Fraudulent activity helps the RegTech market
The Business Research Company Global RegTech Market Report 2021 – Implications and Growth of COVID-19
LONDON, GREATER LONDON, UK, Nov 9, 2021 /EINPresswire.com/ – The growing number of fraudulent activities such as money laundering in the financial sector is expected to propel the growth of the RegTech market during the period of forecast. Fraudulent activity such as money laundering has increased and as a result financial organizations need a more powerful RegTech framework that can help risk management and compliance teams successfully manage the deluge of regulatory compliance. ever increasing and progressively sophisticated violations. For example, in 2019, IBM’s cognitive fraud prevention solution was designed to help anti-fraud groups quickly identify and adapt to emerging payment fraud threats. That same year, IBM was voted Financial Crime Product of the Year, endorsing its cognitive approach to real-time fraud prevention. Thus, the increasing number of fraudulent activities increases the demand for the RegTech market.
The global RegTech market size is expected to grow from $ 6.26 billion in 2020 to $ 7.90 billion in 2021 at a compound annual growth rate (CAGR) of 26.2%. The change in growth trend of the RegTech market is mainly due to the fact that companies are stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2020. The RegTech market is expected to reach 18.89 billion dollars in 2025 at a CAGR of 24.4%.
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In September 2019, Broadridge, a US-based company that provides technology solutions, investor communications, data and analytics to the financial services industry, acquired FundsLibrary for an undisclosed amount. The acquisition of Broadridge would allow it to accelerate its pan-European regulatory communications and digital data platform, which would support the life cycle of fund data, documents and regulatory reporting in the investment industry. FundsLibrary is a UK-based digital platform for the asset management industry that supports regulatory reporting, paperwork and the fund data lifecycle.
The main players covered in the global regtech market are Abside RegTech, Accuity, ACTICO, Acuant Inc, Ascent Technologies Inc., BearingPoint Software Solutions GmbH, Broadridge Financial Solutions Inc, BWise Beheer BV, Compliance Solutions Strategies, Sysnet Global Solutions, Trulioo, ComplyAdvantage, Fenergo, IBM Corporation, Infrasoft Technologies, Jumio, London Stock Exchange Group plc, MetricStream Inc., NICE Actimize, RIMES Technologies Corporation and VERMEG.
The global TBRC regtech market report is segmented by component into solutions, services, by type of cloud deployment, on-premises, by organization size in large enterprises, small and medium enterprises (SMEs), by application in risk and compliance management, identity management, regulatory reporting, fight against money laundering (AML) and fraud management, regulatory watch, by end user in banks, insurance companies, financial technology companies, computer and telecommunications, public sector, energy and utilities, others.
RegTech Global Market Report 2021 – By component (solutions, services), by type of deployment (cloud, on-premise), by organization size (large enterprises, small and medium enterprises (SMEs)), by application (risk management and of compliance, identity management, regulatory reporting, anti-money laundering (AML) and fraud management, regulatory watch), by end user (banks, insurance companies, financial technology companies, IT and telecommunications, public sector, energy and utilities), implications of COVID-19 And Growth is part of a series of new reports from The Business Research Company that provides regtech market insight, size and growth forecast global regtech market for overall market, regtech market segments and geographies, regtech market trends, regtech market drivers, restraints, revenue, l The profiles and market shares of the main competitors.
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