Canada Regulatory Technology Business Report 2024: Market to Grow by 18.7% to Reach $499.93 Million this Year – Forecast to 2029
Canadian RegTech Market
Dublin, Oct. 15, 2024 (GLOBE NEWSWIRE) — The “Canada RegTech Business and Investment Opportunities Databook – 50+ KPIs on RegTech Market Size, By Industry, By Technology, By Type of Product, By Deployment, By Product Offering, Market Share – Q3 2024 Update” report has been added to ResearchAndMarkets.com’s offering.
The regtech industry in Canada is expected to grow by 18.7% on annual basis to reach US$499.93 million in 2024.The regtech industry is expected to grow steadily over the forecast period, recording a CAGR of 11.9% during 2024-2029. The regtech in the country will increase from US$421.13 million in 2023 to reach US$877.60 million by 2029.
This report provides a detailed data centric analysis of regtech industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of regtech market dynamics, market size and forecast, and market share statistics.
The RegTech landscape in Canada is rapidly evolving, driven by technological advancements and increasing regulatory pressures. As organizations seek to enhance their compliance capabilities, the demand for innovative RegTech solutions will continue to grow. While challenges such as funding limitations and regulatory complexity persist, opportunities for collaboration and growth abound. By embracing advanced technologies and fostering partnerships, the Canadian RegTech sector is well-positioned to become a global leader in regulatory innovation, benefiting organizations, regulators, and consumers.
Trends in RegTech
Key trends include:
A notable example is RegTech Canada, an organization that connects RegTech innovators with financial institutions and regulators. They facilitate partnerships and knowledge sharing to enhance compliance solutions, showcasing the collaborative efforts driving RegTech advancements in Canada’s regulatory landscape.
- Proactive Compliance Solutions: Canadian businesses are increasingly adopting proactive RegTech solutions that automate compliance processes, enabling organizations to anticipate regulatory changes and manage risks effectively. This shift helps reduce reliance on traditional, reactive compliance methods.
- Integration of Advanced Technologies: Artificial intelligence and machine learning are becoming more prevalent in the Canadian RegTech sector. These technologies enhance data analysis and risk assessment, allowing firms to monitor real-time compliance and improve decision-making processes.
- Collaboration with Regulatory Bodies: There is a growing trend of collaboration between RegTech companies and regulatory authorities in Canada. This partnership aims to develop innovative compliance solutions that address specific regulatory challenges, fostering a more efficient regulatory environment.
Recent Launches
- Quantexa’s Enhanced AI Solutions – In 2023, Quantexa, a leading RegTech company based in the UK, launched enhanced AI-driven solutions to improve anti-money laundering (AML) and know your customer (KYC) processes. The new offerings leverage advanced machine learning algorithms to analyze vast amounts of data and accurately identify potential risks. Quantexa’s platform provides organizations with real-time insights, enabling them to make informed decisions regarding customer risk profiles and regulatory compliance.
- The enhancements include improved entity resolution capabilities, which allow businesses to create a single view of customers by linking disparate data sources. This innovation significantly reduces false positives in transaction monitoring and enhances the overall efficiency of compliance operations. By integrating these advanced AI solutions, Quantexa aims to help financial institutions navigate the increasingly complex regulatory landscape while ensuring robust compliance with AML and KYC requirements.
Partnerships and Collaborations
- Napier Partners with the Canadian Regulatory Technology Association – In 2023, Napier, a RegTech company specializing in anti-financial crime solutions, announced its partnership with the Canadian Regulatory Technology Association (CRTA). This collaboration aligns with Napier’s commitment to providing innovative regulatory and compliance solutions in North America.
- As the newest member of the CRTA, Napier aims to drive the industry forward in cooperation with key Canadian RegTech leaders. The partnership also represents the latest stage of Napier’s expansion in North America, positioning the organization for continued growth in 2023. This follows a year in which Napier secured several prestigious Canadian client agreements and was recognized as ‘Best AML Transaction Monitoring Innovation’ by Aite-Novarica Group and ‘RegTech of the Year’ by the Fintech Awards London.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 177 |
| Forecast Period | 2024 – 2029 |
| Estimated Market Value (USD) in 2024 | $499.9 Million |
| Forecasted Market Value (USD) by 2029 | $877.6 Million |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Canada |
Scope
Regulatory Compliance Spending
Regulatory Compliance Spending By Industry
- Banking and Financial Services
- Insurance
- Healthcare
- Telecommunications
- Retail
- Transportation and Logistics
- Real Estate
- Government and Public Sector
- Other Industries
RegTech Spending
RegTech Companies Market Share
By Type of Products
- Identity Verification Solutions
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Risk Assessment Tools
- Fraud Detection Systems
- Data Protection Technologies
- Training and E-Learning Platforms
- Regulatory Intelligence Tools
- Workflow Automation Solutions
- Other Products
By Industry
- Banking and Financial Services
- Insurance
- Healthcare
- Telecommunications
- Retail
- Transportation and Logistics
- Real Estate
- Government and Public Sector
- Other Industries
By Technology
- Artificial Intelligence (AI)
- Big Data Analytics
- Robotic Process Automation (RPA)
- Blockchain Technology
- Cloud Computing
- API Integrations and Biometric Authentication
- Data Encryption and Security Technologies
- Data Visualization Tools
- Other Technology
By Industry and Type of Products
Banking and Financial Services and Type of Products
- Identity Verification Solutions
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Risk Assessment Tools
- Fraud Detection Systems
- Regulatory Intelligence Tools
- Workflow Automation Solutions
- Data Protection Technologies
- Other Products
Insurance and Type of Products
- Identity Verification Solutions
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Risk Assessment Tools
- Fraud Detection Systems
- Data Protection Technologies
- Other Products
Healthcare and Type of Products
- Compliance Management Platforms
- Data Protection Technologies
- Training and E-Learning Platforms
- Other Products
Telecommunications and Type of Products
- Compliance Management Platforms
- Data Protection Technologies
- Other Products
Retail and Type of Products
- Fraud Detection Systems
- Data Protection Technologies
- Other Products
Transportation and Logistics and Type of Products
- Transportation and Logistics Compliance Management Platforms
- Risk Assessment Tools
- Other Products
Real Estate and Type of Products
- Compliance Management Platforms
- Workflow Automation Solutions
- Other Products
Government and Public Sector and Type of Products
- Compliance Management Platforms
- Regulatory Intelligence Tools
- Other Products
Technology and Type of Products
Artificial Intelligence (AI) Technology and Type of Products
- Identity Verification Solutions
- Fraud Detection Systems
- Risk Assessment Tools
- Regulatory Intelligence Tools
- Other Products
Big Data Analytics Technology and Type of Products
- Compliance Management Platforms
- Automated Reporting Tools
- Transaction Monitoring Systems
- Other Products
Robotic Process Automation (RPA) Technology and Type of Products
- Compliance Management Platforms
- Workflow Automation Solutions
- Other Products
Blockchain Technology and Type of Products
- Identity Verification Solutions
- Automated Reporting Tools
- Other Products
Cloud Computing Technology and Type of Products
- Compliance Management Platforms
- Automated Reporting Tools
- Other Products
API Integrations and Biometric Authentication and Type of Products
- Identity Verification Solutions
- Automated Reporting Tools
- Other Products
Data Encryption and Security Technologies and Type of Products
- Protection Technologies
- Fraud Detection Systems
- Other Products
Data Visualization Tools and Type of Products
- Regulatory Intelligence Tools
- Regulatory Reporting
- Automated Reporting Tools
- Other Products
By Deployment
- Service Model
- On-premise Model
- Hybrid Model
By Product Offering
- Service
- Solution
By Company Size
- Small Company
- Medium Company
- Large Company
For more information about this report visit https://www.researchandmarkets.com/r/n3xumg
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