RegTech Market Demand Grows At Rate 25% Due To Rising Fraudulent Activities

RegTech Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

The Business Research Company’s RegTech Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON, UK, March 28, 2022 / — The rising number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the regTech market in the forecast period. Fraudulent activities such as money laundering have increased and therefore financial organizations need a more powerful RegTech framework that can help risk and compliance teams managing the deluge of ever-increasing regulatory compliance and progressively sophisticated breaches successfully. For example, in 2019, IBM’s cognitive fraud prevention solution has been built to help the anti-fraud groups identify and quickly adapt to emerging payment fraud threats. In the same year, IBM was adjudged Financial Crime Product of the Year, approving its cognitive approach to real-time fraud prevention. According to the regtech market overview, the rising number of fraudulent activities increases the demand for the market.

North America was the largest region in the regtech market in 2021. The regions covered in the global regtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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The global regtech market size is expected to grow from $7.90 billion in 2021 to $9.88 billion in 2022 at a compound annual growth rate (CAGR) of 25.1%. The global regtech market size is then expected to grow to $23.76 billion in 2026 at a CAGR of 24.5%.

The application of AI, ML, and blockchain technologies has emerged as one of the key regtech market trends. Major companies operating in the RegTech sector are adopting AI, ML, and blockchain technologies to automate processes as data management analysis and due diligence. For instance, in January 2021, Darktrace, a UK-based AI cyber security company launched the fifth version of autonomous response technology for general accessibility, allowing businesses to benefit from the cloud while also safeguarding themselves from new cyber-threats. Compliance with regulations including GDPR, HIPAA, and the DFS Cyber ​​Security Regulations adds to the long list of issues that security professionals face.

Major players covered in the global regtech industry are Abside RegTech, Accuity, ACTICO, Acuant Inc, Ascent Technologies Inc., BearingPoint Software Solutions GmbH, Broadridge Financial Solutions Inc, BWise Beheer BV, Compliance Solutions Strategies, and Sysnet Global Solutions.

TBRC’s global regtech market report is segmented by component into solutions, services, by deployment type into cloud, on-premises, by organization size into large enterprises, small and medium-sized enterprises (SMEs), by application into risk and compliance management, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory intelligence, by end-user into banks, insurance companies, fintech firms, IT and telecom, public sector, energy and utilities, others.

RegTech Global Market Report 2022 – By Component: Solutions, Services), By Deployment Type (Cloud, On-Premises), By Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), By Application (Risk And Compliance Management , Identity Management, Regulatory Reporting, Anti-Money laundering (AML) And Fraud Management, Regulatory Intelligence), By End User (Banks, Insurance Companies, FinTech Firms, IT And Telecom, Public Sector, Energy And Utilities) – Market Size, Trends , And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a regtech market overview, forecast regtech market size and growth for the whole market, regtech market segments, geographies, regtech market trends, regtech market Drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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