The Business Research Company’s RegTech Global Market Report 2021 – COVID-19 Implications And Growth
LONDON, GREATER LONDON , UK, November 9, 2021 /EINPresswire.com/ — 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 global RegTech market size 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 trend of growth of the RegTech market 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 RegTech market is expected to reach $18.89 billion in 2025 at a CAGR of 24.4%.
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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.
Major players covered in the global regtech market are Abside RegTech, Accuity, ACTICO, Acuant Inc, Ascent Technologies Inc., BearingPoint Software Solutions GmbH, Broadridge Financial Solutions Inc, BWise Beheer B.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.
TBRC’s global regtech market report is segmented by component into solutions, services, by deployment type into cloud, on-premises, by organization size into large enterprises, small and medium-sized enterprises (SMEs), by application into risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, by end user into banks, insurance companies, fintech firms, it and telecom, public sector, energy and utilities, others.
RegTech Global Market Report 2021 – By Component (Solutions, Services), By Deployment Type (Cloud, On-Premises), By Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), By Application (Risk And Compliance Management, Identity Management, Regulatory Reporting, Anti-Money laundering (AML) And Fraud Management, Regulatory Intelligence), By End User (Banks, Insurance Companies, FinTech Firms, IT And Telecom, Public Sector, Energy And Utilities), COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provides regtech market overview, forecast regtech global market size and growth for the whole market, regtech market segments, and geographies, regtech market trends, regtech market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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