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The global RegTech market size is expected to grow at a 20.9% CAGR and will reach USD 19.8 billion by 2027. Technologies used in RegTech solutions include automation, artificial intelligence (AI), cloud computing, biometrics, big data, cloud computing, blockchain, and machine learning which helps in better identification of frauds, enhances transparency, and compliance with financial solutions. Also, it speeds up business processes, offers reliability and decreases hassle for customers, and reduces the risk of compliance failures. The increased demand to manage third-party cyber risk, enhanced focus on financial regulations, increased usage of modern technology, and massive development of collaboration between national regulators and financial institutions will lead to growth in the global RegTech Market during the forecast period 2021-2027. Thus, RegTech offers several functions like data analytics, risk management, regulatory monitoring, reporting, fraud detection, and regulatory compliance.
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The COVID-19 outbreak has had a substantial impact on the global RegTech market outlook due to the increased adoption of online and digitalized financial services. During the epidemic, RegTech providers implementing software-as-a-service platforms are gaining traction. Thus, in the midst of the global health crisis, one of the key growth drivers for the RegTech industry has emerged.
The global RegTech market is divided into risk & compliance management, identity management, regulatory reporting, regulatory intelligence, AML, and fraud management segments based on application. Risk and compliance management is anticipated to have a significant growth owing to the increased adoption by countries like the US and the UK and an increased need to manage complex processes in the banking industry to ensure better execution of compliance management.
North America contributes the largest share in the global RegTech market owing to its rapidly growing technological infrastructure, early adopters of AI, ML, and blockchain which reduces compliance costs. Also, the increased requirement to adhere to regulatory compliance will drive the growth of the RegTech market in the region.
In June 2021, Resolver Inc., one of the leading industry leaders in Risk and Security Management Software, announced a partnership with Ascent, an AI-based solution that automatically produces and updates a customer’s regulatory requirements when regulations change. Resolver integrates with Ascent to make the regulatory modification process easier. Customers of Resolver will be able to use Ascent’s AI-based technology to automatically supply a complete set of obligations tailored to their organization’s specific needs as a result of this partnership.
The prominent players in the RegTech industry include IBM, Deloitte, Acuity Knowledge Partners, ACTICO GmbH, MetricStream, Trulioo, Ascent, Broadridge Financial Solutions, Inc., Ayasdi AI LLC., and Chainalysis Inc.
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