive landscape & strategies of key players
Potential & niche segments and regions exhibiting promising growth covered
Historical, current, and projected market size, in terms of value
In-depth analysis of the Regtech Market
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Integration with blockchain
Use of natural language processing
Focus on customer experience
Collaboration between regulators and Regtech companies
Some of the notable market players operating in the global Regtech Market covered in this report are:
Ascent Technologies Inc.
Ayasdi AI LLC
Broadridge Financial Solutions, Inc
IVXS UK Limited
London Stock Exchange Group plc
In 2022, MetricStream, Inc. (U.S.) launched its ConnectedGRC solutions to address business challenges related to risk, compliance, audit, cyber risks, and environmental, social, governance (ESG).
In 2019, Broadridge Financial Solutions, Inc. (U.S.) launched its Broadridge Data Control Intelligent Automation, a new artificial intelligence (AI) and machine learning (ML) platform built to be deployed across industry-wide reconciliation, matching and exception management applications.
In 2019, Refinitiv Limited (U.K.) launched its mobile onboarding solution that will help financial institutions comply with the latest Know-Your-Customer (KYC) and anti-money laundering (AML) regulations with Trulioo Technology.
Browse the full “Regtech Market by Component (Solution and Services (Professional services, Managed services), by Deployment Type (Cloud, On-premises), by Vertical (Banking, Insurance, Non-financial), by Application (Risk and Compliance Management, Identity Management, Regulatory reporting, AML and Fraud Management, Regulatory intelligence) and Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/4330/regtech-market/
The Regtech market is segmented By Component, by Deployment Type, and By Application.
By Authentication Type
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North America: Due to the high degree of regulatory complexity in sectors like finance and healthcare, North America presently has the biggest market for Regtech solutions. The biggest market in the area is the US, followed by Canada.
Asia Pacific: The adoption of Regtech solutions in sectors like finance, healthcare, and e-commerce is expected to spur substantial growth in the Regtech market in the Asia Pacific region. The biggest markets in the area are those of China, Japan, and India.
Reasons to Purchase the Regtech Market Report:
The report contains a wealth of data, including market dynamics and opportunities over the forecast term.
Quantitative, qualitative, value (in USD million), and volume (in units million) statistics are among the segments and sub-segments.
Data at the regional, sub-regional, and national levels also contains information on the market's supply and demand dynamics.
The competitive environment includes the proportions of important actors, recent innovations, and strategies.
Companies with extensive product offerings, pertinent financial data, current developments, SWOT analyses, and player strategies.
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/4330/regtech-market/#request-a-sample
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