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The RegTech industry is driven by the increasing demands of compliance within the financial industry and the growing regulatory intelligence applications to bolster the financial services segment. RegTech solutions help improve risk and compliance management, identity management, and regulatory reporting, among others. The financial institutions are making significant efforts to minimise the risk of fraud, identity thefts, and mismanagement of resources. Therefore, RegTech is anticipated to gain significant traction in the forecast period as it offers financial institutions with insights that are important for augmenting the decision-making process pertaining to regulatory adherence.
The increasing mergers and acquisitions by the leading industry players are expected to aid the market growth. For instance, in March 2020, Broadridge Financial Solutions, Inc. (NYSE: BR) acquired FundsLibrary in order to accelerate Broadridge’s pan-European regulatory communications and digital data platform services. This move will bolster the company’s life cycle of fund data, documents, and regulatory reporting for the investment industry. Furthermore, this move will allow the company to expand its business in the European region.
In terms of region, North America is likely to account for a significant share in the market owing to the increasing penetration of artificial intelligence (AI) in the financial sector, particularly in developed countries like the United States and Canada. The increasing risk of frauds owing to the presence of international financial firms in the region is likely to propel the demand for RegTech. The market is also expected to be aided by the growing investments by financial firms to optimise technological resources for better management and regulation.
Market Breakup by Component, Deployment Type, Enterprise Size, Application, End Use, and Region:
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The major players in the global RegTech market are Abside Smart Financial Technologies, ACTICO GmbH, Acuant, Inc., Ascent Technologies, Inc., IBM Corp., and others . The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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