Regulatory Technology Global Market Report 2024

The regulatory technology market size has grown exponentially in recent years. It will grow from $6.71 billion in 2023 to $8.16 billion in 2024 at a compound annual growth rate (CAGR) of 21.5%. The growth in the historic period can be attributed to the emergence of fintech startups, financial crisis regulatory overhaul, manual and labor-intensive compliance processes, the democratization of financial services, and the emergence of regulators as innovators.

The regulatory technology market size is expected to see exponential growth in the next few years. It will grow to $17.93 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The projected growth in the forecast period can be credited to the emphasis on sustainability and ESG (Environmental, Social, and Governance) compliance, automation of regulatory reporting, real-time transaction monitoring, benchmarking of regulatory compliance, and the establishment of regulatory compliance audit trails. Major trends expected in the forecast period include the adoption of regulatory change management platforms, real-time transaction monitoring, regulatory compliance-as-a-service models, the expansion of RegTech into non-financial industries, and the integration of blockchain and distributed ledger technology.

The rising concern regarding cybersecurity is anticipated to drive the expansion of the regulatory technology (RegTech) market in the foreseeable future. Cybersecurity, encompassing practices aimed at safeguarding computer systems, networks, programs, and data from unauthorized access, breaches, or damage, is on the rise due to increased digitization and the proliferation of cyber threats. This trend necessitates robust protective measures to mitigate potential breaches and attacks. Regulatory technology plays a crucial role in addressing cybersecurity concerns by enabling organizations to implement and adhere to regulatory standards and compliance requirements related to cybersecurity effectively. By ensuring that adequate measures are in place to protect sensitive data and mitigate cyber threats, RegTech solutions contribute to enhancing cybersecurity posture across various industries.

Major players in the regulatory technology market are concentrating their efforts on developing advanced solutions, such as AI-powered RegTech platforms, to assist organizations, particularly financial institutions, in achieving compliant public communications. An AI-powered RegTech platform leverages artificial intelligence (AI) and machine learning (ML) technologies to streamline regulatory compliance processes, risk management, and regulatory reporting. For example, Fidelity Investments, a US-based financial services provider, introduced Saifr in January 2022. Saifr is an AI-powered RegTech service designed to help financial institutions create, review, and approve public communications, mitigating brand, reputational, and regulatory risks. This platform fosters a human-machine partnership that streamlines compliance processes, automating monotonous tasks and enabling teams to focus on creative and complex compliance details. Saifr offers two solutions, SaifrReview and SaifrScan, facilitating collaboration between marketing and compliance teams for faster, compliant communications.

In February 2023, Accenture Plc, an Ireland-based IT company, acquired SKS Group to bolster its technology, consulting, and regulatory services capabilities. SKS Group, a Germany-based provider of RegTech services, aimed to strengthen its position in the banking sector and expand its services to new clients. This strategic move aligns with Accenture's goal of supporting banks in adapting to evolving consumer banking needs and preferences while enhancing regulatory compliance and risk management practices.

Major companies operating in the regulatory technology market are International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, London Stock Exchange Group Plc, Grant Thornton International Ltd., Thomson Reuters Corporation, Broadridge Financial Solutions Inc., Baker Tilly International Ltd., SAS Institute Inc., LexisNexis Risk Solutions Group, Norton Rose Fulbright LLP, SAI Global Compliance Inc., NICE Actimize Ltd., MetricStream Inc., Jumio Corporation, MasterControl Inc., VERMEG Group, Alto Advisory Limited, Behavox Ltd., ACTICO GmbH, BWise, NetGuardians Inc., Fintellix Solutions, Infrasoft Technologies Ltd., OpusDatum Limited.

North America was the largest region in the regulatory technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the regulatory technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the regulatory technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Regulatory technology, often referred to as RegTech, involves the utilization of applications and technologies to aid in compliance with regulatory requirements and standards across diverse industries. RegTech is geared towards assisting organizations in streamlining regulatory processes, improving regulatory compliance, and efficiently and cost-effectively mitigating associated risks.

The main types of regulatory technology components are solutions and services. Regulatory technology solutions are software applications and platforms designed to help financial institutions automate, streamline, and manage their regulatory compliance processes efficiently. It can be deployed both on the cloud and on-premises in different sizes of enterprises, such as small and medium enterprises (SMEs) and large enterprises. It is used for several applications, including regulatory intelligence, identity management, compliance and risk management, fraud management, and regulatory reporting.

The regulatory technology market research report is one of a series of new reports that provides regulatory technology market statistics, including regulatory technology industry global market size, regional shares, competitors with a regulatory technology market share, detailed regulatory technology market segments, market trends and opportunities, and any further data you may need to thrive in the regulatory technology industry. This regulatory technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The regulatory technology market includes revenues earned by entities by providing services, such as compliance automation, regulatory reporting, risk management, monitoring and surveillance, and identity verification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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