The RegTech Market‘s revenues were estimated to be US$ 8.2 Bn in 2021 and are expected to grow at a CAGR of 16.2% from 2022 to 2032, according to a recent Future Market Insights report. By the end of 2032, the market is projected to be worth $45.3 billion. Market revenue from cloud-deployed RegTech expanded at a CAGR of 22.6% between 2015 and 2021.

Although the epidemic has caused many issues for businesses around the world, it has also given the RegTech industry access to a new digital market potential. There have never been more reports of alleged money laundering activity in a number of countries, including Germany and Switzerland. The UKFIU received and processed a record-breaking 573,085 suspicious activity reports (SARs) in 2019–20. (A 20% rise from the last time period). The biggest growth in SARs was seen in companies engaged in financial technology (fintech). They submitted 83,609 SARs in 2019–20, up 263.94 percent from the prior year (22,973). Fintech was responsible for 64% of the whole increase in SARs.

RegTech was already a quickly growing industry pre to the crisis, and the epidemic has likely accelerated its growth, according to Muinmos CEO Remonda Kirketerp-Mller. An unprecedented need for RegTech solutions was created by the pandemic’s rise in online financial operations and the necessity for reliable, remote solutions for compliance officers working from home.

All businesses across numerous industries have had their operational routines put to the test by the new environment the epidemic has generated. Many companies came to the realisation that their processes are not as automated and impermeable as they had thought. The insight reinforced the urgent need to automate and digitise as many regulatory processes and workflows as is practical.

In other words, the demand for RegTech solutions soared. There is no turning back now that regulatory tasks have been automated because they are a dependable part of the business. The pandemic thus contributed to improving the previous status quo, which now forms the basis for additional automatization and digitization in the regulatory environment.

Key Takeaways from the Market Study

• Global RegTech Market is expected to reach a market size of US$ 10.1 Bn by 2022.
• The Cloud deployment segment is expected to account for the highest CAGR of 15.8% during the forecast period.
• United States is projected to remain the most dominant market with absolute dollar growth opportunity of US$ 12 Bn during 2022–2032.
• The market in Japan is set to experience the highest CAGR of 14.6% during the 2022–2032 forecast period.

Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the RegTech Market are focused on R&D to produce innovative technological solutions.

• In April 2022, GBG formed separate Americas and Global Product units to consolidate its recent biometrics acquisitions. According to the release, the merger makes GBG the Americas’ largest pure-play digital ID verification and fraud protection technology supplier. GBG also acquired Cloudcheck, a selfie biometrics business located in New Zealand, earlier this year. According to the release, the merger of Acuant and IDology establishes a network that already has 450 million digital identities, which can aid in the battle against synthetic identity theft.

• In April 2022, ComplyAdvantage, a worldwide data technology business that increases the identification of financial crime, has released a new Anti-Money Laundering Essentials Guide for Startups. The new guide was created in collaboration with ComplyLaunch, a program that gives qualifying firms free access to ComplayAdvantage’s anti-money laundering and KYC solutions, as well as other resources.

Market Segments Covered in RegTech Market Analysis

By Component:

• Solution
• Services

By Application:

• Anti-Money Laundering (AML) & Fraud Management
• Regulatory Intelligence
• Risk and Compliance Management
• Regulatory Reporting
• Identity Management

By Deployment Type:

• Cloud
• On-Premises

By End-User:

• RegTech in Banking
• RegTech in Insurance Companies
• RegTech in FinTech Firms
• RegTech in IT & Telecom
• RegTech in Public Sector
• RegTech in Energy & Utilities
• RegTech in Other End Users

By Enterprise Size:

• Large Enterprises
• Small & Medium Enterprises (SMEs)

By Region:

• North America Regtech Market
• Europe Regtech Market
• Asia Pacific Regtech Market
• Middle East and Africa Regtech Market
• Latin America Regtech Market

More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the RegTech Market, presenting historical market data (2015–2021) and forecast statistics for the period of 2022–2032.

The study reveals extensive growth in RegTech Market in terms of Component (Solution and Services), By Application (Anti Money Laundering & Fraud Management, Regulatory Intelligence, Risk and Compliance Management, Regulatory Reporting, Identity Management), By Deployment (Cloud and On-Premises), By End User (Banks, Insurance Companies, FinTech Firms, IT & Telecom, Public Sector, Energy & Utilities and Others), By Enterprise (Large Enterprises, SMEs) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

Information Source:
https://www.futuremarketinsights.com/reports/regtech-market