Global RegTech Market to Garner $28.33 Billion by 2027: Allied Market Research
Increase in focus toward maintaining transparency in financial regulations and changing government policies & country regulations drive the global RegTech market. The market across North America held the largest share in 2019, contributing to more than one-third of the market. Adoption of online and digitalized financial services across the globe has increased since the Covid-19 pandemic.
Portland, Jan. 12, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global RegTech market was pegged at $5.46 billion in 2019, and is projected to reach $28.33 billion by 2027, growing at a CAGR of 22.3% from 2020 to 2027.
Increase in focus toward maintaining transparency in financial regulations and changing government policies & country regulations drive the global RegTech market. However, ensuring secure management & privacy of consumer data hampers the market growth. On the contrary, developing economies are expected to offer lucrative opportunities for the market players in the coming years.
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Covid-19 scenario:
- Adoption of online and digitalized financial services across the globe has increased since the Covid-19 pandemic.
- To curb the spread of Covid-19, several countries have imposed lockdown and RegTech offers software-as-a-service platforms have gained traction.
The global RegTech market is segmented on the basis of component, deployment type, organization size, application, end user, and geography. Based on component, the solution segment held the largest share in 2019, accounting for nearly three-fourths of the market. However, the services segment is estimated to manifest the highest CAGR of 25.4% during the forecast period.
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On the basis of deployment type, the on-premises segment dominated the market in 2019, contributing to nearly three-fifths of the market. However, the cloud segment is expected to register the highest CAGR of 24.4% during the forecast period. Based on organization size, the small & medium enterprises (SMEs) segment is projected to register the highest CAGR of 24.2% during the forecast period. However, the large enterprises segment held the lion’s share in 2019, accounting for nearly two-thirds of the market.
The global RegTech market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across North America held the largest share in 2019, contributing to more than one-third of the market. However, the market across Asia-Pacific is estimated to register the highest CAGR of 23.8% during the forecast period.
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The global RegTech market report includes an in-depth analysis of the major market players such as ACTICO GmbH, Acuant, Inc., Ascent, Broadridge Financial Solutions, Inc., ComplyAdvantage, International Business Machines (IBM), MetricStream Inc., NICE Ltd., Thomson Reuters, and Wolters Kluwer N.V.
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