MarketsandMarkets forecasts the global RegTech Market size is expected to grow USD 7.6 billion in 2021 to USD 19.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=63447434
Insurance segment to grow at the highest CAGR during the forecast period
The insurance industry is rapidly transforming with notable technological advancements. The adoption of RegTech solution is further gaining traction as these organizations have started utilizing RegTech solution to monitor regulatory compliance and automate reporting, as well as enhance their data management capabilities and mitigate risks. Insurance depicts risk management wherein the equitable transfer of risk of loss from one entity to another in exchange for payment is done. The insurance vertical is rapidly adopting RegTech, as there have been tremendous digital transformation initiatives. Some major problems faced by the insurance industry are investment and solvency regulations, claim settlements, distribution channel issues, and data clarity issues. RegTech solution help insurers improve their data management capabilities by offering insurers augmented automation and data-driven insights in areas, including reporting, regulatory compliance, and financial risk management. Insurers are gaining significant benefits from RegTech that are expected to trigger an increase in the number of partnerships.
Regulatory Intelligence segment is expected to grow at a higher CAGR during the forecast period
Regulatory intelligence is the process of continuously monitoring and tracking various regulations and compliances. RegTech providers offer several tools for identifying and interpreting regulatory changes by providing a real-time catalog of various regulatory requirements. RegTech solution process targeted information and data from multiple sources, analyze these data and generate an output that outlines the risks and opportunities for formulating the most appropriate regulatory strategy. The adoption of RegTech solution by financial institutions enables easy management of the changing regulatory environments and minimizes the risks related to non-compliance. The providers of RegTech solution are incorporating AI and ML to automate the tracking of global regulatory data.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=63447434
Unique Features in the RegTech Market
RegTech systems use artificial intelligence (AI) and machine learning (ML) technology to automate and streamline regulatory compliance operations. This reduces manual labour and improves accuracy.
The capacity to offer real-time regulatory compliance activity monitoring and reporting sets RegTech apart. This guarantees that companies can quickly recognise and resolve problems, improving compliance with regulations.
RegTech solutions make good use of advanced data analytics for risk assessment and management. Predictive analytics is one tool used to find trends and possible compliance problems in large datasets.
Blockchain technology is used by several RegTech solutions to improve the immutability and transparency of compliance records. Blockchain makes ensuring that the records of regulatory actions are safe and unchangeable.
Organisations may receive immediate notifications on regulatory developments that could affect their operations thanks to AI-driven regulatory intelligence systems, which continuously monitor and understand changes in legislation.
Major Highlights of the RegTech Market
Due to technological improvements, the demand for efficient compliance procedures, and growing awareness of regulatory concerns, the RegTech market has grown rapidly.
The growing use of RegTech solutions to automate compliance operations is a noteworthy development. To improve accuracy and efficiency, this involves automating processes including data collecting, reporting, and monitoring.
RegTech platforms offer real-time regulatory change monitoring, enabling businesses to stay abreast of changing compliance standards and modify their plans as necessary.
The adoption of cloud-based RegTech solutions has increased, offering scalability, flexibility, and accessibility. Cloud deployment allows organizations to implement and update compliance solutions more efficiently.
RegTech platforms that focus on AML and KYC compliance have become more popular. They do this by automating processes and using data analytics to reduce the risk of financial crime and expedite customer due diligence.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=63447434
Top Key Companies in the RegTech Market
The major vendors covered in the RegTech Market ACTICO GmbH (Germany), Ascent Technologies Inc. (US), Ayasdi AI LLC (US), Broadridge Financial Solutions, Inc. (US), Chainalysis Inc. (US), IVXS UK Limited (UK), Deloitte Touche Tohmatsu Limited (US), Fenergo, London Stock Exchange Group plc (UK), IdentityMind (US), International Business Machines Corporation (US), Jumio Corporation (US), MetricStream Inc. (US), Actimize Inc. (US), Pole Star Space Applications (UK), PricewaterhouseCoopers Private Limited (UK), Thomson Reuters, Trulioo (Canada), Wolters Kluwer NV (Netherlands), CLAUSEMATC, H LIMITED (UK), REGnosys Limited (UK), CEPTINEL RegTech (Chile), MindBridge (Canada), Tessian (UK), Hummingbird RegTech, Inc. (US), Coryltics (Ireland), and CyberGRX (US).
These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the RegTech market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
Deloitte is a professional services firm specializing in consulting, risk management, financial advising, audit, tax, and other related services. Professionals that provide the service are members of Deloitte Touche Tohmatsu Limited, a UK-based private limited company. Manufacturing, technology, media and telecom, public sector, consumer business, life sciences and healthcare, energy and resources, and financial services are industries Deloitte serves. PROACT, the industry’s most advanced regulatory resolution, is provided by the company in the RegTech sector. The solution helps digitize the regulatory process for businesses. The company has a presence across the Americas, EMEA, and APAC. Its services are available in more than 150 countries and territories and are provided by more than 286,214 professionals. The firm is subject to the laws and professional regulations of the countries in which it operates.
IBM is a global provider of various technology products, solutions, and services. It is one of the leading providers of cloud platform and cognitive solutions companies to its clients in 170 countries across the globe. As of December 2020, IBM and all its subsidiaries include 345,900 employees. It offers services in five business segments: cognitive solutions, technology services and cloud platforms, Global Business Services (GBS), systems, and global financing. The company offers a variety of RegTech solutions for GRC, financial crimes, and regulatory. IBM enables its customers to make risk-aware and timely decisions. To increase operational efficiency, accelerate insight, and improve transparency, the organization applies recent breakthroughs in AI, ML, and automation to the risk and compliance process. IBM has a presence in more than 175 countries. It offers a wide range of solutions and services to various industry verticals, including automotive, aerospace and defense, government, banking, healthcare, finance, IT and telecom, BFSI, consumer products, and retail. It has established a strong channel partner ecosystem with the help of the partnership strategy.
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States