Global Regulatory Technology (RegTech) Market 2018-2023: Major Focus of Governments Across Regions with GDPR Guidelines

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Aug 30, 2018, 18:00 ET

DUBLIN, Aug. 30, 2018 /PRNewswire/ --

The "Global Regulatory Technology (RegTech) Market: Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023" report has been added to ResearchAndMarkets.com's offering.

The global RegTech market revenue is estimated to be $2,321.5 million in 2018 and is expected to reach $7,207.6 million by 2023, growing at a CAGR of 25.4% during the forecast period 2018-2023.

The banks and financial institutions operate in a highly regulated environment and continuously face new regulations to prevent money laundering and restrict terrorist funding. Banks spend hefty amount due to fines and penalties for non-compliance with regulations. The annual spending of the financial institutions for non-compliance issues is more than $100 billion. The FinTech industry, over the last couple of years, has realized the need and opportunity of RegTech software. The RegTech vendors offer software to simplify the implementation of regulations for financial institutions.

The solutions include compliance management, reporting, identity management, and risk management. The compliance management solution segment is expected to grow at the highest CAGR during the forecast period. The solutions help organizations in key compliance areas and risk aversion for AML, KYC, MiFID II, Basel III, PSD 2, Solvency II, and AIFMD. The traditional compliance tools are not found to be effective to respond to regulatory changes in recent times. With the major focus of governments across regions with GDPR guidelines, RegTech is expected to majorly impact the financial service organizations.

With an increased focus on data protection rules, organizations need to strictly adhere to compliances and monitor transparency in money transactions as laid down by the regulatory bodies to avoid huge penalties. Many RegTech vendors have partnered with GRC vendors to enhance their reach to the market and clients.

The adoption of RegTech is the highest in Europe owing to strict and mandatory rules and directives for financial transactions and data protection. The cloud deployment mode offers enterprises to opt for SaaS on a subscription basis as per usage rather than incurring costs on hardware and infrastructure. The Asia Pacific region holds a huge potential for the vendors and is expected to grow at the highest CAGR during the forecast period 2018-2023. The Asia Pacific region is expected to witness growth in RegTech due to the presence of a few emerging countries and financial hubs in Hong Kong, Singapore, and India.

Key Topics Covered:

1 Industry Outlook

2 Report Outline

3 Market Snapshot

4 Market Outlook

5 Market Characteristics

6 Solutions: Market Size & Analysis

7 Deployment Mode: Market Size & Analysis

8 Organization Size: Market Size & Analysis

9 Region: Market Size & Analysis

10 Companies to Watch for

11 Competitive Landscape

12. Annexure

13. Abbreviations

Companies Mentioned

Abside Smart Financial Technologies
Algoreg
AML Partners
AXIOMSL
Ayasdi
Clarus
EastNets
Featurespace
Fintellix Solutions
Lombard Risk
NetGuardians
NEX Regulatory Reporting
OpusDatum
Promapp
Reportix

For more information about this report visit https://www.researchandmarkets.com/research/s9k2p9/global_regulatory?w=5

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SOURCE Research and Markets