Regulatory Technology (RegTech) Market: By Component (Solution and Services (Professional Services,   Managed Services) By Application (Risk & Compliance Management, Identity Management, Regulatory Intelligence, Regulatory Reporting, and AML and Fraud Management) By Organization Size (Large Enterprises, SMEs) By Deployment Type (Cloud and On-premises) By Vertical (Banking, Insurance, and Non-Financial) and Geography

Regulatory Technology (Regtech) Market size was valued at USD 8.2 Billion in 2022 and is poised to grow at a CAGR of 19.8% from 2023–2029. Regulatory Technology, commonly known as RegTech, refers to the application of technology and innovative solutions to assist organizations in meeting their regulatory compliance requirements. As businesses operate in an increasingly complex regulatory landscape, the demand for effective compliance management has grown significantly. RegTech solutions aim to streamline and automate compliance processes, enabling organizations to ensure adherence to regulations, reduce operational risks, and enhance overall regulatory efficiency. The RegTech industry has undergone significant expansion and evolution in recent times, mainly due to the increasing regulatory requirements that industries such as finance, healthcare, insurance, and cybersecurity must follow. The conventional methods of manual compliance processes have become inefficient, time-consuming, and error-prone, making them insufficient for addressing the ever-changing regulatory demands. Further, Global Regulatory Technology (RegTech) Market was propelled by factors such as the increasing frequency and complexity of regulatory changes, rising enforcement actions, and the need for cost-effective compliance solutions. The finance and fintech industry has been at the forefront of RegTech adoption, driven by stringent regulations imposed by regulatory bodies such as the Financial Conduct Authority (FCA) and the Securities and Exchange Commission (SEC). RegTech solutions in finance encompass various areas, including anti-money laundering (AML) compliance, know-your-customer (KYC) verification, risk management, data governance, reporting, and monitoring. These solutions enable financial institutions to automate compliance processes, detect suspicious activities, and ensure adherence to regulatory standards efficiently. Moreover, the adoption of cloud computing and Software-as-a-Service (SaaS) models have made RegTech solutions more accessible, scalable, and cost-effective for organizations of all sizes.

Regulatory Technology Regtech Market Key Developments:

• In December 2021, Trulioo, the leading global identity verification company, launch New Identity Verification Service to Support Gen Z Financial Inclusion.