Significant Growth in BFSI Industry Drives Global RegTech Market to Reach US$ 29.2 Billion by 2027

Global Information, Inc. [JASDAQ 4171]

RegTech, or regulatory technology, refers to the solutions used for monitoring the in-house regulatory requirements of an organization. It utilizes machine learning (ML), cloud computing and blockchain technologies to simplify and standardize compliance processes and identify irregularities and issues in the digital payment platforms. It is also utilized for various banking and financial services, such as Know-Your-Customer (KYC), transaction monitoring, customer credit scoring, anti-money laundering (AML) screening, trade data tracking, fraud prevention and compliance risk analysis. It can be deployed on-premises or on the cloud and is also utilized for identity management reporting, risk management and tracking transactions that occur online in real-time. RegTech aids in the digitization of manual reporting and compliance processes and offers enhanced agility, operation speeds, integration and analytics capabilities.

The global RegTech market reached a value of US$ 8.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 29.2 Billion by 2027, exhibiting at a CAGR of 22.7% during 2022-2027. Significant growth in the banking, financial services and insurance (BFSI) industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing occurrence of fraudulent activities across the internet leading to financial losses is providing a thrust to the market growth. RegTech aids in the accurate detection of illicit activities and minimizing the risks of errors due to human intervention. In line with this, the widespread adoption of RegTech for non-finance industries is also contributing to the growth of the market.

Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and artificial intelligence (AI) solutions, are anticipated to drive the market toward growth. These technologies aid in the automation of employee surveillance, compliance data management, fraud prevention and AML activities. Other factors, including the adoption of advanced technological solutions for faster and more secured online transactions, along with the implementation of favorable government policies, are anticipated to drive the market toward growth.

The key market players being ACTICO GmbH, Acuant Inc., Ascent, Broadridge Financial Solutions Inc., ComplyAdvantage, Deloitte Touche Tohmatsu Limited and more: https://www.giiresearch.com/report/imarc1066022-regtech-market-global-industry-trends-share-size.html 

Contact: marketing@giiresearch.com 

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