Northbrook, IL -- (SBWIRE) -- 02/14/2022 -- According to a new market research report "RegTech Market with Covid-19 Impact by Component (Solution & Services), Application (Risk and Compliance Management, Identity Management, & Regulatory Reporting), Vertical, Deployment Type, Organization Size and Region - Global Forecast to 2026" published by MarketsandMarkets™, the RegTech market size expected to grow USD 7.6 billion in 2021 to USD 19.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.8% during the forecast period.

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Insurance segment to grow at the highest CAGR during the forecast period

The insurance industry is rapidly transforming with notable technological advancements. The adoption of RegTech solution is further gaining traction as these organizations have started utilizing RegTech solution to monitor regulatory compliance and automate reporting, as well as enhance their data management capabilities and mitigate risks. Insurance depicts risk management wherein the equitable transfer of risk of loss from one entity to another in exchange for payment is done. The insurance vertical is rapidly adopting RegTech, as there have been tremendous digital transformation initiatives. Some major problems faced by the insurance industry are investment and solvency regulations, claim settlements, distribution channel issues, and data clarity issues. RegTech solution help insurers improve their data management capabilities by offering insurers augmented automation and data-driven insights in areas, including reporting, regulatory compliance, and financial risk management. Insurers are gaining significant benefits from RegTech that are expected to trigger an increase in the number of partnerships.

Regulatory Intelligence segment is expected to grow at a higher CAGR during the forecast period

Regulatory intelligence is the process of continuously monitoring and tracking various regulations and compliances. RegTech providers offer several tools for identifying and interpreting regulatory changes by providing a real-time catalog of various regulatory requirements. RegTech solution process targeted information and data from multiple sources, analyze these data and generate an output that outlines the risks and opportunities for formulating the most appropriate regulatory strategy. The adoption of RegTech solution by financial institutions enables easy management of the changing regulatory environments and minimizes the risks related to non-compliance. The providers of RegTech solution are incorporating AI and ML to automate the tracking of global regulatory data.

Asia Pacific (APAC) region to record the highest growing region in the RegTech market

The Asia Pacific is home to many developing economies, and many countries in this region are adopting new technologies to comply with procedures for increasing the efficiency of financial systems. The key countries include Australia, Japan, Singapore, India, China, and New Zealand. The region is expected to witness the fast-paced adoption of RegTech software. The Asia Pacific is estimated to be the fastest-growing RegTech market owing to the rise in the adoption of new technologies, high investments for digital transformation, the rapid expansion of domestic enterprises, extensive development of infrastructures, and increasing GDP of various countries. Rapidly growing economies, such as China, Japan, Singapore, and India, are implementing FinTech solutions across multiple business processes to provide effective solutions.

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Key and innovative vendors in the RegTech market are ACTICO GmbH (Germany), Ascent Technologies Inc. (US), Ayasdi AI LLC (US), Broadridge Financial Solutions, Inc. (US), Chainalysis Inc. (US), IVXS UK Limited (UK), Deloitte Touche Tohmatsu Limited (US), Fenergo, London Stock Exchange Group plc (UK), IdentityMind (US), International Business Machines Corporation (US), Jumio Corporation (US), MetricStream Inc. (US), Actimize Inc. (US), Pole Star Space Applications (UK), PricewaterhouseCoopers Private Limited (UK), Thomson Reuters, Trulioo (Canada), Wolters Kluwer NV (Netherlands), CLAUSEMATC, H LIMITED (UK), REGnosys Limited (UK), CEPTINEL RegTech (Chile), MindBridge (Canada), Tessian (UK), Hummingbird RegTech, Inc. (US), Coryltics (Ireland), and CyberGRX (US).

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