The RegTech Market size is expected to grow from USD 6.3 billion in 2020 to USD 16.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.3% during the forecast period. The major factors driving the growth of the RegTech market include the increased cost of compliance, rising need for faster transactions, regulatory sandbox approach to support RegTech innovations, and lower entry barriers with Software as a Service (SaaS)-based offerings.
Regulatory intelligence application to grow at the highest 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 solutions process targeted information and data from multiple sources, analyze this data, and generate an output that outlines the risks and opportunities for formulating the most appropriate regulatory strategy. The adoption of RegTech solutions by financial institutions enables easy management of the changing regulatory environments and minimizes the risks related to non-compliance. The providers of RegTech solutions are incorporating Artificial Intelligence (AI) and Machine Learning (ML) to automate the tracking of global regulatory data.
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Large enterprises segment to hold a higher market shareduring the forecast period
The large enterprises segment is expected to hold a higher market share, as most publicly traded companies are compelled to adopt regulatory programs. Additionally, as rules and regulations keep altering as per industry and region, keeping a check on all the processes manually is not feasible, which further emphasizes on the importance of RegTech solutions and services. Service and consulting vendors, such as Deloitte, IBM, PwC, and Thomson Reuters assist large enterprises to realize the benefits of efficiently managing their business functions in accordance to the compliance mandates by enabling them to effectively implement RegTech solutions as per their business requirements.
The vendors covered in the RegTech market report are Accuity (US), ACTICO (Germany), Ascent (US), Ayasdi (US), Broadridge (US), Chainalysis (US), ComplyAdvantage (UK), Deloitte (UK), Fenergo (Ireland), London Stock Exchange Group (LSEG) (UK), IdentityMind (US), IBM (US), Jumio (US), MetricStream (US), Nice Actimize (US), Pole Star (UK), PwC (UK), Thomson Reuters (Canada), Trulioo (Canada), and Wolters Kluwer (The Netherlands). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and 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 2018 to 2020 which helped them innovate their offerings and broaden their customer base.
Broadridge is one of the giants in the RegTech market. The company offers RegTech solutions through its widespread partner ecosystems and subsidiaries, including Spence Johnson Limited, M&O Systems, and QED Financial Systems. The company has adopted organic and inorganic business strategies to expand its footprint in the international market, and enhance its capabilities to offer globally integrated solutions to serve client business requirements. Broadridge has acquired various companies dealing in financial, digital, consulting, and data intelligence, to adopt newer technologies and integrate the same with every possible solution that helps the company serve clients in a more effective manner. The company further handles approximately USD 5 trillion in fixed income and equity trades per day for the Canadian and US securities. Additionally, Broadridge focuses on extensive support services to help its clients meet their RegTech solutions. The company has joined forces with various other companies to provide enhanced technology services. In recent times, the company acquired FundsLibrary, a leader in fund document and data dissemination in the European market.
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Wolters Kluwer is another top player in the RegTech market. The company offers a broad spectrum of solutions, services, and expertise in the RegTech market, including its OneSumX and Lien Solutions. OneSumX provides solutions and services to control the interaction of governance, finance, risk, and compliance, which helps organizations improve profitability, efficiency, and growth. Lien Solutions helps financial institutions and lenders to reduce operational and credit risk and enhance their profitability by offering comprehensive public record searches, lien filings, titling, and life-of-loan management. The company adopts inorganic growth strategies, such as partnerships, to enhance its RegTech business. For instance, in April 2020, Wolters Kluwer entered into partnership with Vizor Software, an Irish regulatory software provider to enhance the quality of regulatory reporting in Singapore while reducing the time and effort required in regulatory compliance.
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