The North America RegTech Market is projected to witness market growth of 20.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America RegTech Market by Country in 2023, and is forecast to continue being a dominant market till 2031; thereby, achieving a market value of $14.88 billion by 2031. The Canada market is experiencing a CAGR of 22.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 21.8% during (2024 - 2031).
The regulatory technology, or RegTech, market has emerged as a pivotal force in the financial services industry and beyond, addressing the growing complexities of regulatory compliance. RegTech solutions are revolutionizing how businesses manage and adhere to regulatory requirements in an era of rapid technological advancement and stringent regulatory oversight. The growth of this market is supported by a combination of factors, such as the emergence of cutting-edge technologies, the necessity for operational efficiency, and the escalating regulatory demands.
RegTech originates from the aftermath of the 2008 global financial crisis, which emphasized the necessity of effective compliance mechanisms and robust regulatory frameworks. The crisis revealed significant gaps in financial institutions' oversight and risk management practices, prompting regulators worldwide to implement more stringent and comprehensive regulations.
Mexico has witnessed a significant rise in cyberattacks in recent years. The Banking Commission of Mexico (CNBV) has emphasized the importance of cybersecurity for financial institutions. RegTech solutions with advanced cybersecurity features can help Mexican financial institutions mitigate cyber threats and protect sensitive financial data. Also, the Mexican government is undertaking efforts to modernize its regulatory framework. This can create temporary uncertainties for compliance. RegTech solutions can assist Mexican institutions in navigating these transitional periods by expediting compliance processes and providing real-time updates in accordance with the changing regulatory landscape. Hence, the region will present lucrative growth opportunities for the market.
The US market dominated the North America RegTech Market by Country in 2023, and is forecast to continue being a dominant market till 2031; thereby, achieving a market value of $14.88 billion by 2031. The Canada market is experiencing a CAGR of 22.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 21.8% during (2024 - 2031).
The regulatory technology, or RegTech, market has emerged as a pivotal force in the financial services industry and beyond, addressing the growing complexities of regulatory compliance. RegTech solutions are revolutionizing how businesses manage and adhere to regulatory requirements in an era of rapid technological advancement and stringent regulatory oversight. The growth of this market is supported by a combination of factors, such as the emergence of cutting-edge technologies, the necessity for operational efficiency, and the escalating regulatory demands.
RegTech originates from the aftermath of the 2008 global financial crisis, which emphasized the necessity of effective compliance mechanisms and robust regulatory frameworks. The crisis revealed significant gaps in financial institutions' oversight and risk management practices, prompting regulators worldwide to implement more stringent and comprehensive regulations.
Mexico has witnessed a significant rise in cyberattacks in recent years. The Banking Commission of Mexico (CNBV) has emphasized the importance of cybersecurity for financial institutions. RegTech solutions with advanced cybersecurity features can help Mexican financial institutions mitigate cyber threats and protect sensitive financial data. Also, the Mexican government is undertaking efforts to modernize its regulatory framework. This can create temporary uncertainties for compliance. RegTech solutions can assist Mexican institutions in navigating these transitional periods by expediting compliance processes and providing real-time updates in accordance with the changing regulatory landscape. Hence, the region will present lucrative growth opportunities for the market.
List of Key Companies Profiled
- ACTICO GmbH
- Jumio Corporation
- MetricStream, Inc.
- NICE Ltd.
- Thomson Reuters Corporation (The Woodbridge Company)
- Wolters Kluwer N.V.
- IBM Corporation
- Deloitte Touche Tohmatsu Limited
- Broadridge Financial Solutions Inc.
- Trulioo, Inc.
Market Report Segmentation
By Component- Solution
- Services
- Professional
- Managed
- Risk & Compliance Management
- AML & Fraud Management
- Identity Management
- Regulatory Reporting
- Regulatory Intelligence
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- Cloud
- On-premise
- Banking & Capital Markets
- Insurance
- Non-Financial
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America RegTech Market by Component
Chapter 6. North America RegTech Market by Application
Chapter 7. North America RegTech Market by Organization Size
Chapter 8. North America RegTech Market by Deployment Mode
Chapter 9. North America RegTech Market by Vertical
Chapter 10. North America RegTech Market by Country
Chapter 11. Company Profiles
Companies Mentioned
- ACTICO GmbH
- Jumio Corporation
- MetricStream, Inc.
- NICE Ltd.
- Thomson Reuters Corporation (The Woodbridge Company)
- Wolters Kluwer N.V.
- IBM Corporation
- Deloitte Touche Tohmatsu Limited
- Broadridge Financial Solutions Inc.
- Trulioo, Inc.
Methodology
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