Regulatory Compliance Global Market Report 2024

The regulatory compliance market size has grown strongly in recent years. It will grow from $19.44 billion in 2023 to $21.16 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed during the historic period can be attributed to several factors, including heightened regulatory scrutiny, improved reporting standards, expanded legal frameworks, the establishment of industry standards, and increased public awareness.

The regulatory compliance market size is expected to see strong growth in the next few years. It will grow to $30.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The projected growth in the forecast period can be attributed to the expanding scope of compliance standards, increased regulatory enforcement actions, rising adoption of regtech solutions, globalization and the challenges of cross-border compliance, and the demand for transparent corporate governance. Major trends expected in the forecast period include heightened regulatory complexity, continuous monitoring and real-time reporting, emphasis on collaboration and transparency, focus on ethical corporate governance, and the implementation of AI-powered compliance monitoring.

The surge in fraudulent activities is anticipated to fuel the expansion of the regulatory compliance market in the foreseeable future. Fraudulent activities, characterized by deliberate deceptive actions aimed at securing unfair or unlawful gain or depriving victims of their legal rights, are on the rise due to increased reliance on digital technologies, evolving criminal tactics, and regulatory enforcement gaps. Regulatory compliance plays a crucial role in combating fraudulent activities by establishing standards, guidelines, and oversight mechanisms to identify and deter illicit behavior, ensuring accountability and transparency in financial transactions. For instance, according to a report published by the Identity Theft Resource Center (ITRC) in January 2024, there were 3,205 publicly reported data compromises in 2023, affecting approximately 353,027,892 individuals. This marked a 72% increase compared to the previous highest recorded level and a 78% rise over the incidents reported in 2022. Consequently, the escalating number of fraudulent activities is propelling the growth of the regulatory compliance market.

Major players in the regulatory compliance market are concentrating their efforts on developing technologically advanced solutions, such as supply chain software, to assist clients in meeting regulatory compliance requirements and fortifying supply assurance. Supply Chain Management Software (SCMS) is a specialized application designed to manage and optimize supply chain processes while ensuring compliance with relevant regulations, standards, and industry requirements. For example, E2open Parent Holdings Inc., a US-based software company, introduced the Supply Network Discovery application in April 2024. This application empowers brand owners to proactively identify potential risks in their multi-tier supply networks, enhance compliance, and strengthen supply assurance. It offers features such as multi-tier supply relationship mapping, traceability, structured due diligence engagement, and partner impact assessment capabilities. These functionalities enable brand owners to gain a comprehensive view of their supply networks, improve compliance, and enhance supply assurance, fostering collaboration and risk mitigation.

In March 2024, Ocean Technologies Group, a Norway-based operational technology company, acquired DanDocs for an undisclosed amount. This strategic move aligns with Ocean's objective of empowering maritime teams at sea and onshore by enhancing its compliance capabilities and offerings. Through this acquisition, Ocean seeks to strengthen its compliance offerings and provide customers with immediate access to value-added software and services, streamlining the navigation of crucial documentation and ultimately saving time and mitigating risks. DanDocs, based in Denmark, specializes in providing regulatory compliance services, particularly within the maritime industry.

Major companies operating in the regulatory compliance market are Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Oracle Corporation, DNV GL AS, Grant Thornton International Ltd., Thomson Reuters Corporation, Baker Tilly International, SAS Institute Inc., Wolters Kluwer N.V., UL Solutions Inc., Norton Rose Fulbright LLP, Ramboll Group A/S, Protiviti Inc., Lloyd's Register Quality Assurance Limited, Sphera Solutions Inc., MetricStream Inc., Cority Software Inc., Sparta Systems Inc., Enablon, EtQ LLC, MasterControl Inc., Assent Compliance Inc., 3E Company.

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

Regulatory compliance denotes an organization's adherence to laws, regulations, guidelines, and specifications pertinent to its business operations. It serves to ensure that organizations function within legal frameworks, mitigate risks associated with non-compliance, and maintain ethical standards in their business conduct.

The primary categories of regulatory compliance are services and software. Regulatory compliance services entail professional guidance and assistance provided by experts to help businesses conform to the laws and regulations governing their respective industries. These services are utilized by both large enterprises and small and medium enterprises (SMEs) across various end-user industries including information and communication technology (ICT), construction and engineering, mining, retail, healthcare, transportation and logistics, general manufacturing, banking, financial services, insurance (BFSI), among others.

The regulatory compliance market research report is one of a series of new reports that provides regulatory compliance market statistics, including regulatory compliance industry global market size, regional shares, competitors with a regulatory compliance market share, detailed regulatory compliance market segments, market trends and opportunities, and any further data you may need to thrive in the regulatory compliance industry. This regulatory compliance 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 compliance market includes revenues earned by entities by providing services such as regulatory landscape assessment, compliance auditing, and financial crime risk management. 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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