LONDON--(BUSINESS WIRE)--The global RegTech market size is poised to grow by USD 6.0 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of over 21% during the forecast period.
Read the 132-page research report with TOC on "RegTech Market Analysis Report by end-user (large enterprises, and small and medium-sized enterprises) and geography (North America, Europe, APAC, South America, and MEA) 2019 - 2023" at:
The market is driven by the increasing need to identify financial crimes. Also, the rising demand from the insurance sector is anticipated to further boost the growth of the market during the forecast period.
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The growing instances of financial crimes including money laundering, terrorist financing, bribery, corruption, and insider dealing in organizations are driving the growth of the global RegTech market. RegTech is increasingly being used for real-time fraud detection and crime prevention. It uses analytics and cognitive capabilities to analyze financial transactions and provides timely alerts for any potential frauds or illegal transactions. In addition, RegTech solutions have intelligent process automation systems to speed up routine tasks while minimizing human intervention, thus reducing possible errors. With more and more vendors in the market developing software applications to identify financial crimes, the demand for RegTech solutions will rise considerably in the forthcoming years.
Furthermore, rising demand for RegTech from the rapidly growing insurance industry is another key factor likely to boost market growth. RegTech promotes smart data management for efficient customer onboarding by using advanced technologies including cognitive computing and machine learning. RegTech is also helping insurance companies deal with large data sets to gain better insights in key business processes such as regulatory compliance, complex reporting requirements, and financial risk management. Furthermore, RegTech enhances customer experience through automation of key functions under customer service management processes. All these factors are expected to drive the RegTech market demand in the upcoming years.
To find out more about RegTech Market Research 2019-2023, https://www.technavio.com/talk-to-us?report=IRTNTR32081
The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Accuity Inc.
- ACTICO GmbH
- Broadridge Financial Solutions Inc.
- Deloitte Touche Tohmatsu Ltd.
- IBM Corp.
- NICE Ltd.
- RIMES Technologies Corp.
- SAS Institute Inc.
- Thomson Reuters Corp.
- Trulioo Information Services Inc.
Market Segmentation by Category and End-user Types:
The RegTech market can be broadly categorized into the following:
- Large enterprises
- Small and medium-sized enterprises
Key Regions for the RegTech market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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